Why Banks and Credit Unions Need Real-Time Payments

Can real-time payments be the key to unlocking competitive differentiation?

As if the regular operating environment for financial institutions wasn’t tough enough, the global pandemic has thrown even more obstacles at the industry. Increasing competition from both traditional and non-traditional financial services providers, product commoditization, an increasingly tighter regulatory environment—and now the demand to escalate digital transformation—means financial institutions must be on the lookout for new ways to create value, remain relevant, and build competitive differentiation.

One compelling area to consider includes real-time payments. While digital transformation has been on the minds of forward-thinking financial institutions for a while, real-time payments — which arguably can fall within the realm of digital transformation — might be a more elusive topic.