Paul Schaus

Acquiring fintechs can be a smart way for banks to access needed tech talent, but they must be careful not to stifle innovation in the merger.

Acquiring fintechs can be a smart way for banks to access needed tech talent, but they must be careful not to stifle innovation in the merger.

To compete with fintech startups, banks need to find more ways to use the mountains of data already at their disposal.

To compete with fintech startups, banks need to find more ways to use the mountains of data already at their disposal.

Banks and credit unions are sharing more information with third parties these days, but they need to be cautious about it.

Financial institutions are sharing more information with third parties these days, but they must be cautious about it.

The data-sharing directive has gotten off to a rocky start overseas, underscoring the need for domestic banks to start educating customers about the model well before it’s adopted stateside.

The big four core vendors have had little incentive to innovate in recent years. But newer competition will force them to update their technology if they wish to survive the digital age.

While banks know they must develop and launch new tools that are useful, convenient and intuitive, figuring out which tools meet that objective and employing them often seems out of reach.

Before banks replace their core systems — which are largely homogeneous in the U.S. — they should work on ways to deliver convenient and engaging digital services for each of their channels.

Services with simpler fees and intuitive digital designs might appeal to younger users, but millennials have much more on their minds than saving for retirement.

While there are a handful of payment pilots underway, the real benefit of blockchain for banks is a long-term proposition--and most early projects will be internal.

Piloting distributed ledger technology is important. However, banks need to temper expectations regarding the returns.

Up until now, no fintech company has succeeded on a mass scale to offer solutions beyond its core product. But disruptors are trying to go in that direction, and banks should watch their efforts closely.

Banks need more specific guidance that clarifies requirements around vendor contracts, risk assessments, data management and other issues.

Banks need to embrace technology that can deliver the speed and personalization millennials have come to expect or risk losing this customer segment to fintech companies for good.

The proliferation of smartphones and the onset of mobile payments has brought biometrics to the forefront of security for financial transactions.

Confusion among bankers on what real-time ACH payments are and how the transactions are processed is a major barrier to adoption in the U.S. Here's what banks need to know.

At least 30 countries have either implemented a real-time or near-real-time payments system or are in the midst of implementing or planning one.

The business case for real-time payments is not the opportunity to charge high fees. Rather, the payoff – which will take time – will come in retaining customers, lowering operational costs, and delivering timely financial insights to smartphone-toting customers.