PayThink

It is time for banks to figure out their role in the future financial ecosystem to avoid becoming a casualty of the creative destruction process.

Regulators must urgently usher the unbanked or underbanked individuals into the wider financial ecosystem as they continue to craft open banking rules, says FISPAN's Clayton Weir.

Federal Reserve Vice Chair Randal Quarles has made it clear that banks failing to make the transition away from the benchmark rate could face supervisory consequences.

The next step for retailers is to bring consumers the benefits and experience of being in store, from the comfort of their home, says FIS' Dan Brames.

The concept amplifies spending visibility from the center of the business way out to its edges, creating more transparency.

Instead of injecting cash into Commonwealth National Bank, Regions Bank is taking a more targeted approach: providing funding for the community development financial institution to hire a commercial banker.

Payment firms and financial institutions are using SaaS for more functions, but that could open the door to SEC and other government oversight, says GRAX's Joe Gaska.

As contactless payments skyrocket, the chance for fraud gets larger, says ClearSales's Rafael Lourenco.

Not only is the payment process an opportunity to deliver on a good customer experience, but it also offers the opportunity to enhance the overall experience, says Global Payments Integrated's Ashley Jones.

Even before the pandemic, almost half of SMB customers were being turned away by their own banks for a small business loan. Enter COVID-19, and banks and credit unions are still not keeping up with the surging demand for capital, says LendingFront's Jorge Sun.