PayThink

The standard is playing a foundational role for banks in the transformation of their infrastructures, with the rich messaging format delivering business benefits and enabling enhanced customer propositions, says Icon Solutions' Lauren Jones.

Policymakers should abolish the new accounting standard because it could distract banks at exactly the moment they need to be focused on pulling their communities from the brink of recession.

By embracing technology such as magnetic stripe when it seemed modern, the U.S. has been slower to catch up with much newer digital innovation, argues MSTS' Brandon Spear.

Banks and credit unions should make it their top priority to pair with the central bank in distributing financial relief to small businesses, even if that means putting everything else on hold.

Targeted marketing efforts must go beyond explaining the functionality and instead educate consumers about all benefits that contactless can offer. Responsible communication should prioritize those who are at the highest risk for infection, says The Futurist Group's Demitry Estrin.

While financial institutions are encouraging customers to use their digital banking services rather than the branch or ATMs during the outbreak, attackers will also be looking to exploit this potential increased adoption of mobile banking and mobile payment apps, says OneSpan's Sam Bakken.

If the new accounting standard poses too many risks during an economic crisis, then it's probably not a good idea at all.

The impact of the virus and mitigation measures will contribute to an increase in payment disputes, says Chargebacks 911 and Global Risk Technologies' Monica Eaton-Cardone.

The coronavirus is changing how consumers interact in branches and banking online. Bank leaders should be prepared.

Online platforms and apps can be utilized to quickly support small businesses and consumers facing unexpected financial hardship.