As consumers and businesses optimistically begin 2011, hopes are high that this year will lead to a stable economy and financial growth. GonzoBanker’s Terence Roche believes that the payments arena will change quickly over the next two years and details four key resolutions for banks:
- Re-aim the free checking strategy
- Re-aim the rewards strategy
- Look at bill payment in light of the overall payments picture
- Create a P&L report for payments and manage it as though it is a line of business
Roche notes that these issues need to be addressed by upper management in financial institutions. While some changes may be unwelcomed, the opportunity for banks to benefit is always available.
For details on each resolution, visit GonzoBanker.
Has your institution made any resolutions for 2011? Leave us a comment below.