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Financial Institutions: What to look for in 2017

Posted by Danielle Lafontaine on Jan 18, 2017 2:29:41 PM
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The way we think about payments as a whole is continuously changing. We often take a look back or forward to better forecast what’s next. 2016 was an eventful year for the payments industry. From financial institutions alike, to eCommerce, integrated payments and merchant services, Singular Payments keeps an active pulse on the ins-and-outs and always passes along any information with as much transparency as possible to keep merchants informed and empowered.

Coming off the heels of seeing a year of evolving technology and innovation, don’t expect things to slow down in 2017. In fact, it is plausible for merchants to want to understand payment services better than ever. This year more payment options will increase risks for financial institutions lending way for key trends to be identified.

Looking ahead at 2017, hackers and fraudsters are getting smarter as technology becomes harder to penetrate. Remember the EMV liability shift that took effect in October of 2015? Well last year was it’s first full year in implementation. With that said, fraud is evolving in response to the EMV changes and as a result everyone needs to come together to increase security and fight fraud.

Financial institutions need to provide value and instill trust to help increase brand loyalty. This is something Singular as a company focused on quite a bit in 2016. What worked in the past doesn’t work today. More legacy financial institutions will partner with FinTech startups in 2017 to leverage their services and appeal to a younger audience. Which could possibly lead to this next change that is rampant not only in the financial sector but also across many other industries, data needs to continuously be made actionable. Consumers expect their financial institution to be able to provide real-time recommendations based on changes to their financial profile. This year, together, financial institutions and cardholders need to leverage big data to make a difference for their customers. Research has shown that this can equate to big bucks for those processing payments. 

Lastly, do you even know what a blockchain is? The day has come that understanding its functionality will be invaluable. Blockchains will change everything. Distributed ledgers such as blockchains offer a revolutionary way to transfer value. By allowing companies to make and verify transactions on a network instantaneously without the middleman, financial institutions are able to speed up transactions and cut costs while lowering the risk of fraud.

This synopsis is the first of many for 2017. If you followed our blog last year, Singular makes a post each week on current payment industry topics and when it comes to industry trends will continue to do so through out the year.

Is there a topic you are interested in reading about? Leave a comment and we’ll get it covered.

Topics: brand loyalty, fraudsters, trends, blockchains, 2017

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