As financial activity continues to take place virtually far more often than in person, the payments landscape has undergone significant change. A recent Accenture report predicted that North American banks will lose up to 15% of payments revenue—or $88 billion—over the next three years due to the rise in big tech and fintech companies.
This means to remain competitive, banks will need to re-evaluate the way they handle their payments business line—starting in 2020. Consider the following tips as you explore a strategy for increasing payments revenue over the next year.