Payment processing options and consumer convenience are all the rage these days. You can barely peruse a lender trade publication or website without reading about the growth of Fintech and financial management applications and how they will ultimately affect the relationship account holders have with their financial institutions.
And, these are things we should be talking about. Technology and changing consumer expectations will have an impact on traditional financial transactions, and lenders have to be prepared to meet this consumer demand or risk losing engagement with a future generation of borrowers.
However, financial institutions should not lose sight of the implications that deploying new payment technology can have on their back-end operations, processing, and bottom line.