The Many Effects of P2P Payments Within Banks

Banks have clearly jumped in on the p2p payments wave as many have embraced Zelle, which launched with a consortium of banks, and other tools to enable customers to send and receive money in a matter of minutes; does the success of payments set banks up for failure in other areas as many customers will now begin thinking more tasks should be done in real time; Zelle has seen a quick uptick in success due to the fact that they launched with a list of banks, helping to gain market share quickly; being able to transact this quickly within your financial institution has helped banks engage customers better and provide a level of innovation; the long term question for banks is how much will expectations change over time as customers keep getting accustomed to real time payments. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.