The Future of Zapp and Other Musings on MasterCard and VocaLink

Yesterday, my colleague Gareth shared on these pages his first thoughts after the announcement that MasterCard is buying VocaLink. I agree with his points, but also wanted to add some of my own observations.

As someone who closely follows the developments in digital payments, one of the questions following the acquisition to me is what happens with Zapp, a solution that VocaLink has been working on for the last few years to bring "mobile payments straight from your bank app." To me, it boils down to two considerations:

  1. Would MasterCard want to kill off Zapp?
  2. If not, can MasterCard help accelerate Zapp's launch?

My view on the first question is a resounding "no". Yet, the question is not as silly as it might seem. At Celent, we have been talking about the "battle of rails" in payments, i.e. between pull-based payments running on the cards infrastructure, and push-based payments, such as Zapp, built on top of new faster/ real-time payment networks. Given the cards' dominance in merchant payments today (at least in the UK, US and quite a few other markets), solutions such as Zapp may be seen as a threat to card-based transactions. Buying off a competitor only to shut it down may be an expensive strategy, but would not be unheard of.

And yet, I believe that such logic would be completely flawed. By buying VocaLink, MasterCard becomes a rail-agnostic payments company, and stands to benefit from cards and non-cards transactions. Furthermore, specifically in the UK, Zapp could be MasterCard's ticket to regaining ground in everyday consumer payments. As I discussed in another recent blog, Visa controls 97% of the debit card market in the UK. I would imagine that a Zapp-like solution would have more of an immediate impact on debit card transactions rather than credit card spend.

So, if that's the case, can MasterCard help accelerate Zapp's launch? Perhaps. We first heard of Zapp in 2013, and even included a case study in a Celent report published in September 2013. Yet, three years later, despite announcing a number of high-profile partners – from Barclays and HSBC, to Sainsbury's and Thomas Cook, to Elavon and Worldpay – Zapp is yet to go live. I don't claim to have any insight knowledge into the reasons for a delay, but I would imagine that changes in the competitive environment had something to do with it, particularly with Apple Pay showing how easy mobile payments can be when paying in-stores or in-apps. While I have no doubt that VocaLink and Zapp have great technologists and User Experience design specialists, I would expect that MasterCard's Digital Enablement Service (MDES) should bring helpful experience of integrating mobile payments into the banks' apps. And MasterCard's relationships with both acquirers and issuers should help convince the remaining skeptics and bring more partners on-board.

Zapp aside, I think the deal is good for both organisations for a number of other reasons, such as for example:

  • Not every payment is particularly suitable for cards (e.g. B2B, government) – now these payment flows become accessible for MasterCard.
  • Visibility to a much broader pool of transactions should be very helpful when developing risk management, loyalty and other value added services.
  • MasterCard's global reach should help bring VocaLink's experience in faster payments to markets which would have been harder for VocaLink to access by themselves.

In closing, I woudl like to go back to another announcement MasterCard made last week – the one about rebranding, the first in 20 years. MasterCard has changed its logo – it still has the interlocking circles in the colours which are widely recognised, but the company's name is spelled "mastercard" (although the company's legal name remains MasterCard):

MC_728x150

According to MasterCard, in addition to a more modern look, there was a conscious desire to reduce the emphasis on "card." That particular announcement was combined with the re-launch of Masterpass, and of course, digital payments will over time reduce the reliance on cards as a physical form factor. However, yesterday's announcement diversifies MasterCard away from card rails, and not just the plastic form factor, and is an important step in the company's journey from a cards network to a payments network.

 

What MasterCards’ Acquisition of VocaLink might mean

Today, MasterCard announced the acquisition of VocaLink  in the UK.

Before I start I should say I have worked for both organisations, and any comments that I make are mine, and nor am I mentioning anything that isn’t in the public domain.

In some ways the acquisition is surprising, given all that is happening – PSD2, the PSR threatening to fundamentally change VocaLinks ownership and the PSF (it’s payments – never too far from an acronym!) talking about replacing the infrastructure altogether.

It’s easy to think this is perhaps MasterCard re-inserting themselves back into the UK market as since their acquisition of the Switch brand, virtually all the cards have flipped to Visa. I think it’s actually more for three reasons.

Firstly, real-time payments. I’ve written about the charge towards real-time, and VocaLink are well positioned. They operate the UK Faster Payment Service in the UK, and the underlying technology is at the heart of the systems in Singapore, Thailand and The Clearing House in the US. In addition, the market is likely to explode. The ECB said at a recent conference that they expect 60-80% of all SEPA CT transactions to migrate to SEPA Inst. Even at today’s volumes, that’s 12 billion transactions in addition to the UK’s 1 billion. That's volume any processor would be eyeing. Coupled with PSD2, where card volumes may well fall, then is rationale alone for the acquisition.

Secondly, look at electronic payments more broadly. The VocaLink core payments engine is award winning. It was built to win business across Europe in the post-SEPA world, and is capable of handling multiple schemes on the same platform. Indeed, part of Sweden’s transactions run on it to today alongside a very different UK scheme. Imagine now the offering that MasterCard has in say emerging markets – the ability to deliver 100% of electronic payments.

The third is when you bang together some of the technologies of the two businesses. These are ideas, and of course they are far harder than they sound but just think about the possibilities:

– Real-time payments + MasterCard global network = true real-time global ACH;

– ACH/real-time + low value debit transactions = decoupled debit on your own transactions;

– ISO20222 remitance data + VocaLink B2B skills+ MasterCard global network + MasterCard analytics + MasterCard finances = Synegra meets Tungsten Network, but on steroids.

There is much still to find out, and yet more to mull over, but the signs suggest some exciting times ahead.

Setting Out a Vision for Customer Authentication

We all know that "passwords suck", as my colleague Bob Meara stated clearly and succinctly in his recent blog. But what's the alternative – is the answer biometrics or something else?

We do believe that biometrics is part of the answer. However, our vision for authentication – security measures banks take when providing customers access to their services – is broader than that. Mobile devices will play a key role, but for them to be effective tools for authentication, a strong binding between customer identity and the device is essential – unless this step is done correctly, all subsequent authentication efforts are pointless.

We also contend that authentication must be risk- and context-aware. It should take into account what the customer is trying to do, what device they are using, how they are behaving, etc. and assess the risk of fraudulent behaviour. Depending on that assessment, the customer could either gain access or be asked to further authenticate themselves. And while biometrics can and will play an important role, the banks' authentication platforms need to be flexible to support different authentication factors.

We outline this vision in more detail in the report published yesterday by Celent, Security, Convenience or Both? Setting Out a Vision for Authentication. In addition, the report discusses:

  • The upcoming PSD2 requirements for strong authentication.
  • The rise of biometrics, including different modalities and device-based vs. server-based implementations.
  • An overview of various standard-setting bodies, such as FIDO alliance and W3C Web Authentication Working Group.

Also, yesterday we launched a new Celent Digital Research Panel survey, this time focused on Authentication and Identity management. The objectives of this survey are to assess amongst the US financial institutions:

  1. Investment drivers for customer authentication and identity management.
  2. Current state and immediate plans around authentication and identity management.
  3. Perspectives on the future for authentication and identity management.

If you already received an email invite, we do hope that you will respond before our deadline of August 8th. If you represent an FI in the US, and would like to take part, but haven't received the invite, please contact us at info@celent.com. We will publish the results in a Celent report, and all respondents will receive a copy of the report, irrespective of whether they are Celent clients or not. We look forward to hearing from you!

Faster Than A Speeding Payment: The Race To Real-Time Is Here

It’s been two years since my last reports on real-time payments, and much has happened, not least of which is the perception and understanding the industry has. As a result, the discussions in many countries that don’t have real-time payments infrastructure are now when they will adopt, rather than why would they adopt. Yet in that intervening period, it’s not just the pace of adoption that has accelerated, but that market and thinking around real-time itself has matured as well.

As a result, I’ve just written a new report titled Faster Than A Speeding Payment: The Race To Real-Time Is Here.

Central to the report is the fact that rather than just being “faster ACH”, it is increasing being seen (and should be seen!) as a fundamentally different payment type than anything that has gone before it. As a result, banks, whether they are about to implement their first system or whether an existing user, need to think about where real-time is heading, and to plan accordingly.

This thinking – and more – is set out in the report, and seeks to explore the following questions:

  1. What is the pace of real-time payment adoption?
  2. Why should our bank plan for real-time payments?
  3. What should a bank do regarding real-time payments?

The pace question is clearly indicated in one of the charts from the report:

table

From the 32 countries identified in the initial report (and the criteria we used, which is important!), in 2 years we’ve gone to 42 countries, cross-border systems, and countries who claimed they didn’t see the reason why they would adopt, at least one (the US) is currently reviewing more than 20 systems, all of which might co-exist.

The report goes in to much more detail, but there is a clear implication. Real-time is firmly here, and it’s increasingly being seen as the payment system of the future. Banks that who try to limit the scope of projects today then may be saving themselves money in the short -term, but they are likely to creating more work, more costly work, in the future. Given that most payment networks have a life span measured in decades, it’s a long time to be stuck with a compromise.

Ultimately, however, it’s about building a digital bank as well. Without doing so, banks will be providing the tools to their competitors, yet unable to use them themselves. Adding a real-time solution to a process that takes weeks, such as a bank loan, makes no difference in terms of the proposition. Fintechs are able to use a real-time payment as the enabling element of a digital experience because all of the solution set is real-time – an instant decision and payment of the loan sum is a game changer.

Digital payments without a digital bank would seem futile.

Unintended Consequences of Regulation, Part “n”

I must admit, I lost count how many times we at Celent have written and talked about unintended consequences of regulation. This is the latest installment.

As most people know, PSD2 has introduced new card multilateral interchange fee (MIF) limits in Europe. Debit card transactions across Europe have been capped at 0.2% of transaction value, while for credit cards, the limit is 0.3%. This is often used as an example of regulators bearing down on the issuers, and in many cases, especially for credit cards, it is indeed a significant reduction of fees charged previously.

However, let's take a closer look at the UK. According to the UK Cards Association statistics, debit card transactions outnumber credit card transactions by 3.3 times (10.3 vs 3.1 billion in 2015), while the purchase value of debit card transactions was greater than that on credit cards by 2.4 times (£439 vs £181 billion in 2015). Furthermore, of nearly 100 milion debit cards issued in the UK, 97% carry Visa brand. In other words, Visa debit cards are the most popular payment cards in the UK.

Visa interchange rates have varied over the years, but immediately prior to March 2015, Visa interchange for consumer debit card chip & PIN transactions in the UK was flat 8p per transaction. In March 2015, those fees changed to 0.2% + 1p, but were capped at 50p. The extra penny could be charged, because the UK Payment System Regulator allowed an interim period where the cap of 0.2% could be applied at an aggregate rather than an individual transaction level. As the individual interchange fees were capped at 50p, that meant that in aggregate they didn't exceed the required 0.2% limit. However, we understand that as of September 1, 2016, Visa UK is removing both the extra 1p and the cap of 50p and setting debit interchange fees at 0.2% per transaction, as required by PSD2.

As the chart below demonstrates, transactions less than £35 become cheaper than 8p set prior to March 2015. At £41.34, which is the latest average debit card transaction value, the current charges are at 9p and new ones post September will be 8p, the same as before. However, transactions above that amount and up to £250 are already more expensive than 8p today and will remain so post September.

MIF1

The real difference is for transactions above £250. The removal of 50p cap and charging at a straight 0.2% means that a £10,000 transaction (for example, when buying a used car) will now cost a merchant £20 in interchange versus the 8p the merchant paid before the regulation came into effect.

MIF2

What about Brexit? Will these European regulations still apply in the future? The answer for domestic transactions is, yes. The interchange caps are now enshrined in the UK regulation and are independent of the UK's status in Europe. More broadly, the Payment Systems Regulator announced immediately following the referendum results that "current payments regulation deriving from the EU will remain applicable until any changes are made, which will be a matter for Government and Parliament." Perhaps a more interesting question is what would happen with transactions between the UK and Europe in the future. If the UK is no longer part of the EU, would the payment networks decide that such transactions should be treated as inter-regional rather than intra-regional? Only time will tell.

So, what are the merchants with larger than average debit card transaction portfolios going to do? In the short term, some might start surcharging to pass the costs on to the customer; longer term, others might start exploring other opportunities presented by PSD2, and consider becoming Payment Initiating Service Providers (PISP) to move customer funds directly from consumer bank account to theirs, shunning cards altogether. Almost inevitably, the most proactive ones will shop around to see which acquirers offer the best deals; remember, these are interchange fees, not the actual merchant charges, and it is up to the acquirers to decide how much they charge their merchants. However, once again, the consequences of a regulation are not quite as originally intended.

Mobile banking adoption growth is slower than you think

In March of this year the Federal Reserve released the newest iteration of its consumer survey report on mobile banking, Consumers and Mobile Financial Services 2016. One fact that sticks out is how slow mobile banking adoption has been over the last few years.  While 53% of smartphone users have used mobile banking in the last 12 months (nowhere near “active”), that number has only grown 3 points since 2012, a CAGR of just 1.9%! This is hardly the unrelentingly rapid pace of change espoused by many who thought evolving customer behavior would overwhelm traditional banks’ ability to adapt.

1

Obviously there’s a disconnect between the hype surrounding mobile banking and the reality of how consumers are actually interacting with financial institutions.  But why then have forecasted rates of adoption not been realized?  There are a few possibilities.

  1. Mobile banking is reaching peak adoption: In the consumer survey by the Fed, 86% of respondents who didn’t use mobile banking said that their banking needs were being met without it.  73% said they saw no reason to use it. While the idea that mobile banking adoption would peak at around 50% doesn’t intuitively make sense for those in the industry, it’s obvious that many consumers are perfectly fine interacting with their bank solely through online banking, ATMs, or branches; they may never become mobile users.
  2. Mobile banking apps need improvement: It’s likely that many mobile banking apps still aren’t mature enough to ease some of the UX friction and convince a large portion of consumers that they provide sufficient value. In the same Fed survey, 39% said the mobile screen is too small to bank, while 20% said apps were too difficult to use.  With three-fourths of non-using respondents (mentioned in the previous bullet) finding no reason to use mobile banking, apps may need to improve functionality and usability to attract end users.  The correlation between features offered and mobile consumer adoption is also well established. Mobile banking apps may have reached an adoption peak relative to their maturity, and institutions will likely see adoption grow as apps advance and as demographics increase usage.
  3. Channel use is a lot stickier than perceived: Consumers are still consistently using the branch.  The two figures below illustrate what’s happening. The first graph comes from the Federal Reserve report on mobile banking usage, while the second is taken from the Celent branch channel panel survey taken of more than 30 different midsize to large banks.  On average, 84% of consumers surveyed by the Fed report using a branch, while respondents of Celent’s survey see 83% of DDA/savings accounts and 79% of non-mortgage lending products originated from the branch channel.  Mobile only has a 2% share of total sales.  While many institutions find it difficult to attribute sales across multiple channels and have a well-known historical bias towards branch banking, these stats don’t support the notion that consumers are migrating away from the branch and towards mobile banking.  We’re aware these numbers don’t take into account transaction migration, and likely the sales mix will shift as more banks launch mobile origination solutions, but regardless, it’s obvious the branch is still the most used channel by far.

 

Capture2 Capture3

Mobile banking isn’t taking over the financial lives of consumers as much as institutions and many analysts predicted it would, and at least for now is settling into a position alongside other interaction points. Consumers are clearly opting to use channels interchangeably, and it’s not obvious that mobile will have any predominance in the next few years.   As a result, banks need to move away from arbitrary goals surrounding channel migration and instead let the consumer decide what works best for them.  This certainly doesn’t imply that institutions should stop developing mobile—there’s clearly lots of areas for improvement—but it’s important to not get swept up in the hype surrounding emerging channels.

Remember, more than 60% of FI customers aren’t enrolled in mobile banking, and it accounts for only 2% of sales. Focusing so intently on capturing such a larger share of mobile-first or mobile-only consumers risks misaligning bank resources towards projects that don’t offer the maximum value. Banks shouldn’t be rushing into things—they’ve got time to do this right and in an integrated way.

Financial institutions need a mobile strategy for younger consumers who will most certainly prefer mobile, but older consumers aren’t going anywhere anytime soon. Mobile, at least for now, isn’t the end-state. Mobile-only banks aren’t going to take over the world anytime soon and institutions should be considering the broader proposition of digital in the organization. ​​​​This means a solid digital strategy across all channels, and a focus on driving the experience, not pure adoption.

Passwords Suck – Bring on Biometrics!

Now that I have your attention. Let me be clear: I hate passwords, particularly when they are increasingly required to be longer, more complex and frequently changed. Apparently, I am not alone in this sentiment.

At a conference in 2015, a small start-up, @Pay, a low-friction mobile giving platform, offered attendees a free t-shirt in return for seeing a brief demo. I must confess that I was more interested in the t-shirt than @Pay’s product demo. The line went out the door! Here is the t-shirt.

@Pay's Sought After T-shirtWorking from a home-office means t-shirts are staple part of my daily wardrobe. I have tons of them. None of them, however, engender such predictable responses from complete strangers than the one above. Responses range from a simple thumbs up or high-five, to an occasional, “You got that right!” Passwords do suck.  I have so many to manage, I use Trend Micro’s Password Manager to ease the pain.

That’s why I am excited to see more institutions migrate to biometric forms of authentication. Dan Latimore blogged about the rapid increase in the number of US financial institutions employing biometrics within their mobile apps here.

Banks shouldn’t stop there, however. In a June 21 New York Times article, Tom Shaw, vice president for enterprise financial crimes management at USAA was quoted as saying, “We believe the password is dying. We realized we have to get away from personal identification information because of the growing number of data breaches.”

I agree with Tom’s sentiment, but if passwords are dying, it appears to be a very slow and painful death. Here’s one example of why I say this. The chart below shows surveyed likelihood of technology usage in future branch designs as measured by Celent’s Branch Transformation Research Panel in late 2015. More than two-thirds of surveyed institutions thought the use of biometrics in future branch designs was “unlikely”.

Branch Tech Usage Liklihood

Authentication and identity management may always involve a trade-off between security and convenience, but the industry’s overreliance on personal identification information is failing on both counts.

  • At ATMs – it contributes to skimming fraud
  • In digital customer acquisition – it contributes to unacceptably high abandonment rates
  • In the mobile channel – it contributes to its slowing rate of utilization growth
  • In the branch – banks deny themselves the ability to delight customers with improved engagement options made available by skillful digital/physical integration

We’ll be looking into the topic of authentication and identity management in our next Digital Banking Research Panel survey in the coming weeks. If you’re a banker and would like to participate in this or future Digital Panels, please click here to fill out a short application

Brexit. Eventually. Possibly.

What did Britain say to its trade partners?

See EU later.

It’s been a funny week or two to say the least, so it seemed apposite to start with a joke (and we’re not talking about the England vs Iceland result! – the Icelandic commentator is worth a 30sec listen.)

The UK woke up to find that it was leaving Europe. Given the legendary British reserve, stiff upper lip, etc., it is quite incredible just how divided the country has become, and how everyone has an opinion. As a result, there has been a lot said before, during and after the campaign that needs to be sifted very carefully. This is a genuine attempt at a factual look at quite what this means as many of the facts are very definitely not facts.

What's actually going to happen? Frankly, the short answer is nobody actually knows. No country has ever left before. Greenland did but is both smaller and was leaving for other reasons. Nor did they invoke Article 50 (more of which in a second) which has never been used. Whilst there are some legal guidelines and processes, given that the European Union is an economic union governed by politicians, it’s fair to say that the process will be very political in nature. Particularly as Article 50 is not very precise.

The first step is for the UK to activate Article 50 which effectively formally starts the process. The UK has two years from informing the European Parliament that it intends to leave and actually signing article 50. Given other European elections, and despite some public calls from Europe to get on with it, some believe that it is likely to be later rather than sooner.

Until Article 50 is signed, the UK is still in Europe, and everything continues as they do today. What is less clear is when Article 50 is signed, what happens next, and how long the process will take. UK Government analyst suggests 5 years, yet others say at least a decade.

Nor is it yet clear what the UK will choose to negotiate on. For example, it may choose, voluntarily to adopt regulation such as PSD2. We (or, to be clear, Gareth) believe that the UK will push ahead with the PSD2, as many of the rules are either in place in the UK already, or reflect the way the Government is thinking e.g. the Open Data Initiative arguably is far wider reaching that the Access to Accounts element of the PSD2.

It’s not clear quite what is or isn’t the European Union necessarily. For example, passporting, the rule that allows financial services firms to be licenced in one country and operate in another, is actually (according to the Bank of England website at leastother reputable sites even disagree on this!), an European Economic Area (EEA) initiative, and even countries outside of the EEA, such as Switzerland, have negotiated deals. This is particularly key for card acquirers, many of whom use their UK licence to negate the need for local ones across Europe.

So, as they saying goes, the devil will be in the detail. And that’s going to take time to unravel, and to negotiate even on the things that need negotiating.

Over the coming months, banks will need to scenario plan on multiple dimensions. They will need to identify key regulations that impact their business, how that might be regulated, and how long it would take the bank to respond. Yet many, if not most banks, will have done some of this risk profiling before the vote took place.

Until there is clarity, the reality is that it’s the political fall-out is going to have the most impact in the short-term, itself creating a degree of additional economic turmoil.

EBAday 2016: A Brave New World for Payments

EBAday 2016 LogoHosted by the European Banking Association and Finextra, EBAday attracts payments professionals from leading financial institutions and technology providers. This year’s event was held in Milan Italy with the theme, “A Brave New World for Payments.” Sessions focused on the dilemma facing the payments industry – enhancing existing payment models while preparing for alternative payments and technology.

I had the honor of moderating day two’s strategic roundtable discussing future challenges and opportunities for banks. The panelists were Paolo Cederle, CEO, UniCredit business integrated solutions; Christophe Chazot, group head of innovation, HSBC; and Damian Pettit, RBS head of payment operations.

EBAday 2016 Day Two Panel

The panelists felt that there is a disconnect between the limitations of legacy bank infrastructure and the promise of new technologies. With the majority of bank IT budgets spent on maintenance, the challenge is for banks to keep existing systems running while investing in the future. For customers, there is too much complexity, especially in cross-border payments, and customers want an easy experience at minimal cost.

Discussing Faster Payments in the UK, the panelists said the introduction eight years ago has revolutionized payments, completely changing customer behavior and paving the way for new mobile-based services such as Paym, the UK’s mobile payments service offered by seventeen banks and building societies. For countries having implemented immediate payments, real-time is the new norm and with that comes expectation and demand from customers.

With the EU PSD2 payment services provisions looming on the horizon, the discussion turned to the prospect of disintermediation of banks by third-party providers. The panelists were optimistic about the future, and feel that the regulation is helping to steer the banks toward new initiatives and innovation in services, and is a great opportunity to better service customers and push banks up the value chain.

Regarding the question of whether emerging payment models and technology represent an escalating threat, the response was that instant payments brings security challenges. But the panelists overwhelmingly agreed that convenience and speed cannot come at the cost of security–safety and security is absolutely paramount.

The discussion then moved onto the theme of disruption — are payments in a revolutionary or evolutionary phase? The panelists felt it was a bit of both. Revolutionary technologies such mobile and artificial intelligence are pushing payments along an evolutionary path. And banks have an advantage. The Fintech startups entering the market don't have the direct customer interaction and track record that banks have in safety and security. The banks are running hackathons and open to working with startups while improving legacy systems and simplifying the customer proposition.

All of the panelists’ banks are members of the R3 blockchain consortium. Blockchain is bringing a new way of working together for banks and technology providers. Each of the panelists is watching the technology closely and one area of opportunity cited was the last mile of the payments chain and in the trade finance arena.

My take-away from the roundtable was that the global payments industry is transforming. The “brave new world” is one with an imperative to be nimble, keeping your eye on all of the opportunities both for existing payment models as well as alternative technologies. Collaboration is key whether through acquisitions, consortiums, partnerships or open source projects.

Taking the ‘Madness’ out of Customer Onboarding

Earlier this year, I had the pleasure of moderating a panel discussion on the topic of omnichannel customer onboarding sponsored by Kofax. It was a heavyweight panel, including:

  • Jim Marous, Co-Publisher/Author, The Financial Brand
  • JP Nicols, Director, Next Bank
  • Brant Clark, Sr. Director, Mobile Solutions, Kofax, Inc.

March Madness

Kofax is making a recording of this informative panel here.

It’s worth a listen. Why?

Customer acquisition is obviously important because it is a prerequisite to top line sales growth. Offering a low-friction digital capability is increasingly important because customers are becoming increasingly digitally-driven. Omnichannel customer acquisition matters because multiple channels – digital channels in particular – are influencing consumer’s choice of banking relationship. Banks therefore need to close the deal whenever and wherever customers make the decision to onboard. To do otherwise is inconvenient for potentially profitable prospects, and disadvantageous for institutions wanting them as customers.

The problem is, omnichannel customer acquisition remains largely aspirational for most North American financial institutions.

I’m looking forward to sharing two forthcoming research reports devoted to this important topic in the coming weeks.