The Federal Reserve’s long-awaited report, Money and Payments: The U.S. Dollar in the Age of Digital Transformation, may have launched as many questions as it answered. To help you prepare for these new developments, we’ve selected four of the most prescient books published in the months leading up to January’s report that explore the necessity — if not inevitability — of a U.S. digital currency.

In this day and age, digital banking should just be called "banking." With standard services and offerings becoming virtually indistinguishable from one FI to the next, finding a new frontier of competitive differentiation has become increasingly difficult. But this frontier may be closer than you think, with an offering FIs already have. 

This new era of real-time payment networks is an exciting, but also uncertain time. It’s exciting that financial institutions can finally offer their customers a service that they overwhelmingly want. However, given the relative immaturity of the real-time market in the U.S., coupled with emerging real-time initiatives such as FedNow, it’s hard to know which payment network will work best for an FI and their customers in the long term.

Death, taxes and fraud following the flow of money. FIs may not be able to do much about the two former inevitabilities of life, but there is a great deal they can do about the latter. As we often say, prevention is the best form of recovery, especially in the era of real-time payments, where money is gone the instant a payment is made. 

Whether they know it or not, FIs are largely competing on the basis of a digital user experience. In fact, companies that focus on customer experience drive revenue 4-8% higher than the rest of their industries. The winners will be those that prioritize speed, convenience, simplicity, and user needs from the very beginning of any innovation and ideation process. Those that fail to prioritize UX are destined to fall behind and risk undermining an otherwise great innovation.

Consumers enjoy more payment choices, speed and convenience in just about every other aspect of their financial lives. Now, they expect the same from their loan payment servicers. There’s an exciting transformation currently happening within the payments industry: Thanks to a plethora of apps, services and new payment networks, consumers have more freedom and choice than ever ...

Financial institutions of every size are facing a brave new world. We’ve seen a massive shift toward online banking, digital payment tools, and neo/challenger banks in the past couple years, with more and more people choosing digital first for their finances. If you’re caught flat-footed, it’s easy to get left behind… but let’s not forget this is also a massive opportunity for ...

  We want to share some exciting news with you: Our parent company Paymentus was just awarded Best in Class by the financial services research firm Aite Novarica. We’re proud to be working alongside the best in the business of electronic bill payment and presentment (EBPP) — it’s yet more proof that we can help any financial institution, whether it’s a small credit union or ...

Financial institutions are no longer the central hub of consumers’ financial lives. Regaining their standing means combining modern innovation with lessons learned in 1995. It all starts with rethinking what bill pay can do for your customer.

As the money movement space becomes more atomized, it can be challenging for financial institutions to compete with so many startups, challenger banks, billers and payment companies. You might improve one aspect of your service and then find that another is already being disrupted. However, because of the fundamental nature bills play in one’s financial health, FIs have an opportunity to reclaim a central role in their customer’s financial future by simplifying how customers manage and pay their bills and other financial obligations. 

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