CORE BANKING, PAYMENTS

Enabling offline payments in an online world

September 15, 2022

Enabling offline payments in an online world
There have been numerous examples of how payments digitalization has transformed society in recent years, whether it be the surge in mobile money usage in sub-Saharan Africa, the stunning success of real-time payments in markets such as Brazil, India, and Thailand, or the increased adoption of contactless payment methods following the COVID-19 pandemic. According to the World Bank, roughly two-thirds of the population now make and receive digital payments, with the share of adults in developing economies increasing from 35 percent in 2014 to 57 percent in 2021. This shift has not only led to reduced cash usage and the availability of more convenient payment options but also to much needed improvements in financial inclusion and digital access for underserved populations.

Spotlight

Summit Bank, N.A.

The Summit Bank Difference” is about being a leader in the banking industry in the Northwest Florida communities we serve, from Pensacola to Panama City. We provide unsurpassed personal service. Every time you do business with Summit Bank, you can count on us to provide the absolute best in banking, to tailor our services to meet your unique financial needs and to safeguard you and your assets.

OTHER WHITEPAPERS
news image

Notable Whitepaper

whitePaper | October 3, 2022

NOTABLEWhitepaperPeople are valuable. We’ve always known that, but the current digital and social media revolution is making it clear that qualities like influence, leadership and prettiness can be valued and monetized, both for individuals and for businesses. Just think about the influencer market, that has amassed a gross value of 13$ Billion in 2021. On the other hand, blockchain technology (and digital tokens, or NFTs) is opening the world to new investment possibilities. Now people and institutions can easily invest in almost any asset class, with the same simplicity of browsing the web.

Read More
news image

How to think strategically about digital transformation and data privacy in financial services.

whitePaper | February 1, 2020

Traditional financial services firms around the globe — banks, insurers and asset managers — need to embrace both digital transformation and data privacy simultaneously to thrive in the coming decade. These two objectives are deeply intertwined because the success of digital transformation programs is highly dependent on an organization’s ability to engage with personal data, including data privacy compliance and ethics issues.

Read More
news image

How the Crypto Winter May Help Save the Digital Asset Economy

whitePaper | April 12, 2023

This crypto winter is another pivotal period in the history of blockchain. As with the last winter (2018-2020), the fear that crypto has peaked or that it was a quixotic trend is in the air. But a deeper conviction remains by many that blockchain is bound to change our financial system and even society as a whole.

Read More
news image

FinTech Trends for 2021 - What will 2021 bring us in FinTech Innovation?

whitePaper | April 14, 2021

So what will 2021 - and beyond - bring us in FinTech innovation? Central Bank Digital Currencies? - perhaps - but some would argue that most currency is already digital: how much physical cash did you handle in the last year? And how much was transacted by digital money transfer, real-time payments, card transactions, mobile wallets… Does money actually exist? The news is full of how multi-million-pound artworks can now be represented by ‘non-fungible tokens’ which represent ‘digital’ but not physical ownership of the artworks.

Read More
news image

Buy now, pay later (BNPL) regulations: Curtailing growth or leveling the playing field?

whitePaper | July 15, 2022

BNPL has grown rapidly as a lending product for consumers over the last few years. The idea of paying for purchases over time through a few interestfree payments is highly appealing to customers. BNPL firms have rapidly grown revenues as product adoption has increased. Most of this growth is led by fintechs while banks have been trying to play catch-up. Arguably, banks have lagged behind because fintech firms have been able to use their tech advantage to appeal to a wide consumer base and have reduced friction in the customer lending journey. However, industry experts also admit that a lot of this performance disparity may be due to regulatory arbitrage. Large banks face higher scrutiny when compared to fintechs and nonbanking lenders on policies, processes, and analytical strategies.

Read More
news image

The future role of banks

whitePaper | October 6, 2022

Financial services are undergoing a shift today that is changing the face of banking. Gone are the days of monolithic banking, in which products and services are siloed off from each other, and banks manage their own mainframes. The future of banking is digital, and this demands agile, instant and intelligent IT infrastructure. Established banks will no longer be expected to act alone in developing and distributing products. New models like open banking and real-time payments incentivize banks to collaborate with partners, new start-ups and established players within and beyond the financial services industry. But this future path also poses risks, as any potential collaborator could also be a competitor. Established banks will have to think more like fintechs and challenger banks, while continuing to ensure security, compliance and a full suite of services for consumers and businesses alike.

Read More

Spotlight

Summit Bank, N.A.

The Summit Bank Difference” is about being a leader in the banking industry in the Northwest Florida communities we serve, from Pensacola to Panama City. We provide unsurpassed personal service. Every time you do business with Summit Bank, you can count on us to provide the absolute best in banking, to tailor our services to meet your unique financial needs and to safeguard you and your assets.

Events