Today, most banks in the Unites States are still running on, fundamentally, the same technology stack that was put in
place in the 1980s. As a result, banks are increasingly losing market share to digital-first non-bank financial players purpose-built for speed and convenience. With the nation increasingly embracing real-time payments, the shortcomings of traditional financial institutions’ inefficient, inflexible legacy infrastructure will further widen this gap.
Fortunately, getting banks ready to compete in this new era of real time isn’t an all or nothing game. Yet to facilitate agile adoption across the industry, there must first be a deeper foundational knowledge of what real-time banking comprises and an expanded definition of digital consumer offerings. The real value banks can create for themselves is how they choose to leverage real-time capabilities and productize them to meet the unique needs of their customers.
Download the 2024 Guide to Real-Time Payments to learn the fundamental aspects of real-time payments, the strain on legacy systems as real-time capabilities are adopted and what banks must do now to adapt and compete in the years ahead.