Chief Outsiders Area Managing Partner and CMO Mark Coronna shared his thoughts on payment innovation in a recent article for PaymentsSource.
HOUSTON, TX – November 4, 2019 – Twenty years ago, payment innovation was driven by large incumbent firms. Larger banks and payment companies drove innovation first; regional and community banks benefited after.
Call this a “trickle down” version of payment innovation, which is akin to most technology adoption in that era. Large organizations went first, then midsize organizations, and finally the smaller organizations. This model worked for bank customers too, since they had no voice in the matter. Whatever banks offered was all they expected. And sometimes, as in the case of ATMs, it took decades for broad adoption to take hold.
Large banks no longer drive innovation. These organizations were slow to understand the internet, and slow to bring forward new payment models for online commerce.
Read Mark's full article on the PaymentsSource website.
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