In our ongoing campaign to clear the clutter on emerging payments, here are the top high-level considerations related to developing an emerging payments strategy, from the interactive workshop on March 2 at ePayConnect 2020, led by Wade Hobbs, Levvel, and Chelsye Palomo, Cottonwood Financial:
- Implementing a single service is not a strategy, but a component of a strategy.
- Is the perceived demand originating from upper management or from your customer base?
- Are you using all the customer and market data available within your organization to help you develop an emerging payments strategy?
- Your strategy should inform your approach to implementation.
- How will you push adoption while proactively mitigating risk?
- Once you are live, how do you measure success and evolve your strategy?
- Are you leveraging your payments association, i.e. ePayResources, to take advantage of their insight and expertise in the emerging payments space?
If your institution has developed or is in the process of developing an emerging payments strategy, what would you add to this list?