The fintech space is growing - and there’s no stopping it. Studies estimate that the global fintech market will reach $814 billion by 2030, representing a 26% year-on-year growth rate. On the other hand, banks are only expected to see 10% year-on-year growth.
To keep up with digital disruptors, banks must reevaluate their service offerings. Customers expect merchants to offer payment options across various platforms, including in-person, mobile and ecommerce. If you cannot facilitate the transactions merchants need, they will look for an alternate solution.
Reports show that nearly 90% of Americans already use at least one type of fintech solution. So instead of fighting against fintechs, it may be time to join them.
In a recent article, our CEO Vijay Sondhi spoke with Brandon Rossman at Cardrates.com to explore what banks can do to enhance their service offerings. By partnering with a fintech like NMI, banks can:
Improve payment processing capabilities (while still retaining their branding)
Offer merchants more variety
Compete against digital disruptors
By blending decades of industry knowledge with an innovative payment platform, banks can be more attractive to merchant customers and set themselves up for future success.
To learn more, read the full article here.