Top 10 Payments Predictions for 2016 -- What do think will happen in 2016?

Top 10 Payments Predictions for 2016 -- What do think will happen in 2016?

By Gerard Hergenroeder – Thoughts expressed wherein may not necessarily be endorsed by his employer.

# 1  Wallet Wars -- Clarity around who will dominate the wallet market becomes cloudy. Some banks and retailers offer their own solutions.

# 2  Banks reprice services -- In light of new payment schemes such as Faster Payments banks reprice services.

# 3 Banks fight back -- The demise of banks is greatly overstated. Banks get smart and start investing in their future.

# 4 Blockchain -- Real investment in Blockchain technology to build a better banking system goes viral.

# 5 Cognitive -- Banks move beyond analytics to learning solutions that drive productivity and market share.

# 6 Real time -- Faster/immediate payment schemes expand changing the eventual payment mix by payment type and channel.

# 7 Payment Hubs -- Banks embrace the power of payment hubs with new use cases such as liquidity forecasting, cross sell, and risk management.

# 8 Payments Convergence -- Banks realize that a “payment is payment”; hence, start consolidating different payment products and silos.

# 9 Bank Architectures -- Banks embrace new architectures to enable next best action, enterprise risk management, and best fit to leverage digitally connected consumers.

# 10 Fintechs Advance -- Fintechs continue their upward momentum in both retail and corporate payments via new third party payment offerings.