Banks need to engage with customers, adapt to consumers’ changing needs, and provide the best user experience to secure their role in the rapidly changing payments industry explains Dejamobile’s Lorcan Burke, before setting out how these aims can best be accomplished.

“User expectations regarding ease of access to information has risen dramatically over a short period of time,” he says. “Banks no longer require a physical presence on every street but they need to be sitting on every mobile device to know what the customer requires, when it’s required and how best to pay for it.”

This article starts by exploring the traditional role of banks and how the move away from cash has led to a “seismic shift” in how banks operate. Burke then examines how the rise of the smart mobile device has further transformed the payments landscape.

He also takes a look at the development of neo-banks and new fintech entrants and the challenges they are presenting to traditional banks, before laying out steps for banks to take to stay visible to their customers in an increasingly competitive environment.

This eight page article has been written by Lorcan Burke, vice president of business development at mobile transaction software specialist Dejamobile. It forms part of the second volume of NFC World’s What’s New in Payments report, and has been sponsored by Dejamobile.

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This item is part of What's New in Payments.