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Education

The IoT wearable technology and mobile wallets—quickly elevated
the frictionless payments experience for consumers and
Thanks to the rapid evolution of the Internet of Things business merchants. Peer-to-peer payment models, like
(IoT), customers can now open bank accounts digitally Venmo and Zelle, also increased as consumers shifted
within a few minutes without visiting a physical branch. to digital payments.NFC use is expanding to help with
In addition, banks will possess the ability to collect payments in more areas. Banks are adopting their own
information and design products according to the target contactless technologies, such as IVR payments, allowing
customer needs. customers to make transactions over the phone.

Customization creates stickiness because it not only Data privacy and security
enhances the ability of commercial clients to process
payments, but it also allows changes to be made quickly, Financial institutions invest heavily in technology that
strengthening banking relationships in the fight against can encrypt sensitive customer and merchant data. This
attrition. Financial institutions want to keep incoming is done to enhance data privacy and security in an effort
deposits and loan servicing opportunities available to to prevent identity theft and fraud within their systems.
serve their clients. The value of partnering with payment processors with
highly secure, hosted payment portals that are compliant
With solid customer support in place and third-party with PCI data, device and network security standards and
processors assisting with strong technology resources, Nacha regulations cannot be overstated.
banks will develop 24/7 customer support, taking
advantage of the IoT. This technology offers chatbots and In addition, the banking, payments and fintech sectors
virtual assistants to address customer queries. Considering continually enhance protocols, upgrading to conform
this, financial institutions will process payments much with new regulations and standards to protect customer
faster and meet their clients' needs. data and improve the customer experience.

Contactless payments For instance, The Clearing House's real-time payment
network and the soon to launch FedNow real-time
Facilitated by near field communication (NFC) technology, payments service offer more than speed. They offer safe
contactless payments— employed, for example, by payments and can be used to reduce operational risk and

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