Trends Report

Craft The Right Digital Wallet Strategy For Your Financial Institution

With Digital Wallets, One Size Doesn't Fit All

December 2nd, 2013
With contributors:
Lily Varon , Zia Daniell Wigder , Catherine Graeber

Summary

Digital wallets are poised to transform the way consumers shop and pay retailers, restaurants, and service providers. Early wallets are enabling the convergence of offers, coupons, loyalty, and payments. Successful wallets will enhance the consumer's commerce experience by delivering more value, greater convenience, and a contextually relevant, compelling experience. We've now entered a phase in the evolution of wallets that will attract new entrants from nearly every sector of commerce, including financial institutions (FIs). Although a few FIs have made their initial foray into the digital wallet space, many others are grappling with what to do and even more remain on the sidelines altogether. FIs risk becoming less relevant to their customers in the rapidly evolving ecosystem of payments and commerce, and they should not cede the digital wallet market to others. Instead, eBusiness and channel strategy professionals should lead FIs in crafting a wallet strategy that lays out a timeline to get in the game and that will protect and deepen their customer relationships.

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