Banks of all sizes continue to face threats from third parties interested in taking over key parts of the traditional bank customer experience. Many banks believe that conceding the customer experience to parties like Venmo, Google, and Square Cash will ultimately amplify the effects of disintermediation, further diluting the value proposition of banks in the eyes of customers and reinforcing their use of non-traditional services.
As a result, products like person-to-person payments are now table stakes for banks who want to ensure that customer interactions with their money occur through a channel and experience that they own. Given the nature of P2P, banks must work together to create ubiquity, so that any customer of any bank can send money to any customer of any other bank, and so that the experience is on par, if not better, then what these competitors can provide.
Zelle is the platform for creating that ubiquity; however, integrating it into a bank is no trivial task. Banks considering a Zelle integration should use this report as a high-level guide for identifying critical areas of focus and potential challenges upfront.
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