This developing world of payments and the fierce competition offered by non-traditional providers of financial services presents big challenges to smaller and community banks – those financial institutions (FIs) with less than $10 billion in assets. But merchant services programs can offer a way for those smaller FIs to gain and retain an edge – assuming, of course, it’s all done right.
That’s the message sent by Matt Good, senior vice president and general manager at Elan Advisory Services, during a recent PYMNTS discussion with Karen Webster. The conversation happened at a time of big change for legacy financial institutions, given the payment innovation and aid to upstart challengers coming from PSD2, the ongoing consumer move to mobile-focused financial services and other factors. Small community banks often face even tougher prospects in this new and emerging world of payments, given their relatively limited resources, marketing and technological capabilities.