Banks face three critical challenges: marketing, the user experience, and adding critical money movement features
San Francisco, CA, March 7, 2018: After months of carefully setting the groundwork, financial institutions and Early Warning Services® are officially making the push for Zelle, the nascent person-to-person payments network critical to the banking industry’s ability to dominate the $534 billion P2P market.
Its success in 2018 will be measured by its ability to convert cash and checks into digital payments, its impact on “frenemy” services, and whether it counters the growing threat of non-bank P2P challengers such as PayPal, Square, Apple, and Google. This year is a crucial test for the Zelle P2P experience.
Javelin Strategy & Research’s new report, What Banks Can Do to Make Zelle's P2P Rollout Successful, analyzes advertising and tutorials, bank online marketing, secret shopper testing, and Javelin’s digital scorecards to reveal three critical challenges for the nation’s banks.
“P2P has reached an important turning point – Zelle offers the best option for consumers to send money to friends and family through the banks and credit unions they trust,’’ said Mark Schwanhausser, Director, Digital Banking at Javelin Strategy & Research. “But don’t make the mistake of thinking this will be a quick and easy rollout. The report offers guidelines for how to effectively promote Zelle, spotlights six key user experience challenges, and maps out digital features that lay the groundwork for simpler money movement.”
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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.