Celent Model Bank 2016, Part III: Case Studies in Digital Payments and Cards

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13 April 2016
Zilvinas Bareisis

Abstract

The vision for Celent’s Model Bank research, now in its ninth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer three questions below.

Every year Celent suggests five to eight categories and invite banks to nominate their technology initiatives. Celent analyst review all nominations and recognize a number of them, up to four per category, with a Model Bank award.

In 2016, Celent accepted nominations in seven categories and awarded 18 initiatives. The case studies of winning initiatives are profiled in a seven part report series published today:

  1. Digital Banking Transformation
  2. Omnichannel Banking
  3. Digital Payments and Cards
  4. Corporate Payments and Infrastructure Modernization
  5. Cash Management and Trade Finance
  6. Security, Fraud, and Risk Management
  7. Legacy and Ecosystem Transformation

In Part 3, Celent profiles two award-winning initiatives in digital payments and cards.

  • Bank of America Merrill Lynch Digital Disbursements
  • RBC Wallet

Digital payments is a hot topic in the industry. The growth of mobile commerce — customers using their mobile devices for shopping (discovering, checking, considering) and buying — is fuelling the need for frictionless digital payments. Consumers live in an increasingly digital world with “shopping” embedded in conversations and lifestyle activities, facilitated by social platforms.

“The leading banks are starting to take control of their destiny in digital payments,” says Zilvinas Bareisis, a senior analyst with Celent’s Banking practice and author of the report. “This is evidenced by a growing number of banks launching their own digital wallets based on HCE technology as well as developing creative use cases that leverage real time payments infrastructures. And of course, remembering that a mobile device can give more control to consumers over their payments and enhance overall shopping and payments experience.”

Nominations for Model Bank awards were accepted in late 2015. The Celent Banking team selected winners based on business benefits, degree of innovation, and technology or implementation excellence. Each Model Bank winning initiative is presented as a detailed case study within the report, including descriptions of business drivers, solutions, success metrics, and future plans.

This 28-page report contains two Celent Model Bank case studies, four tables, and eight figures.

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