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Payments Trends & Disruptors

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Payments Trends & Disruptors Payments Trends & Disruptors PRESENTED BY: Tony DeSanctis, Senior Director [email protected] 480-990-5705 © 2019 Cornerstone Advisors, Inc. What you need to think about in Payments PAYMENTS GROWTH IS MARKET DISRUPTORS ARE YOUR MEMBERS AND CONCENTRATED IN CONCENTRATION CONTINUING TO GAIN MARGIN ARE AT RISK ELECTRONIC PAYMENTS IS HIGH GROUND – AND CARDS • How do you differentiate to your members? • How do you stay relevant and primary in digital commerce? • What strategies can you deploy to drive engagement and growth? • What investments do you make in technology and functionality? • Do you have the right vendors and relationships? • How do you build a payments roadmap to protect your payments business over the next 2-3 years? 1 Payments Landscape Digital Payments & Disruptors Processors and Providers ? ? Networks X X X 2 The Year of Payments Mega Deals $21.5B $35.0B $22.0B The overarching goal is to offer “one-stop shops” for any number of devices, software and services for companies that give merchants and banks the ability to offer end consumers a range of (cashless) payment choices. Source: Payments.com; Cornerstone Advisors 3 Digital Payments – Ecosystem Credit Unions & Banks Merchants Fintech Banking as a Service Payments Instruments by the Numbers – Projection 2012 - 2017 Actuals 5 Year Change 2017 - 2022 Projections 5 Year Change Type Volume Transactions Type Volume Transactions PAPER -16% -11% PAPER -16% -1% Cash -2% -4% Cash 3% 10% Checks -34% -38% Checks -54% -61% Other (MO,CC,TC) -35% -34% Other (MO,CC,TC) -21% -22% CARDS 42% 39% CARDS 41% 30% Credit Cards 48% 52% Credit Cards 43% 35% Debit Cards 38% 37% Debit Cards 40% 29% Prepaid 20% 11% Prepaid 28% 20% ELECTRONIC 29% 47% ELECTRONIC 20% 27% Preauthorized Payments 28% 47% Preauthorized Payments 17% 28% Remote Payments 29% 46% Remote Payments 24% 26% Total 21% 19% Total 24% 20% 5 Payment Mix – Digital and POS WorldPay Global Payments Report 2018 6 What trend is most concerning/interesting to you? Other Speed Migration to P2P 4.50% 11.40% Alternative Bank Solutions New Account Growth 25.00% 29.50% Margin 20.50% 9.10% Compression Merchants 7 Debit Card What Does the Debit Card Market Look Like? • 47% owned by 10 FIs • 66% owned by 50 FIs • 34% owned by everyone else • Many new players looking to gain ground in the market • How do you grow your piece of the market 9 Chime Bank 10 Square Debit for Business “We now offer all sellers who use our point of sale a place to store their money, and a MasterCard to spend it instantly. No bank account needed.” – Jack Dorsey, CEO of Square 11 New Mobile-First Banking Entrants / “Banking as a Service” Apple T-Mobile • Offering Digital Debit and Credit Card • Attractive Rates: 4.00% Annual Percentage Yield (APY) • Apple has 1.3 billion+ active devices • T-Mobile has 80 million+ mobile customers • The banking engine behind the Apple Card is Goldman • The banking engine behind T-Mobile Money is BankMobile Sachs for credit and GreenDot for Apple Cash 12 Relationship Based – Credit Union 13 Relationship Based – Top 5 14 Debit Interchange Trends Debit Revenue Merchant Network Deals Merchant Steering Fintech Disruptors PINless Debit 16 Credit Card What Does the Credit Card Market Look Like? • 83% owned by 10 FIs • 93% owned by 20 FIs • 7% owned by everyone else • Primary bank market share? • Drivers of card selection • Functionality that drives usage • Acquisition channels 18 Petal – Starter Card 19 Zero Card – Hybrid Debit & Credit 20 BREX – Small Business Credit Card 21 Loyalty & Rewards Drive Consumer Behavior 2018 79% TSYS 2017 US Consumers Payment Study 22 Loyalty & Rewards – Cash Back is King TSYS 2018 US Consumers Payment Study 23 Rewards Paradox 24 10.00% 12.00% 0.00% 2.00% 4.00% 6.00% 8.00% Loss Loss Trends Federal Reserve Data Data ReserveFederal • • in lending in back to pull Recentupward andhavequarters leading trending been have15-yearatand a Losses been Delinquency low 1998:1 1998:3 1999:1 1999:3 2000:1 2000:3 2001:1 2001:3 2002:1 2002:3 2003:1 2003:3 2004:1 2004:3 CreditCard Loss andDeliquencyRates 2005:1 2005:3 2006:1 SA Chargeoff SA 2006:3 Adjusted Seasonally 2007:1 2007:3 2008:1 2008:3 SA Deliquency SA 2009:1 2009:3 2010:1 2010:3 2011:1 2011:3 2012:1 2012:3 2013:1 2013:3 2014:1 2014:3 2015:1 2015:3 2016:1 2016:3 2017:1 2017:3 2018:1 25 2018:3 2019:1 Margin Pressure • Historically low cost of funds has led to higher margins • The increasing trend in losses and the higher costs of funds will put significant pressure on credit card profitability 26 Music Industry – A sign of things to come? 27 P2P P2P Adoption and Demographics 29 Are We Talking About the Same Thing? We do see people use the Cash App fundamentally as you would expect them to use a bank account," "They store money with us, it's accepted anywhere Visa is accepted. They can send and receive money from friends and family.“ – Jack Dorsey, CEO of Square Most Zelle transactions don’t leave the sender’s bank. More than 70% of transfers are between two customers who have accounts at the same institution. – Lou Anne Alexander, Group President for Payments, Early Warning Services LLC 30 Venmo and Square Debit Products 31 P2P Adoption and Demographics 2018 US Consumer Payment Study TSYS 32 Digital Wallets & Payments Mobile Wallet Adoption • Mobile Wallets have not been the boon to digital payments many predicted • Wal-Mart Pay is the highest usage wallet at 6% Pymnts.com – Mobile wallet adoption 2018 - https://www.pymnts.com/mobile-wallet-adoption-statistics/ 34 Digital Payments – More than Wallets 35 Digital Payments - Trends • In-App Payment awareness is static • Awareness is much higher in younger demographics • In-App Payment growth is happening online more so than in store 36 2018 US Consumer Payment Study TSYS Other Payment Considerations Fraud • Global Fraud is projected to decline from $0.072 per $100 to $0.063 per $100 over the next 2 years • False Positive impact on card usage can be as much as 25% 38 Bill Pay 10% of checking account users are active Bill Pay 2018 US Consumer Payment Study TSYS 47% of Bill Pay users are active Average about 2 transactions per month Transaction costs the bank or credit union Opportunity to migrate Bill Pay volume to Card based transactions P2P rails could be leveraged to displace Bill Pay transactions TSYS 2017 U.S. CONSUMER PAYMENT STUDY Cornerstone Report 39 Real Time Payments The Clearing House , Deloitte Real Time Payments Study 40 So What Now? PAYMENTS GROWTH IS MARKET DISRUPTORS ARE YOUR MEMBERS AND CONCENTRATED IN CONCENTRATION CONTINUING TO GAIN MARGIN ARE AT RISK ELECTRONIC PAYMENTS – IS HIGH GROUND DEBIT AND CREDIT CARDS • How do you differentiate to your members? • How do you stay relevant and primary in digital commerce? • What strategies can you deploy to drive engagement and growth? • What investments do you make in technology and functionality? • Do you have the right vendors and relationships? • How do you build a payments roadmap to protect your payments business over the next 2-3 years? 41 Payments Toolkit Is your toolbox complete? Tony DeSanctis, Senior Director PRESENTED BY: [email protected] 480-990-5705 © 2017 Cornerstone Advisors, Inc. Digital Banking and Account Onboarding Size Doesn’t Matter in Online Deposit Opening % with Online Account Opening • Most banks open less than 10% online. • Cornerstone predicts that this will be 78% 25% by 2021. 59% • All tiers will expect a common platform for online and branch/call center. Total RetailRetail Total Commercial Commercial All Institutions 5% 1% 2% 11% 4% 9% 6% 6% 13% 47% 27% 57% 34% 78% % of Accounts Opened Online 0-5% 5-10% 10-15% 15-20% 20-100% Source: Cornerstone Report Data 2 Big Banks Are Nailing the Digital Shift 3 Digital Drives the Highest Value Based on Servicing/Retention Today Tomorrow 31,200 Total Sales - 13 Percent Digital 39,800 Total Sales - 24 Percent Digital Mortgage/HE Mortgage/HE Consumer Consumer Credit Card Credit Card Checking Checking Other Deposit Other Deposit - 2,000 4,000 6,000 8,000 10,000 12,000 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Branch Call Center Web/Mobile Branch Call Center Web/Mobile Predicting the Pace of Migration Lead or React 4 Account Onboarding • Account Onboarding = New Phone Purchase • Onboarding is more than instant issue • Online account opening and onboarding are the next frontier 5 Mapping Results: In-branch New Account Opening Product:Account opening Channel: Branch Persona: Robert Step:1 2 3 4 5 6 7 8 9 10 Contacted as Walks into Answers OLB part of 2-2-2-6 Educated on Signs disclosures Completes a tour branch and (Re-)explains Provides SSN and security program, relevant products and forms via Waits at desk and meets the explains needs to general needs two forms of ID questions and marketing and options signature pad branch manager Member Teller, signs in creates password campaigns, and survey MSR checks MSR accepts MSR fills out MSR walks MBR MSR completes 2- TELLER directs options for debit, check or cash for MSR enters SSN instant issue through OLB set 2-2 onboarding member to sign ODP, checks, funding, walks and ID system form and up and turns follow ups, MGR into lobby starter checks, MBR through information sends to keyboard + follows up at 6 Facing Member tracking and digital disclosures/ manager monitor months banking forms MGR or LEAD MSR builds out MSR scans ID print debit card, MARKETING MSR sees person MSR takes notes the member and prints forms MBR prints submits survey waiting in LTS in LTS and email profile and run as they are packet and builds and other
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