Citizens' payment exec on how banks can coexist with fintechs

Traditional banks are shifting their strategies to compete with fintech giants like Square and PayPal for merchant loyalty. For retailers, this means the gap between 'banking' and 'payment processing' is disappearing. Citizens Bank is now focusing on integrated solutions that combine cash management with merchant services. This transition is driven by the fact that fintechs have successfully lured businesses away by offering smoother digital experiences and faster access to capital. For your business, this shift is good news. It creates a more competitive environment where traditional banks are forced to simplify their tech stacks and offer better terms to keep your accounts. Banks are realizing they cannot just be a place to store money; they must provide tools that help you manage the entire customer transaction lifecycle. Expect to see more 'embedded' finance options from traditional lenders, allowing you to offer financing or manage payments directly within your existing sales software. The goal for these banks is to match the speed of a startup while leveraging their larger balance sheets to provide more stability and higher credit limits for your customers.

Source: American Banker — Top News

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