Many bank-driven responses to fintech startups are "force fitting" traditional services, and don't fully meet new consumers' demands for social interaction, writes Ted Bissell, global director for digital consulting at Axis Corporate.
When Zelle launches, it will not allow users to share information about their payments with other folks in their network. That decision puts the P-to-P service on a different course than Venmo, its fast-growing rival.
Linking payments accounts to public profiles is a convenience that makes digital payments as easy as typing a tweet, but after a high-profile trolling incident involving one of President Trump's closest colleagues, it seems there are still issues to work out.
Several groups are developing real-time payments systems for the U.S., and most everyone agrees success is inevitable, but how quickly they can make enough progress to satisfy consumers is a point of contention.