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.
Many of Zelle's member banks chose to migrate clearXchange users to the relaunched service. It's a potential convenience, but if executed without end-user awareness or consent it can irritate consumers.
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.
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.