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What is Bank of Queensland (ASX:BOQ) doing to compete with BNPL rivals?

The company is investing in the technology space…
The post What is Bank of Queensland (ASX:BOQ) doing to compete with BNPL rivals? appeared first on The Motley Fool Australia. –

The Bank of Queensland Limited (ASX: BOQ) share price could be one to watch over the near term.

The regional bank is reshuffling its digital offering to debit cardholders by transitioning to a cloud-based platform.

At Friday’s market close, the Bank of Queensland share price finished at $8.14, down 0.97%.

Bank of Queensland expands payments capabilities

The Bank of Queensland has collaborated with Nasdaq-listed payments technology provider, Fiserv, to enable its customers to add debit cards to their digital wallets and pay using wearables.

This is made possible through the bank’s migration to the Fiserv platform, which provides account processing and digital banking solutions.

The Fiserv technology will also allow the bank to rapidly add new services to meet its customers’ demands.

Using a digital debit card in-store enhances the customer experience. It allows customers to manage their spending and tailor their payments to their individual preferences.

Bank of Queensland notes that it’s important to keep up to date with the ever-changing payments environment.

Customers are seeking more flexible ways to pay for goods, as well as the ability to tap quickly for operational support.

Bank of Queensland will also use Fiserv to streamline new card issuance and management of both its physical and digital cards.

Fiserv general manager in Australia and New Zealand Kees Kwakernaak commented:

Digital transformation is an ongoing process driven by customer expectations and emerging technology. With this move to cloud-based debit card management, Bank of Queensland is positioned to meet the needs of the current market and adapt quickly to meet changing demands in the rapidly evolving payments space.

Bank of Queensland share price snapshot

The Bank of Queensland share price has lifted by almost 20% over the past 12 months. It is up 10% year-to-date.

Bank of Queensland shares have recovered to pre-COVID-19 levels. However, the share price is still a long way off its 2015 high of $13.50.

The Bank of Queensland has a market capitalisation of roughly $5.36 billion. It has about 640.9 million shares on hand.

The post What is Bank of Queensland (ASX:BOQ) doing to compete with BNPL rivals? appeared first on The Motley Fool Australia.

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More reading

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How does the Bank of Queensland (ASX:BOQ) dividend compare to its sector?

The Bank of Queensland (ASX:BOQ) share price is now trading on a forecast 4.4% fully-franked dividend yield

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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