INTRODUCTION
The global financial world is changing at a strikingly hot pace. The emergence of internet banking over two decades ago and more recently mobile money, digital finance, cryptocurrency, blockchain and of course ‘digital’ fraud’ are riding the wave. Payment systems are also changing. What are going to be the drivers for the future?
[nextpage title=”GEN Z Rising “]Though they are just teens and young adults today, Gen Z will make up to 40 percent of all US consumers by 2020. This emerging demographic doesn’t remember a time before Google, Apple, Facebook and Amazon, and will influence other consumers.
[nextpage title=”Customer Experience is the New Gold”]
As the payments universe expands, customer experience is becoming the prime competitive differentiator. When companies have the customers’ attention, they better get it right.
[nextpage title=”MOBILE HITS ITS GROOVE”]Mobile payments is poised to finally have its day thanks to APIs and open banking. And delivering a unified mobile payments experience is ground zero in the battle for the consumer.
[nextpage title=”REWARDS REVOLUTION”]
Consumers want more rewards and are willing to switch cards to get it. Payments players have the opportunity to deliver rewards that meet consumer lifestyle needs, delivered seamlessly in real time.[nextpage title=”THE NETWORK EFFECT”]
The power of the network is built upon collaboration. Working within ecosystems allows companies to multiply capabilities and reach without investing from scratch.[nextpage title=”FINTECH AND BANK FUSION”]
Banks and Fintechs will power the future of payments transformation. Banks have brand recognition, industry knowledge and a customer base to scale. Fintechs have disruptive technologies and agility.[nextpage title=”AN ARMS RACE IN CODE”]
Every credit card account becomes software code. It will reinvent customer experiences, and influence regulations and security measures.[nextpage title=”PAYMENTS EVERYWHERE”]
Everyone can be a merchant and every device can be an acceptance device. The payment network becomes bilateral for the first time.
[nextpage title=”FRAUDSTERS INNOVATE TOO”]
Bankers view data security as among the top challenges in payments today. As the industry projects $31.3 b [nextpage title=”RIP AND REPLACE REQUIRED”]
Overhauling existing payments infrastructures is a must for payments players today. Replacing inflexible systems with open and agile frameworks is key to compete.
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