The way people make payments is fluctuating quicker than any area of financial services, influenced by the changes in competitive forces, digital technology, and consumer demands. Though cards and cash still rule the payments landscape, there seems to be a higher acceptance of mobile payment technology, particularly by younger demographic groups. Also, the exponential growth rate of IoT is likely to fuel new payment trends and use cases in the years to come. Understanding the trends in payments is significant for any bank or credit union that wants to serve the complete financial needs of consumers. In this blog, Quantzig has listed the top five payment trends impacting the future payments.
According to the financial industry experts at Quantzig, “Modern consumers are blessed with a myriad of way to make and take payments.”
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Top payment trends impacting the future payments
- Bitcoins and blockchain technology: TBitcoins and blockchain technology have benefits that cannot be ignored even though many are skeptical about this technology. Bitcoins and the blockchain technology are one of the most promising payment trends to watch out for this year. This year, the financial industry is all set to move towards implementing blockchain technology for many purposes including payment processing and trading functions. Banks and regulators can use blockchain as a transparent and available recording system, making auditing and financial reporting significantly more effective.
- Fintech and banking sector partnership: Banking companies are slowly coming to terms with the fact that they need to be in pace with the technological advancements of fintech organizations to live in the long run. Partnerships between fintech companies and banks are the key to an expanded payments ecosystem. This year, the development of companies in the baking industry with the help of fintech technologies is an exciting payments trend to watch out for.
- AI for routine transactions: One of the simplest forms of artificial intelligence that is revolutionizing mobile transactions in the financial industry are chatbots. These chatbots can make and execute basic transactions with the consent of the customer. Now, it just takes a simple voice command from the customer for these chatbots to offer basic financial snapshots and transfer funds. The comfort at which it can be performed will surely make this one of the most preferred payment trends for 2018.
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Quantzig is a global analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors. Listed below are the top five payment trends impacting the future payments.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.