Now our latest whitepaper The Game Changers of Global Payments is out! Here we are digging into some of the factors that we believe will be the game changers of the payments industry as we know it. Some of those factors are regulations, trends in technology and shopping behaviour.
Topics: Real time payments, Direct payments, Instant payment options, payment options, Payment solutions, Payments, Ecommerce, improve customer experience, mobile payments, increase conversion rate, FinTech, Financial regulation, psd2
Making online payments a secure process both for merchants and consumers is a topic that never loses its relevance. Especially since major retailers have been subject to data breaches as a consequence of flaws in their payment systems.
PSD2 (Revised Payment Service Directive) is being put in place within the EU this year. Banks who used to have a monopoly on their customers account information and payment services will be obliged to share open APIs with third-party providers.
This week we visited STHLM Tech Fest which was held at Stockholm Waterfront Congress. It was a full day of presentations by companies such as Google, Volvo Car Mobility, Uber, Stripe and Salesforce focusing on different topics ranging from machine learning to gender parity in the tech industry. In other words, it was truly an interesting and inspiring day.
The topic shifted towards payments in the afternoon when we got to hear a presentation by Adyen's co-founder and CCO, Roelant Prins where he talked about the reasons of the success behind the company.
These key points are:
- We build to benefit all merchants (not just one)
- We include different people to sharpen our ideas
- We launch fast and iterate
- We make good choices to build an ethical business and drive sustainable growth for our merchants
- We don’t hide behind email, instead we pick up the phone
- We talk straight without being rude
- Winning is more important than ego; we work as a team - across cultures and time zones
- We create our own path and won’t be slowed down by “stewards”
Alone is not always strong. Especially not when it comes to scaling a business in a highly regulated industry. But if a collaboration between banks and FinTechs are done correctly, both parties will walk away as winners.
Payments is an ever evolving industry which constantly forces you to stay on top of trends and consumer needs. It is truly an industry that changes rapidly.
With the Revised Payment Service Directive (PSD2), being put into place, banks are being forced to keep up with financial innovations in order to stay relevant. As much as 88% of financial institutions are afraid of losing business to FinTech companies. If you are interested in reading more about what PSD2 actually is you can check out our article PSD2 - The regulation that will disrupt the financial industry. Here we will have a look at the PWC Global FinTech Report 2017 to see what steps banks can take in order to stay relevant.