Topics In Demand
Notification
New

No notification found.

Blog
Next Generation Payments Landscape

March 13, 2020

458

0

The Payments industry is one of the most dynamic segments in financial services. Several technological and operational innovations such as e-wallets, new payment options, in-app purchasing, P2P lending and payments are creating a revolutionary breakthrough in the payments landscape.

In order to respond to the market trends, the Payments industry must incorporate suitable business models and proactive strategies to build their capability and achieve the desired future in the segment.

Here are a few key aspects that needs focus –

Revamping the Payments framework with increased collaboration

Real time/faster payments continue to revolutionize. This will have a significant impact on payment firms through operational and service transformations – It requires reorganizing or upskilling teams to work in novel ways. Increased level of collaborations means new governance models and timely decisions to effectively manage investments and drive alignment around a shared vision. Though, these partnerships can produce excellent results, creating a new structure for product development and achieving better user experience will be critical for the success.

New Engine for New Economy – Data Analytics

Data across multiple systems must be gathered to derive solutions for improved customer experience. Big data handling and building analytical capabilities gives deeper insights into how consumers and businesses spend their capital. Analyzing previous untapped data will give new insights for better decision making and key industry players process large chunks of payments have access to such data. Therefore, an architecture with advanced analytics will help drive growth and assess the financial risk.

Agile customer centric services

The advancement in technologies like Blockchain, Internet of things, Wallets – will increase consumers and merchants’ options of how to pay and receive payments. This innovative service demands digital workforce to be aligned to a common goal, in turn delivers seamless user experience that is convenient and accessible.

Workforce driven transition – operating model

It becomes crucial for the payments industry to be in pace with the workforce in an ever-accelerating digital environment. With the advancement in technology-use of robotics, cognitive services, the workforce can be reduced by nearly 47%. The primary complexity arises in engaging a mixed generation of employees including millennials with native digital capabilities, who must work along with the baby boomers – this creates a mounting pressure for the organization with evolving workforce. Therefore, instead of sheer defiance towards workforce transition, a timely adoption to organizational restructure brings more agility towards customer solutions.

Target friction areas

Challenges from new players for target areas like cross-border payments, multi-payments integration and Business-to-Business payments will potentially arise. This can be dealt with ‘Business Restructuring’ –  a preferred method to create scale, provide a competitive advantage to acquire capabilities and in some cases, it could lead to opportunities to transform the business model with strong talent base and skillsets  playing a vital role in delivering digital solutions for payments organizations.

FinTech’s and other organizations can absorb these realistic transformation journeys for long term stability with better customer experience, provided, they willfully indulge in reinventing and customizing their organizational priorities with a futuristic goal.

Author: Santhosh Srinivasa, Banking and Financial Services , EVRY India


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


EVRY India Pvt. Ltd. (A Tietoevry Company)

© Copyright nasscom. All Rights Reserved.