Keeping up with banking trends is not easy, especially when the competition is so tough, and the trends are ever developing. In this article, we look at some of the top trends banks should be exploring to avoid losing customers to fintech disruptors.
In this blog post, we outline five key trends shaping the payments industry: Contactless Payments; P2P Payments; Open Banking; Card Controls; and “White Box” Fraud Monitoring. Read more below…
Contactless Payments
It must be recognised that the pandemic played a crucial role in speeding up the adoption of contactless payment solutions. In turn, point of sale (POS) terminal use in Africa has been positively affected, as consumers now feel more comfortable using contactless
payments for their everyday transactions. On average, contactless transactions are growing exponentially each month across the continent.
“We’ve seen exceptional growth in contactless payments over the past two years and we expect the growth to continue tenfold,” says Daniel Templeman, Director at Traderoot.
P2P Payments
Peer-to-peer (P2P) payments are becoming increasingly popular throughout the world. Consumers are switching from physical payment methods like cash and debit cards to digital alternatives. The pandemic only accelerated the growth of P2P payments, and we can
expect it to continue in a post-pandemic economy. The global P2P payment market size is projected to reach $9 trillion by 2030.
Open Banking
Open banking has gained incredible momentum over the past few years. Consumers want a bank that can offer a product that makes their lives easier and that helps them manage their finances. Open banking has enabled the development of new, advanced tech resulting
in lower costs and a more personalised customer experience.
“In order for incumbents to stay relevant, they need to expand their service offerings, and open banking facilitates this,” says Templeman.
Card Controls
Card controls have proven to be very popular. Card controls are a banking feature that allows you to control how, when and where your debit or credit card is used. Through card controls, a consumer can turn their card on/off, restrict card usage to specific
transactions, set spending limits and restrict international spending limits. This not only gives consumers a more personalised experience, but it also gives consumers the ability to help reduce fraud.
“White Box” Fraud Monitoring
The rise of online banking has forced financial institutions to embrace behavioural analytics. White box Artificial Intelligence (AI) based fraud prevention tech is helping financial institutions identify and prevent complex fraud scenarios. White box fraud
monitoring tech enables financial institutions to flag potential fraud based on a user’s actions and even their mannerisms on a website. This is a potential game changer and has the potential to save millions of Dollars lost to fraud.
As banking landscapes evolve, staying ahead means embracing these transformative trends. By prioritizing innovation in contactless solutions, P2P convenience, open banking frameworks, advanced card controls, and cutting-edge fraud prevention, banks can not
only retain customers but also thrive amidst fintech disruption. The future demands adaptability and foresight, and these trends pave the way for banks to lead the charge into a new era of secure, customer-centric finance.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.finextra.com/blogposting/25472/payment-and-tech-trends-shaping-the-future?utm_medium=rssfinextra&utm_source=finextrablogs
