In the age of digitalisation, the information, communication and consumption behaviour of bank customers has also changed permanently. They are more closely networked, have a high level of knowledge and constantly adjust their preferences. Financial institutions must now set the course to keep pace with this development. The experts at PPI will be happy to assist you with this, as we know the challenges of future payments.
Technological developments, changing customer needs and a changing competition and provider situation are bringing about far-reaching changes in the payments landscape. Mega trends such as e-commerce, sharing economy, artificial intelligence, the Internet of Things or the "war on cash" are based on automation and independent networking. They completely redefine the relationship between customer and service provider as well as the fundamental understanding of payments.
The advancing use of e-commerce is leading to more payments on the Internet, including rising transaction numbers and volumes. The need for security is also growing. At the same time, new market participants and standards as well as stricter regulations are increasing complexity. Fast, flexible and scalable products and technologies are needed to keep up with this development.
Intelligently digitalised processes will rapidly gain importance in payments in the future. They are fast, handle communication with the customer, protect against fraud and abuse, analyse customer behaviour, suggest alternatives, develop and even sell products.
Even today, manual transactions in payments are becoming increasingly rare. The reasons for this are more regulations, different banking structures and higher process speeds. Blockchain, artificial intelligence (AI) or robotic process automation (RPA) are keywords that will accompany the almost complete digitalisation of payments in the next few years.
Intelligently set up processes offer a wide range of possible applications to relieve the burden on employees, systems and structures. RPA is particularly suitable for recurring tasks such as authentication and authorisation, processing or compliance tasks. Voice-controlled assistants modelled on Amazon or Google can even take over customer service as successors to today's chatbots.
As a shared, non-modifiable journal for the history of transactions, blockchain technology will play an important role. It supports the mapping of new products and business transactions and provides more transparency across the entire payments value chain.
Our team of experts will be happy to support you in setting up pilot projects to understand and test new technologies, but also in setting up new scenarios and developing long-term secure business strategies.
The Internet of Things is becoming more and more important and makes new types of business models possible. Why the payment process needs to be automated and adapted to these models can be read in the whitepaper "The future of payments: programmable payments in the IoT sector", which is available for download here.