Enable javascript in your browser for better experience. Need to know to enable it? Go here.
Podcast title: Digital payments

The future of digital payments

Podcast host Karen Dumville | Podcast guest Ian Kelsall, Thoughtworks
April 28, 2022 | 31 min 27 secs

Listen on these platforms

Brief summary

Growing preference for digital payments over cash is changing the nature of how people interact with money, with significant implications for businesses. Digital payments are helping new businesses reach consumers in new ways and established businesses to expand and diversify their client bases. How should companies adapt their products, services and payments infrastructure to remove the pain of payment? Ian Kelsall, Product Principal for Banking, Financial Services and Insurance and Fintech at Thoughtworks shares his thoughts on the future of digital payments.

 

Episode highlights: 

 

  • Consider payments more holistically -whether it's something that's integral to strategy, or a capability that they want to use as a utility from other providers. To build or not build an infrastructure depends on your business model, as part of your products and service and customer experience strategy and how important it is to their engagement.
  • Payments for consumers focuses on real-time speed of payments, the significant reduction in costs and the visibility of transactions to remove the mental logistics. There are a lot more choices of payment options for consumers and businesses to take advantage of.
  • Open banking helps better serve underserved communities with access to credit, making it easier for businesses to get an understanding of people's credit history, using transaction data from payments as a true indication of people's behavior.
  • Redefining good customer experience with digital payments. A seamless experience is now the basic expectation. We don’t always need to reconfirm every time we're making an additional purchase, even further with biometrics. Organizations must ensure there is no friction in the checkout flow. 
  • Payments support - with these seamless experiences, do consumers actually understand what they're doing, and are they able to course correct or change that interaction if it was a mistake, in an easy and convenient way? 
  • Data and privacy - The metadata is rich, and shows intent when you buy something, that communicates about who you are. The payment and spending behavior is a better indicator of a customer's general overall behavior. There are some key considerations around how organizations use that data and do our customers understand how we're using that data? 
  • Emerging markets - there is tremendous opportunity, organizations looking to go into those markets need to consider, do they really understand some of the cultural and regulatory nuances that exist in those markets.
  • An eye on future finance trends/products like ETFs, more accessible liquid products for consumers, crypto and opportunities for micropayment business models, digital subscription services vs. paper consumption models and the commercialization of data from transactions in open banking and open finance.

 

Dive deepr into this topic in Perspectives - Digital payments: Navigating the complexity and understanding the customer impact: 

More episodes

Episode name

Published

Decision science to build resilient supply chains   April 12, 2022 The power of data and tech in the public sector   March 23, 2022 Accessibility for business value   March 02, 2022 Digital sustainability and the 2040 corporate pledge   February 09, 2022 Healthcare tech trends put patient at the center   January 26, 2022 Product thinking in the new era of cloud   October 27, 2021 CIO Interview: A digital mission for social impact   September 28, 2021 The value of creative AI   September 14, 2021 Data governance: The foundation of data-driven organizations   July 28, 2021 Technology proficiency: the new imperative for business growth   July 15, 2021 ABCD Model for Leadership: Drive   June 30, 2021 ABCD Model for Leadership: Curiosity   June 23, 2021 ABCD Model for Leadership: Belonging   June 16, 2021 ABCD Model for Leadership: Awareness   June 09, 2021 CX: Building a customer engagement framework   May 27, 2021 Data-Driven with Data Mesh   May 13, 2021 Green cloud optimization: Reduce your digital footprint, increase your bottom line   April 21, 2021 Looking Glass report: Tech trends and advice for your enterprise   April 06, 2021 The journey to enterprise modernization starts with value   March 17, 2021 Driving innovation with connected devices   March 09, 2021 Evolving the culture for an agile workforce   March 02, 2021 Moving the needle in technology leadership: Focusing on customer success   February 15, 2021 No-code platforms and the art of the possible   February 03, 2021 Resilience, curiosity and belonging: The drivers of successful change.   January 12, 2021 Building a strong data foundation to power tomorrow’s public healthcare services   December 10, 2020 Tech Concepts Every Exec Should Know   November 19, 2020 Building Business Resilience in the Cloud Era   August 28, 2020 Bridging the Gap: Bringing Technology into the Boardroom   July 08, 2020 Risk Management for Building Robust Organizations   May 22, 2020 Solving the Legacy Dilemma   May 07, 2020 Reimagining Value Delivery with Blockchain   February 14, 2020 Creating a Product Organization Within Your Business   January 17, 2020 The Collaboration Blind Spot   December 13, 2019 Creating an Online to Offline Mindset   November 22, 2019 Small Changes, Big Effects   November 08, 2019 Unlocking the Power of Customer Experience Data   October 25, 2019 Edge: Value-Driven Digital Transformation   October 11, 2019 Digital Fluency: Becoming a Modern Digital Business   September 26, 2019 Building Products with Purpose   September 12, 2019 Learning to Unlearn: Changing the Behaviors That Hold You Back   August 29, 2019 Harnessing Uncertainty to Survive Disruption   August 22, 2019 Digital Transformation: Disrupting the World of Fitness   August 01, 2019 Your Data Science Journey   August 01, 2019 The Future of Artificial Intelligence   July 26, 2019

Don't miss out on the latest episodes. Subscribe today