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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

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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: 

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