- Expansion of proprietary payment products with higher value appeal to customers. Go-to-market strategies will become more integrated, technology-driven and more selective to improve customer retention and loyalty.
- Distinctions such as processing speed, convince and access will have lesser relevance and appeal to businesses. Processing fees will continue to decrease to meet the market floor. Analytics will drive predictive market demand and offer customization. SaaS will drive new streams of profitability and customer loyalty. Larger banks will continue to bring merchant-services in-house. Larger merchant players will continue to face a talent shortage in the following areas. Software integrators creators and cross-dimensional thought-leaders.
- Global governance schemes will continue to be a challenge. Stronger standards may emerge to secure cross-border payments.
- Government Federal/ Central banks may take an active role in payment oversight, risk management and regulation to control flow and disruption.
- Growth models will need to be innovative and holistic, experience-driven, price-sensitive and built on open platforms to allow for easy automatic integration and upgrades that meet customer demand.
Read attached full article by Deloitte:https://mck.co/2OVhwWn
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