The way people make payments are changing faster due to the improved integration of digital technology. This has benefited the industry with increased competition and consumer demands.
The changes can be witnessed in Travel, E-commerce, Household Bill payments etc. The recent integration of technology in payment solutions makes transactions fast and seamless and can be done at the comfort of your homes.
Although we are witnessing a considerable change in the payment solution industry, there is still a consistent use of the cash and cards, which solely depends on the geographical setting. In some places, people prefer cash and cards, while in other places, they encourage the more use of digital solutions; for example: The United States and Canada. Analysis has shown that in these areas, they are likely to switch completely to technology enabled payment solutions.
The payment solution processes will become more innovative because of the following disruptive trends;
- Digital Banking and Remote Payment Approval
As the younger aged masses are turning up to technology more than the traditional mediums, there is a notion that most payment solutions will be done through digital-enabled mediums rather than cash or cheque. This will result in more engagement of mobile phones and digital software applications.
Various business outlets are accepting more of mobile payment which is helping them to improve customer experience. The addition of instant alerts, appreciation notifications and instant payment delivery is making this innovation more interesting.
- Customer-Focused Strategy as a Priority
Customer experience post business encounter is what makes a difference in the industry. Digital banking solutions are improving the way customers feel after making their payments. In the past years, one need to stand in a queue in the bank before they can make even the smallest transaction, but the integration of technology innovation has reduced the stress to the lowest level. We can witness improved services and instant expense management which is helping everyone that is using this medium to stay above the crowd
- Improved Customer Satisfaction through Rewards
A customer tends to check back on the sales-person who gave them a tip or discount after purchase. This is also applicable in payment solution. After people makes a purchase online or even via cards and the seller offers them a certain percentage of discount, they will always want to come back. The good news is that most business enterprises are supporting this idea in collaboration with the finance institutions.
- FinTech Collaboration and Expansion of Networks
The innovation in payment solution is incorporating feasibility of resource management between the financial and non-financial organizations. Through this development, the result will lead to easy merging of both the traditional medium of resource management concepts with the recent and digitalized concepts. Various financial organizations that may not be able to handle the process of migrating from the traditional format to the digitalized platform finds ease in doing so by partnering with technology companies.
Organizational growth is measured both in market value, infrastructure and the extent of their networks. The integration of digital technology advances in payment provisions helps especially the finance-oriented establishments to easily expand their reach, even to the most hidden places in the world. This helps to touch the lives of people no matter the class and status and it repays with tremendous customer growth.
- Improved Security and Payment by Codes
Security is huge concern when money is involved. People are so conscious and very inquisitive about how their money will travel from the sender to the receiver. In so many cases, they will even think that such platforms as digitalized mediums are not trustworthy as a single wrong number can direct their money to unknown destination.
The transaction as of the old was true cheques. But today, there will be a limited need for those methods, rather, payment will simply be done by inputting a certain username and password and your dashboard will be opened. Through this page, you can easily make every payment. The age of digitalization is turning the whole process into code-based and this raises the question of how to stay safe. It is also believed that for security purposes, the instant notification of transaction, linking of secured email and encryption to individual data and disaster-recovery provisions will lead the innovation to better direction. This concern has a big deal with blockchain, augmented reality, IoT and biometrics.
You may be asking how the future will look like with tech-enabled payment solutions. As the world is growing and globalization is gaining a good ground, people blends in to what they see that is working well. So, as digital payment solution is making even the life of the lay man on street easy, more people in the near future will completely adopt this innovation. It will not harm the financial institutions, but it will be great if they can migrate or better integrate some form of technology strategies in their financial solutions. This change may be slow, but it will be consistent as the technology changes are not giving room for procrastination.