Happy 2016 to all of our partners! We are ready to dive into another year of payments innovation and smart acquiring solutions for companies of all sizes. We are also excited to see what lies ahead for the industry over the next 12 months.
In that vein, a recent McKinsey article on 16 in 2016: Trailblazing trends in global payments caught our eye and inspired us to dream big for the coming year. Below are a few of the trends mentioned in the article that we think will take payments to the next level. We also look at them as New Year’s resolutions that can help us provide the best service possible to our clients. Here’s to the New Year!
Bigger, smarter data requires bigger, smarter capabilities
Big Data will continue to have an impact on the industry in 2016. However, payments companies that want to make the most of Big Data will have to go beyond simply amassing it. They will have to learn how to strategically use the data — across channels and at each stop on the customer journey, from search to purchasing. The payments industry will need data-rich, digital solutions that apply to all kinds of retail consumers and companies, from SMEs to large corporations.
We agree that smarter Big Data is the way forward for the industry. Much of this thinking is what informed our development of our ePower 2.0 platform.
New regulations prompt new service offerings
We have discussed new EU payments regulations at length on the blog, such as PSD II and ISO 20022. This year, expect to see some of the business implications of these regulations. Thanks to interchange fee caps and the opening of the European Economic Area to cross-border acquiring, PSPs are poised to compete with legacy banks for transactions and customer data. By realigning the playing field, payments regulations are the ultimate “game changer.”
Data analytics specialists and digital innovators like Credorax are expected to play a key role in helping PSPs stay a step ahead of traditional banks. It will be interesting to see how these players develop new service offerings to meet the needs of PSPs in the coming year.
Strategic partnerships increasingly crucial to serve the full value chain
The right partners enable PSPs and service providers to fully support customers throughout their purchasing journey and across channels. The skills, data access and expertise offered by specialized partners are key elements of customer experience success.
In order to take advantage of the new payments opportunities afforded by recent EU regulations, PSPs and other industry players need to choose carefully when it comes to strategic digital partnerships. McKinsey mentions in the report that end-to-end integration is a key element of digital payment success. As a unified and automated global-domestic acquiring platform, ePower 2.0 is a great example of this kind of integration.
It looks like there are many exciting trends in store for us in the coming year. Wishing all of our partners a productive and successful 2016! For more information about our ePower 2.0, drop us a line at email@example.com.