Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and offer key insights into the future of fintech.
We spoke to Zach Aron, US Banking & Payments Leader at Deloitte, who told us how the consultancy is helping solve the payments challenges of its clients today, in an ever-changing landscape where speed and customer-centricity are key to being a successful payments provider.
Deloitte: “Reliability & accessibility” a must for payments firms
Looking at what Deloitte’s clients most desire in their partnerships with the consultancy giant, Aaron says “basically, reliability and accessibility” are what they look for and need.
He adds: “Although it sounds simple, our clients care about reliability, safety and security.
“Then it’s about having an element of convenience and personalisation for their customers. Essentially, the payments infrastructure our clients use needs to be a core component to help them run their businesses better.
“So at Deloitte, what we must do is make sure they have the appropriate infrastructure and operations needed for payments.
“Then, we need to help them design appropriate experiences through embedded payments, for example, so the transaction process itself can be used as a strategic advantage for attracting and retaining customers.”
Of course, payments is an ever-evolving landscape, and looking ahead to the rest of 2024, Aron highlights some key issues payments providers will be looking to solve.
“In 2024 we think that payments firms will want to solidify their infrastructure. There have been a lot of changes, particularly regarding the proliferation of faster payments.
“So it’s about consolidating these new technologies and getting our clients to use them to run their payments offering the best they can, ensuring that they’re reliable, safe, manage risks and are scalable.
“The key is that our clients’ payments offering enables them to deliver the value their customers want. This will be a big trend in 2024.”
For more from Aron and Deloitte, you can click on the video link above.
Want to see more from Money20/20 USA 2023? Stay tuned to our website for more content, which will be rolled out in the coming days.