Navigating the Digital Payments Landscape - FinTech New York
On 17 June, FinTech LIVE continued to expand its incredible span of events by hosting a virtual event to connect an abundance of international finserv, insurance and banking leaders- FinTech LIVE New York.
Across the day, those who attended were able to hear exclusive discussions from internationally acclaimed industry leaders, participate in engaging panels and explore prominent topics in the industry through fascinating fireside chats.
During the event, Anand Natarajan, TMT and Fintech Head at Standard Chartered Bank took to our virtual stage to deliver a captivating fireside chat that delved into the development of the digital payments landscape. Throughout the chat, he emphasised the importance of embracing innovations in the fintech industry and consistently evolving to meet the changes the field faces often.
Digital Payments
At the start of the fireside chat, Anand explored the impact digital payments are having on the banking landscape. He used the example of emerging markets in Africa, the Middle East and Asia to highlight this change, explaining how instant payments, QR codes and mobile wallets are becoming more widespread.
"There has been a significant shift in how consumers are making payments and how merchants are receiving payments as well," Anand explained.
He continued to delve into the benefits of digital payments, highlighting how vital they are in isolated areas where there is a lack of physical banking infrastructure because they promote financial inclusion and economic participation. Anand went on to explain how those who live in rural areas no longer need traditional bank accounts and can access banking services and open mobile wallets due to the use of the internet and mobile banking.
Later in the fireside chat, he emphasised how traditional banks must stay competitive and embrace digitalisation and open banking to grow, whilst also crafting strategic partnerships with fintechs.
Anand explained that, due to the growth of digital payment methods, customer expectations are evolving to call for greater real-time transaction visibility and immediate gratification.
He went on to focus on the development of AI and machine learning in banking, highlighting how they can improve compliance, streamline operations and analyse customer transaction data. In turn, this reshapes internal processes and creates better analytics and personalisation on customer-facing services.
Challenges
Anand continued to explain that the growth of digital payments catalyses an increase in cybercrime. He emphasised that banks must enhance their security and adopt methods such as geofencing, multi-layered security and biometrics to stay alert to cybercrime which is becoming more advanced, whilst also keeping KYC (Know Your Customer) data relevant.
"It's an evolving challenge... as the nature of the internet evolves, the nature of cybercrime continues to change," Anand said.
Collaboration
Anand then moved on to explore the importance of crafting collaborations between traditional banks and fintechs in order to enhance scalability. He explained that, by collaborating, the pair can access a greater number of opportunities and combine their strengths, with fintechs offering analytics and the ability to onboard users and banks creating secure transfers of money.
"Collaboration with fintechs sometimes becomes crucial... Banks can always solve for scale, but fintechs can solve for customer experience," Anand explained.
The Future
Towards the end of the fireside chat, Anand shared his knowledge and advice to professionals in the fintech industry, as well as to those who are aiming to make their break in the industry. He explained that those in the industry now need to solve the current business problems and enhance their understanding of these instead of trying to focus on the technologies that already exist.
Anand adopted a similar approach when sharing his advice to young professionals in the industry, explaining how they will need to innovate around pain points in business processes they are aware of instead of focusing on technologies that are already existing. He went on to explore the benefits of this approach, highlighting how this will enhance adaptability, long- term success and relevancy in the fintech industry.
"Don't try to understand everything today... Instead, focus on the ultimate business problem and the most efficient way to solve it," Anand said.
Essential diary dates for 2024 and 2025
FinTech LIVE continues to expand its LIVE events with more to come in 2024 and 2025 discover the essential diary dates below.
2024:
- FinTech LIVE London | 22-23 October
- The Global FinTech Awards | 22 October
2025:
- FinTech LIVE Singapore | 25 February
- FinTech LIVE Dubai | 6 May
- FinTech LIVE New York | 17 June
- FinTech LIVE London | 21-22 October
- FinTech Awards | 22 October
Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024.
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