The future of payments: How FinTech players are accelerating customer-driven innovation in financial services

Abstract

Innovation in the financial services realm is happening at an ever-increasing pace. FinTech firms across the globe are playing a major role in using new technologies and new business models to better align payments solutions with customer needs. Transformation is accelerating due to broad global trends around connected devices and mobility as well as shifts in demographics and customer expectations. Shifting security concerns and pointof- sale technology changes further reinforce the environment of change. In this context, this paper addresses how the broader financial services landscape is impacted by major global shifts including: end-to-end commerce focus; advances in machine learning and analytics; mass customisation — loyalty, segmentation and new value propositions; and technology transformations in connectivity, efficiency and security.