Digitalisation And The Future of Payments
This is an article from the recent PaymentGenes Fintech Magazine.
G+D Mobile Security is a part of the G+D Group (founded in 1852) with more than 11,000 employees worldwide. Our 5,300 experts in over 40 sales and partner offices all over the world are glad to advise and support the financial industry with years of experience and comprehensive solutions that allow meeting the challenges of a connected financial industry and capitalise on its opportunities.
While the mainstream media discusses the idea of a cashless society, the payments industry is already talking about the disappearance of payments completely. Not disappearing in the sense that vendors will give away their goods for free, but that the act itself will slip into the background, unnoticed, playing with the ideas like paying by using AI for behaviour tracking and customer recognition.
The digital era is making our relationship with money both more complicated and easier. Our “Money” is moving beyond the physical to a string of code in cyber-space, allowing you to pay on the y, tap&pay, just swipe it and go. But financial services companies are struggling to keep up. Mostly due to legacy systems – built to secure the company itself.
As customers, we are overwhelmed with paper-based forms and hard copies of utility bills or driving licences to authenticate ourselves.
While simultaneously being encouraged to go paper free when it comes to our bank statements and use biometric authentication for payments.
And even if many companies have taken a new approach in their digital strategy, these outdated processes are holding back the development of customer friendly services, as they aren’t putting the customer and the customer’s security first.
New products and financial tools need to promise simplicity, high levels of security and convenience. Our aim is to look beyond our customers, to understand what our customers’ customer needs.
Even though regulatory initiatives such as Open Banking and PSD2 are the drivers of much needed change, having the rules of digital business changing, companies are still not keeping pace with the needs and wants from their customers. But it is those companies that satisfy today’s digital expectations that will be able to make the most of tomorrow’s opportunities; the financial world is not only digital, but mobile, cross-border and omnichannel.
As security is a critical element of this digital transformation, the risks of a security failure are high when today’s payment providers need to be able to provide systems that work anywhere, anytime and on any device. Here the payments industry need to move to the next level in order to meet the demands and transformational potential of today’s omni-channel ecosystem. The need for convenient ways to pay securely and create innovative payment processes, are the drivers at G+D Mobile Security. Always with the customer at heart and with security by design!