In his presentation at the 2018 Financial Leadership Forum in Los Angeles on May 22, Neith Myrick, Market Vice President of Southern California at Capital One shared his thoughts on the past, present and future of payment technologies.
In the past, Fortune 5000 companies often dictated payment technology innovation. These businesses would invest in state-of-the-art technologies and deploy them across their operations. With best-in-class technologies in place, Fortune 5000 companies could streamline their everyday tasks and continue to thrive.
Recent payment technology innovations have helped bridge the gap between Fortune 5000 companies and small businesses. These innovations include payment technologies that are easy to implement across a business, regardless of its size. Meanwhile, as companies search for ways to upgrade their payment processes and systems, new technologies likely will become available to help these businesses boost their productivity and efficiency.
“Companies of all sizes can take advantage of … the best practices, tools and systems used by big companies and bring them down to a manageable package,” Myrick pointed out.
There is no shortage of payment technologies available to businesses, but finding the right payment technologies may be difficult. In some cases, companies allocate significant time and resources to implement new payment technologies. However, these technologies may fail to support a company’s day-to-day operations.
Today’s businesses must consider their short- and long-term goals and prioritize their payment technology investments accordingly. That way, a company can choose payment technologies that supports the business, its employees and its customers. “We need a fast, easy and stable way to [make payments],” Myrick indicated. “And we always want to be faster and more secure, and these factors are driving innovation.”
Businesses must use rapidly-evolving digital payment technologies to ensure customers can make quick, secure payments from any location, at any time. In fact, failure to deploy effective digital payment technologies may cause a company to fall behind its rivals in a highly competitive global marketplace.
Security is a top priority relative to payment technology, too. If a company allocates time and resources to find secure payment technology, it may be able to reduce the risk of data breaches. Perhaps most important, this business can provide its customers with the peace of mind that they can complete secure transactions any time they choose.
“Everyone wants to know that the money they receive or give will be worth relatively the same amount the next day,” Myrick noted.
As payment technologies evolve, businesses must keep pace. Companies must explore ways to upgrade their payment processes and systems to ensure customers can quickly, effortlessly and securely complete transactions.
Payment technology partnerships may prove to be exceedingly valuable in the years to come. Companies that want to take advantage of the latest and greatest payment technologies can collaborate with financial technology (FinTech) firms. Then, with FinTech partnerships in place, businesses may be better equipped than ever before to accelerate payment technology innovation.
“Large financial institutions are now playing offense,” Myrick pointed out. “They look for FinTech companies that are going to succeed and explore partnerships with them.”
It is crucial for a company to find the right payment technology partners. Working with FinTech firms that are dedicated to ongoing innovation and improvement ensures a company can stay at the forefront of payment technology enhancements.
Going forward, FinTech partnerships could transform the way companies approach the payment technology space. As companies collaborate with FinTech firms, new partnerships could lead to seamless transactions for customers around the globe.
“Disruption in [payment technology] is going to happen because you’re going to be able to partner with FinTech companies to secure security and drive financial stability,” Myrick stated.
Businesses must focus on data analytics as well, and failure to do so may force a company to miss out on actionable business, consumer and market insights.
Structured and unstructured data is available to businesses across all industries, and companies require data collection and analysis systems to retrieve and assess this information. If a company can make the most of the data at its disposal, it may be able to obtain comprehensive insights that are unavailable elsewhere. As a result, this company can take a data-driven approach to payment technology and other business investments.
“You need to look at what data you are being provided that allows you to make intelligent, actionable decisions,” Myrick said.