NEW YORK—What are the top five trends that will shape financial services for the rest of this year?
According to Finextra, financial institutions should be watching these things:
- Contactless Payments. The pandemic accelerated the adoption of contactless payment solutions, transforming consumer behavior and boosting POS terminal usage worldwide. With exponential growth in contactless transactions, the trend shows no signs of slowing down, Finextra said. “We’ve seen exceptional growth in contactless payments over the past two years and we expect the growth to continue tenfold,” says Daniel Templeman, director at Traderoot.
- P2P Payments. “The shift from physical to digital payment methods, particularly peer-to-peer payments, is remarkable. The pandemic acted as a catalyst, driving the transition further. Projections indicate a soaring global P2P payment market, reaching $9 trillion by 2030,” Finextra said.
- Open Banking. Finextra said empowering consumers with seamless financial management solutions, open banking has gained significant traction. “It fosters innovation, enhances customer experience, and lowers costs for financial institutions, ensuring relevance in a competitive landscape,” the company said in its forecast. Added Templeman, “In order for incumbents to stay relevant, they need to expand their service offerings, and open banking facilitates this.”
- Card Controls. “Offering consumers unprecedented control over their finances, card controls have become a hit. This feature allows users to customize card usage, set spending limits, and enhance security, thereby reducing fraud and providing a personalized banking experience,” Finextra reminded.
- "White Box" Fraud Monitoring. According to Finextra, “As online banking grows, so does the need for robust fraud prevention measures. Leveraging white box artificial intelligence, financial institutions can detect and prevent complex fraud scenarios by analyzing user behavior and actions, potentially saving millions lost to fraud.”
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