Tech-savvy entrepreneurs, according to BNY Mellon’s latest report, are transforming the global payments market.
The report, Global Payments 2020: Transformation and Convergence, says the payments landscape is being shaped by the needs and expectations of retail customers as well as commercial and corporate clients, who are increasingly expecting payment solutions to include being able to settle anytime, anywhere and across any channel.
Dominic Broom, head of Europe, Middle East and Africa sales and relationship management for the Treasury Services at BNY Mellon, said: “The next generation of entrepreneurs and business leaders is taking the helm of economic and commercial activity.”
“To these tech-savvy leaders, having retail banking on their smartphones and tablets is second nature and they are accustomed to convenient, user-friendly applications that offer speed and flexibility. Such expectations are filtered through to commercial and corporate clients, and banks need to embrace the technology.”
The report shows that one of the ways banks can harness this technology is to explore more non-traditional alliances and partnership models, both within financial services and beyond.
Other drivers in the change of global payments include demographics that are reshaping clients’ expectations and access to payment channels, the ascent of China that is reshaping traditional notions of north-south trade flows, and currency markets and regulatory regimes that are reflecting the increasingly dominant role of central banks in the management of the global economy.
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