There was a general consensus that data-led innovation is crucial to the future of the payments industry, as it places the customer at the heart of payments innovation. One banking expert pointedto the value of customer insight,through whichthe industry is better able to understand customer detriments and create a customer value proposition –a “design thinking” mindset. One payments messaging expert sees this as purpose-led, responsible innovation. This view resonates strongly with us, as we focus on customer and end-user benefits. Thatexpert further suggested that by coupling data insights with ISO 20022, the global standard for payments messaging, and by implementing additional instant payment schemes, the global payments ecosystem will facilitate automation and global interoperability.
Artificial intelligence (AI) and cloud computing promptsignificant expectation amongst the industry for future product and service developments. The reason thisis excitingfor many is because it breaks downoperational silos and provides access to data in one place, resulting in greater operational efficiencies and a smoother and happier customer experience. Increased use of biometrics could also offer significant benefits in fraud prevention and cyber security, helping to drive efficiencies in these areas. It could also be used in the creation of Digital ID, which could be used around the world. Experts from Canada referred to the rise in applications for government aid as a result of the pandemic as millions lost their jobs or were furloughed. In the UK, the Department for Digital, Culture, Media andSport created the Digital Identity Strategy Board to enable the use of digital identity across the UK. This comes after data revealed that 2.6 million people applied for the Self-Employment Income Support Scheme (SEISS) which was introduced last May. Canadian experts suggest that a universal identity system capitalising on domestic digital identity networks isnot far off from becoming areality.
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