Pandemic Covid-19 has a deep impact on all industries, forces many people to become mobile and digitally almost overnight. For the digital payment industry in particular, there is no doubt that 2020 is significant. Insider Intelligence Research revealed that the digitization of the Covid-19 payment industry was accelerated by two to three years, as the implication of the virus shifted customer habits, and changed business priorities, because the business of all sizes accelerated their digital transformation.
Greater push for global B2B payments innovation as prompted by COVID-19
While innovation in B2B payments is collecting pre-covid speed, B2C movement in the Fintech room and payment is always the front line of news and payment stories, with consolidation, partnerships and start-up growth in this sector dominating many talks over the past decade.
However, Covid-19 exposes a business trap that ignores investment in B2B payment technology. Companies that rely on the B2B payment system that has been outdated, siled before the pandemic is more exposed to fraudulent problems and soaring costs with negative implications for customers and supply chains.
Traditional institutions are looking to upgrade
While pandemic may leave some investments thinking into the technology platform can be placed in the backburner, 2020 proves that this is not the problem, and we must see investment into technology and the payment modernization continues to grow because it becomes a more urgent business. priority.
Retail banks and traditional financial institutions have previously rely on those who are outdated, inheritance systems that do not provide agility; However, we began to see businesses such as waking up for return on investment that could improve this system.
Increasing collaboration between fintechs, banks and tech players
2021 will also be a year that increasing integration between platforms, Fintechs and Banks experience age because business increasingly looks towards a simpler 'plug in' system that suits their every need under one roof. The big question for the current bank is whether to build, buy or partner in terms of adopting new technology or innovation. This is a topic explored in depth by WEX's Greg Sasson, Senior Vice President of Business Growth & Partners discussing this in a new leader in payment podcasts.
Payments providers will add value
Pandemics highlight the actual value that can be owned by payment technology for business, because it is reinforced that the backup, the manual process is no longer feasible because of the behavior such as working from home, and that we need to see new technology to help ancient processes.
This is especially true during the crisis where the relationship between buyers and suppliers is below the focus increase and requires a higher level of trust to be efficient. In fact, it is a digital agility of payment providers that provide many businesses with resilience that they need to train during a pandemic.
Our WEX research shows that 72 percent of executives in financial and technology services are more agile than before the pandemic and 83 percent have leverage payment technology to innovate new business value sources. The agreement with opportunities that can come from the transformation of digital payments, 86 percent agree that companies leading to technology will develop in recovery from the current economic and health crisis.
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