20 Payments Execs On COVID-19’s Ripple Effects — And Taming The Next Black Swan
Posted on March 31, 2020
Black swan events, while unexpected and challenging, open the door to the implementation of adaptive processes to meet the demands of the new environment and the underlying infrastructure, supporting the “new normal” that is created as a result.
The coronavirus pandemic will be no different. The promise of AI to transform our lives in general and financial services in particular is greater than ever before. And the reality is that we as an industry have been making more progress than we may have realized. We should expect to see the launch of new businesses and the growth of existing businesses to support a plethora of hands-off, automated capabilities that don’t depend on staff.
In addition, it will result in the adoption of more no-touch processes, and services that provide disaster “survival” for the largest to the smallest of businesses. We also predict that contactless payments via smartphones in the consumer-to-business realm will experience massive growth in the United States, as it becomes apparent that transferring credit cards from hand to hand should be taboo. Read the full article here.