The Shift to Digital Payments: What businesses should consider now and for the future
With a rise in consumers adopting online banking, changes in customer preferences, and digital payment modes, it is crucial to note that digital banking and payments will continue to be the preferred mode of transaction for customers globally. But the question that remains unanswered is, are global banking and digital payments firms prepared for the […]
With a rise in consumers adopting online banking, changes in customer preferences, and digital payment modes, it is crucial to note that digital banking and payments will continue to be the preferred mode of transaction for customers globally. But the question that remains unanswered is, are global banking and digital payments firms prepared for the shift?
Shifting consumer preferences had become apparent in the digital payments space even before the pandemic, and evidently, the pandemic has only amplified the digital shift.
Contact our market research experts to learn how we’ve helped leading digital payments and banking companies drive organizational growth and uncover new opportunities with integrated market research solutions.
Future of Digital Payments
Let’s understand how the banking and digital payments industry can adapt to market shifts and analyze what leaders should consider for the future:
Buy now, pay later solutions
In 2020, global shoppers witnessed an alarming increase in buy now pay later options during checkout. By offering this capability to entice customers during the checkout process, banking firms have a tremendous opportunity to drive customer loyalty. Providing many such digital payment options post-purchase, during online purchases, and at the point of sale will help entice consumers by offering value-added services for managing their spend.
In today’s business scenario, understanding the evolving needs of your customers and anticipating industry trends is essential to best leverage opportunities and win the market. Request a free proposal to know how we can help you achieve this.
Use of AI and analytics for personalization
With data proliferation on the rise, digital payments and mobile banking firms must consider leveraging innovative technologies to make the most of the data they possess. Using innovative technologies to analyze how customers interact, the channels they prefer, and how and when they transact can help digital payments and mobile banking firms connect with them proactively through multiple channels.
Adoption of cashless and contactless digital payments
As more consumers begin realizing the need to shift to digital payments, businesses will witness a rise in transactions through contactless and cashless modes. Apart from the safety and security perspective, these digital payments are perceived to be more sanitary because of being an entirely contactless mode of payment.
Given the rapid shifts in the banking and digital payments landscape, developing innovative business strategies can be highly challenging, especially in an age of disruption and evolving competition. To tackle this challenge, banking and digital payments service providers will need to understand their roles in the payments value chain and envisage how they will progress leveraging technological innovation in the future.
Case in Point: Integrated Research Solution for a Leading Digital Payments and Banking Firm
Every banking firm needs timely intelligence and actionable research insights to make crucial business decisions. Our client, a well-known banking and digital payments company, approached us seeking integrated research support to streamline business processes and decision-making. The digital payments firm wanted an end-to-end research solution and robust insights to meet its market intelligence needs and achieve strategic business goals.
In this success story, Infiniti’s market research experts share their views and explain how they helped a leading banking and financial services firm capitalize on the shifts to digital.
The client had a strategic focus on enticing digital natives and future generations through their services for whom digital is already the norm. However, due to their inability to understand the market and the competitive landscape, they lacked access to much need market insights.
The challenges faced by the client include:
- Increased time-to-insight
- Need to analyze the market and competitive landscape
- Effort duplication and budget wastage due to siloed research execution
To streamline the business process and help the client understand the market, we deployed an integrated research solution by leveraging primary and secondary research methodologies. It involved setting up a database to make the right intelligence accessible to the right stakeholders. We also offered integrated research reports, company-level research insights, and competitive insights.
Utilizing data from premium databases and quarterly and annual reports, we also gathered insights on competitor growth strategies and industry trends.
Request a free brochure to gain comprehensive insights into our custom research solutions for the banking and digital payments sector.
Armed with detailed market insights and actionable data, our client was able to:
- Streamlining their business process
- Ensure informed decision-making
- Reduced time-to-insight
- Eliminate effort duplication
- Provide stakeholders real-time access to market data
Our custom research insights and strategic transformation recommendations enabled the client not just to streamline business processes and achieve research flexibility but also to fuel timely decision-making and improve their competitive position. Hence, now is the time for business leaders to make the right move and leverage research-backed decisions to gain an edge in the global banking and digital payments industry.
Why choose Infiniti as your research partner?
With several years of experience researching global markets, our market research experts provide in-depth coverage of the market, from global market scenarios to future trends and opportunities. Moreover, our advanced research methodologies comprise innovative approaches that enable our clients to find the answers they’re looking for in the most convenient way. Our custom market research solutions have helped leading businesses transform organizational data into intelligence to support fact-based on-making.
Leveraging our in-house research expertise, we help our clients identify ways to differentiate and improve their competitive position, request more info to know more about our capabilities.