World Wide Technology Offers Perspective on Mobile Payments and Beyond

December 3, 2018         By: Steven Anderson

With the year coming to an end, it’s not surprising to see people start to take a good long look at what’s coming up. Recently, we had one such report sent our way as World Wide Technology took a look at the near-term. What it found, meanwhile, is a whole lot more than some might expect.

The WWT report starts with a revelation that’s less than surprising: modernization. It’s on the rampage all over a range of industries. Companies are upgrading their legacy systems to take advantage of cloud-based systems developments, and the back-of-house systems that manage much of fintech is getting the upgrade.

Front-of-house operations are getting a likewise upgrade, including increased digitalization of bank branches out right, as well as a host of customer-facing options. We’ve already seen many of these developments come about piecemeal; the WWT report assures us these aren’t anomalies, but rather representative portions of a larger whole.

What’s more, new technologies are coming out that many financial institutions haven’t had the chance to put in play yet. Things like blockchain—with or without a cryptocurrency connection—as well as AI and other factors are poised to shake up the marketplace in ways we have yet to even consider. Throw in the growing dominance of data analytics and technologies like 5G connectivity, which should be starting to roll out fairly soon, and you have a tailor-made recipe for a market that’s poised for ever more change in the next year.

While WWT’s report doesn’t exactly tell us anything we didn’t already know, what it does is make concrete many suppositions we’ve brought forward since early this year and even beyond. Banks are working on digitizing the branch, at least somewhat. They’re looking into putting analytics to work to better determine just what it is users really want to see, even if it’s not a digitized bank branch. Improving connectivity via 5G will likely only help make that determination, thanks to potentially a new and enormous slug of incoming data.

The exact nature of 2019’s developments will only be known when 2020 arrives. But based on the WWT report, and what we’ve already seen so far, we have a fairly good idea of what will be coming in the short term.