Taking Payments and Fintech for Granted? (A Lyrical Edition)
Based on a very quick search of the Googles, there are 128,014 songs that contain the lyrics “take for granted”— from the likes of Mary J. Blige, Social Distortion, Madness and Frank Sinatra as well as countless other great (and not-so-great) crooners. And that would make for a sizable Spotify playlist… and I do love my Spotify playlists (I’ve been on a Wham! kick lately).
Speaking of (or writing of) taking things for granted, I just perused my desk and spotted at least a dozen items I now take for granted, starting with my smartie phone and wireless speakers. And I’m sure you, dear reader, can identify loads of other “things” that you take for granted. Now before I continue, I’m removing heavy topics like “love” and “families” from this post, because Rantings exclude emotion for anything other than payments and fintech (and typically only if/when related to food, sports, travel and especially music).
I now welcome in my affable Rantings companion to gauge him on what we (in our industry) will take for granted… could be in 1 year, 5 years or even 10 years down the road. So Mark, we’ve pontificated about the past (the figurative fintech graveyard) and the future (what payments will bring), but we’ve yet to address a topic that has been covered in nearly 130,000 songs!!
Mark Ranta: Cashless – The ability to go completely cashless is something that is so close today that I think in 5 years’ time, we will all think back to when we couldn’t, or at least couldn’t with full confidence (some regions more so than others) go cashless, and say how bizarre was that?
Dan Ring: To quote OMC, “How bizarre, how bizarre, how bizarre.”
MR: Biometrics – The days of biometrics just being for high tech, super-secret government bunkers in sci-fi movies have come to an end. Almost every new phone is issued with at least a fingerprint scanner, if not facial recognition software. Using the indisputable biometric markers that make you, yes you, authenticate yourself is already mainstream. Taking it off the device in your hand and putting it in all of your experience channels is next. The password is hopefully on its way to a quick and decisive death!
DR: My smartie phone password is “[email protected]$” (otherwise, I can’t think of a remotely relevant song lyric).
MR: Voice – “Hey [Insert futuristic Robot sounding name], pay Tom $20 for last night’s drinks.” Voice is on the fringes today, however I can tell you Alexa has infiltrated my life way more in the past 12 months than I would have ever dreamed. Whether it’s Google, Amazon, Apple or anyone else, the voice game is so hot right now, and with the ‘taking for granted’ timeline you have thrown out here, it’s nearly impossible to leave voice off the list. Moving money with your voice is something we will all take for granted fairly soon, and we’ll wonder why we ever put up with the difficulty of opening an app on our phone for something so simple as sending $20, $40, or even $100 to a friend.
DR: “You just call out my name… and you know wherever I am” ([email protected]$).
MR: Mobile Payments – The days of mobile being a niche option are numbered. As consumers continue to get more comfortable with payments initiated from the device, more investment will go into creating new value propositions (think extended warranties, money back, loyalty, etc.), which in turn will increase adoption. I think the expectations that we put on mobile as an initiation channel were unrealistic in historical comparisons; I also think mobile is very much in its infancy. As central infrastructures move to real-time payments, the chance of mobile succeeding in realizing its full potential only increase. In five years, I believe we will all have taken this for granted!
DR: I once saw a Venmo message with the Stevie Wonder lyric “I just called to say I love you” (and I mean it from the bottom of my heart).
MR: Chip and Confusion – Tap and go will prevail and we will all think back to the chip (and well, choose your own adventure depending on card) debacle. Contactless will be omnipresent and the chip will move to the annals of history.
DR: “I'm in a state (state)…state of confusion (whooooh).” Who else is excited about this recent news of a possible Kinks reunion?
So whaddya think you’ll take for granted?
Related Blog Posts
The Mexican Fintech Revolution – ¿Qué onda in Open Banking?
Mexico has joined an elite group of nations, being amongst the first to pass open banking regulations. Specifically designed to open up its financial services and technology sector, the so-called ‘Fintech Law’ appears to have taken notes from PSD2, UK Open Banking, Singapore’s ‘organic’ approach, and others – and balances these against Mexico’s unique context and aims.
ACI’s Lu Zurawski, one of the industry's foremost open payments experts, and Sonia Gomez, a Latin America payments authority, discuss this balancing act; including the drivers, the regulation and the potential benefits.
Working Up An Appetite for APIs in Australia
This week ACI hosted the latest installment of our #paymentsforbreakfast forums in Australia, with the early birds catching the open banking worm in both Sydney and Melbourne.
Given the similarities between the Australian and UK open banking movements, we enticed ACI’s UK-based Lu Zurawski (Solutions Practice Lead - Retail Banking) to Australia to share his learnings from being heavily involved in the UK Open Banking working group.
APIs and Cash Management (Harnessing the Hammer, Part 2)
In my last blog post, we talked about the hammer and the nail; the hammer in this case being open APIs, and the nail being the market need to adapt to changes in customer behavior and expectations from our commercial market. We laid out why the US is in a different position when it comes to open APIs—it has to do entirely with the regulatory environment, which is allowing us to start with the largest revenue opportunity first. Finally, we challenged you, the reader, on how you can begin on your journey. And that is where we are going to pick things up. What steps can you take today, and what use cases can you explore as we start getting our hands dirty?
Three Key Takeaways from the Latest Payments Insight Survey
Blinkist is a reading app that summarizes books into 15-20 minute reads; these reads are called “blinks.” It’s helpful for a few reasons – I can scan books before I purchase them, I can get new ideas without having to read the full book, and I can learn to summarize information. It’s safe to say that I (and probably many who are strapped for time) are a little obsessed with Blinkist! So here I present my own summary – in three key takeaways – of the new ‘2018 Global Payments Insight Survey: Retail Banking,’ which finds that 51% of banks are increasing spend on payment technology.
The Hidden Cost of Digital Payments for Retail Payment Players
It is not exactly breaking news that non-cash payments are on the rise globally, with column inches dedicated to the launch of digital financial-inclusion projects. But going cashless is not only a challenge for humanitarian endeavors, or developing countries. We all agree that removing cash from the system will save payments players big bucks in the future, but we must also consider the immediate impact of digital transformation on the legacy infrastructure of the powerhouses of the payments ecosystem.
Why User Engagement Matters, Even for Enterprise Applications
As a User Experience Designer at ACI, I spend a lot of time watching users interact with my designs. I need to make sure our solutions work properly, but lately I’m more interested in how they make my users feel. Engagement is a dominant concept in user interface design right now. It’s important because positive emotional experiences often lead to increased use and loyalty.
Five Payments Trends to Watch in 2018 [Part 1]
2018 is set to be a year of rapid change and new challenges for payments players. The floodgates are opening with PSD2 and UK Open Banking coming into force, bringing an onslaught of new competitors and potential partners. Whether evolution is mandated or market-driven, banks and processors are facing a critical year in their long-term success.
Five Payments Trends to Watch in 2018 [Part 2]
The New Payments Ecosystem Is Here. The floodgates are opening with PSD2 and UK Open Banking coming into force, bringing an onslaught of new competitors and potential partners. Whether evolution is mandated or market-driven, banks and processors are facing a critical year in their long-term success.
Open Banking Goes Live: The Walls Around Traditional ‘Old Style Banking’ Are Crumbling Down
January 13, 2018 may well be remembered as the ‘beginning of the end’ of the traditional retail banking industry.
Thanks to a profound set of new rules by European regulators and the UK government, we may see the start of an era where consumers no longer hesitate to change their bank accounts or make more personalized arrangements with regards to their finances.
The Bank of the Future: 2040 and the Reality of Ar and Vr
Mark, when I envision the bank of the future, I imagine Twiki and Buck Rogers at a casino. Or maybe I once dreamed that—I’m old and my mind is going. So what are we talking about and what can we envision when it comes to the bank of the future? And by future, I’m talking about 2040, before certain cities might be flooded (by water). But I digress, as this isn’t a post about climate change.