BM TECHNOLOGIES ( BMTX )
how , and where , banking happens . Brands will capitalise on the audiences they have built and introduce new services , like wallets and cash accounts , to keep their customers within their ecosystem . He says that , at present , many businesses seem to begin with an ideal scenario before downgrading it to suit the technology they have available to them . With the right partner , that isn ’ t necessary .
“ I think everyone starts out with a ‘ north star ’ of a seamless user experience . But what often happens is they try to solve a problem with technology , and that means it isn ’ t seamless for the user . Just take a ticket purchase , for example . Ticketmaster and StubHub have come a long way , but they ’ re still not perfect . They finally realised that you could download the ticket to your device and securely store it on your device . But BMTX has had a virtual card in a wallet for five years ! The other industries are just lagging behind .
“ If you ' re at a soccer match or an F1 race or a football game , why couldn ' t you pre-order and pay for your food and merchandise online ? There is an ecosystem there that is untapped . What I really love about my job is getting to talk to folks about that and the power of their brand , and a cohesive ecosystem where banking can be part of that .”
He believes that there is a fundamental shift underway where the industry is moving towards embedded finance as the primary vehicle for BMTX ’ s integrations with brands and even end-consumers . He expects more businesses to launch ‘ super app ’ functionality within the next few years , offering more services to existing customers and thereby negating the need for them to leave the brand ’ s ecosystem .
“ We are one of the few in our industry that are uniquely positioned to handle all of the banking needs of our clients ”
JAMIE DONAHUE CHIEF TECHNOLOGY OFFICER ,
BM TECHNOLOGIES ( BMTX )
64 December 2022