PAYMENTS TECHNOLOGY must have strong levels of customer loyalty , something that can be earned by providing consumers with quick , easy and safe payments experiences that are tailored to their specific preferences .”
While these directives and the push from consumers represent the will to innovate in payments , it ’ s internal changes at FIs and fintechs that have shown the way .
“ Financial institutions are embracing cloud transformation for adaptable payment infrastructure , enabling innovation within the industry ,” notes Hölscher . “ Composable architecture allows payments firms to shorten innovation cycles and improve time to market with an agile and configurable tech stack . And as more payments firms shift to SaaS-based composable architecture , we can expect payments innovation to pick up pace .”
Gen AI : The catalyst for a new wave of payments tech With the right market conditions and technological infrastructures in place , Gen AI has now stepped in to take the possibilities for further innovations in payments technology to a whole new level .
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