I had the pleasure of closing the 2017 Commercial Payments International (CPI) Global Summit – which ran over 12-13 September in New York. This was yet another great event from the CPI/EuroFinance team.
The brief for my presentation was to discuss the opportunities, roadblocks and watch outs in commercial payments – not an easy topic by any means! Given the global focus of the event and audience, my presentation aimed to call out the key global trends, and highlight what and where to watch!
Before discussing the future, I provided the audience with a summary of where I felt the commercial payments industry has come from – to essentially set the scene as the industry has seen a step change on a number of levels over the past few years. The key trends that I called out included:
- Accelerated innovation and convergence between payments and technology
- New competitors targeting established payment providers’ clients
- Reshaped customer expectations (with FinTechs moving the goal posts)
- Incumbents embracing FinTechs as ‘Frenemies’ and learning to co-exist
- Changing regulatory environment and compliance requirements
- Emergence of real-time payments and other alternative solutions
- Entered a ‘proof-of-concept’ era as a variety of payment alternatives and technologies have been tested to understand their commercial viability, i.e. Cryptocurrencies, DLT/Blockchain, AI, machine learning, predictive analytics, etc. (albeit tests have been fragmented and siloed)
I then called out 7 trends that I felt hold the potential to disrupt the commercial payments space going forwards. These are shown here:
After discussing each in detail, I provided a forecast for the year ahead – as industry forecasts can often lack creativity, I decided to visualise the drivers and barriers for traditional commercial payment solutions and how this varied by region and by country. I also wanted to show how innovation and demand is not a one-way street and how the West and East both hold opportunities and threats for the commercial payments industry. Now, more so than ever, does the industry need have a holistic/360 degree view of the world as innovation, opportunities and competitive challenges are impacting the industry from all angles. What better way to visualise this than through a weather forecast map – hopefully you agree it clearly shows some of the key drivers and barriers (depicted by warm and cold fronts respectively).
At the end of my presentation, I provided the audience with a few closing thoughts – these included:
- The competitive landscape will continue to evolve
- Technology advancements will continue to bring new opportunities and also disrupt the norm
- There will be consolidation in the global FinTech space
- Customer Experience (CX) will increasingly become an integral part of value propositions
- We will enter into an era of ‘intelligent’ payments and treasury management
It was a great event all round – speakers and delegates alike – and one that touched upon a range of key industry topics. My presentation framed a lot of the topics discussed over the 2 days but also called out additional opportunities and risks. If you would like to hear more about the presentation, please feel free to contact me at firstname.lastname@example.org or contact the team at email@example.com
I hope to see you at future CPI summits – for more information on upcoming events please visit: http://www.commercialpaymentsinternational.com