Posted September 23, 2020 by FreedomPay

Top 2020 Trends in Financial Technology

Named one of the Top 25 Women Leaders in Financial Technology of 2020, Courtney Kelly Peters has positioned herself as a key influencer in the fintech space. Her ability to cultivate partnerships, opportunities, strategic relationships and innovative thinking continues to set her apart.

Courtney, Director of Business Development at FreedomPay, shares her thoughts on the leading fintech trends of 2020 and the impacts of COVID-19.

Touchless Commerce

Enabling an efficient, almost invisible interaction with consumers has been top of mind for merchants and consumers alike. With the sudden social and economic impacts of COVID-19, there was an immediate need to understand how to continue to drive revenue through new channels that were not previously prioritized such as eCommerce, or to reinvent the in-store checkout experience.

A successful eCommerce channel is important now more than ever. As the initial impact of COVID-19 has subsided, increased functionality as it relates to ecommerce platforms has opened up the discussion for most verticals.

Businesses are taking advantage of various new Touchless Commerce technologies to best serve the consumer. Virtual kiosks allow for order and payment right in the palm of your hand has helped to keep revenue flowing while providing a sense of safety and security during the pandemic.

Alternative payment types such as Apple Pay and Google Pay, PayPal, Venmo and more allow the customer to easily convert cart to purchase with the payment type of their preference.

When shopping in store, more and more merchants in the US are looking to offer a completely touchless payment experience. Digital wallets are further gaining traction as well as QR-based payments that can be completed swiftly and securely right from your own device.

Business Intelligence

The payments ecosystem has been forced to evolve quickly over the past 6-12 months. There have been major shifts in consumer buying trends that have been impacted by COVID-19 and the associated technologies that support them.

Now more than ever, insight into who customers are and what they are purchasing is at heightened importance but appears to be quite fragmented when merchant look at an entire enterprise. With multiple commerce channels driving revenue potential, there is a growing lack of consumer insight into the full consumer journey.

A fully integrated Business Intelligence tool is key to data success. Merchants can now have a holistic view of the consumer journey, whether purchasing in-store or online. With the aggregation of data, a strong Business Intelligence tool can produce actionable insights at the press of a button – allowing merchants to push discounts and incentives at the point of purchase and much more.

While COVID-19 has been devastating to businesses across the globe, it has encouraged merchants to upgrade their technology to better meet the demands of the modern-day consumer. I expect to see continued innovation in the fintech space driven by advanced technology to facilitate a frictionless, safe and secure consumer experience.

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