Before the COVID-19 outbreak, numerous players in the financial services industry were eager to bring about digital transformation in banking and payments. However, this enthusiasm wasn't shared by consumers leery of adopting new ways to transact and businesses unwilling to invest in digital technologies.
Then the pandemic upended everything. In a report titled Realizing the digital promise: COVID-19 catalyzes and accelerates transformation in financial services, Deloitte noted that the crisis has "forced radical changes in customer behavior, moving significant portions of he economy online and increasing customers' comfort and willingness to engage digitally." When this shift came, no industry was better prepared than payments. This issue's lead article presents the second installment in our series on how we are now manifesting our digital commerce destiny. In this article, payments experts delve into the changing role of hardware in the payments ecosystem.
In our Education and Views sections, payments experts have also contributed insights pertinent to today's business landscape, including the multiple advantages of vendor-agnostic management platforms, opportunities for ISOs and agents to take on payments in the manufacturing sector, the need to change MCA reconciliation procedures while many SMB clients are receiving funds from government programs, the need to determine and measure your key performance indicators so you can meet your business goals, and how open banking will affect business security considerations.
The news briefs herein highlight reporting on record attendance at the recent 10th annual Mobile Payments Conference; ATM industry groups' collaborations with their members, sponsors and stakeholders to not only maintain critical infrastructure during COVID-19, but also to expand access to their organizations' services and initiatives; the Paymentus partnership with Walmart designed to expand bill pay options; and a new Zafin survey confirming that consumers of all ages want personalized digital banking services.
Data and network security and financial forecasting advancements are the focus, respectively or our featured company and new product stories. And rounding out our coverage, you'll find updates on awards, common stock offerings, research, partnerships, acquisitions and executive appointments in our realm. We look forward to reading the news we receive from you, post your press releases under News From the Wire on our home page, and include as many of your achievements as we can in our news and update sections. Please continue to keep us informed via press releases sent to firstname.lastname@example.org. We also welcome your questions, comments and suggestions at email@example.com.
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