Data Democratization: Stories about data, AI and privacy
43. Driving change in Payments: Strategies for success
Jul 12, 2023
Sulabh Agarwal, Accenture's Global Head of Payments, discusses the changing landscape of the payments industry and the role of technology in driving innovation. He emphasizes the importance of resilience, security, personalization, and disruptive technologies for the future of payments. The podcast also explores the application of generative AI in heavily regulated industries, overcoming resistance to change in financial institutions, personalization in the payment space, and leveraging customer behavior data for sustainable financial decisions.
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Quick takeaways
- Technology is disrupting the payments industry, enabling innovations like real-time payments and rich data flow.
- Financial institutions face challenges in future-proofing their payments practices, including balancing mandatory changes, optimizing costs, and embracing new technologies.
Deep dives
The Changing Payments Landscape and Future Trends
The payments industry is experiencing rapid changes, with new organizations emerging and technology playing a significant role. Real-time payments and rich data flowing through payment systems are becoming more common. Technology, such as blockchain and AI, is disrupting the industry and enabling new innovations. The emergence of superapps, especially in emerging markets, is revolutionizing the customer experience. Overall, the future of payments holds opportunities for personalization, the use of new technologies, and the exploration of disruptive trends.
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