Opinions

The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.

Manual work is time-intensive and resource-draining, especially when it involves high volumes of data across disparate systems. When it comes to payments, this can get really complicated with all the moving pieces, says Global Payments Integrated's Ashley Jones.

Meeting customers where and how they want to pay is critical for completing transactions, and while retailers want to offer as healthy and safe of a solution as possible, but that can be expensive and complex, says Merchant Advisory Group's John Drechny.

As treasury departments modernize, new ways to serve consumers also arise, says Icon Solutions Lauren Jones.

B2B space will have a permanent shift towards digitization, a desire for contactless experiences, and a greater need for efficient and reliable cash flow, according to Billtrust's Nick Babinsky.

Cryptocurrency and blockchain technology embodies a unique set of properties that enable a rapid response toolkit for governments in times of crisis, says CoinFlip's Daniel Polotsky.

As merchants are challenged to adapt their business just to survive, and consumers push for greater control over where and how they spend, the payments industry is in a position to align the various needs, says Splitit's Brad Paterson.

Digital banking has ramped up during the coronavirus lockdown but customers will seek somewhere to go as cities reopen. A branch could provide that safe haven.

The challenges may seem daunting, financial institutions and fintechs must focus on identifying meaningful opportunities based on the financial priorities of consumers and businesses to help them weather these difficult times.

New technologies can provide recommendations and proactively engage with customers and members to help them pay their bills or pay friends and proactively manage their financial well-being, says Payrailz's Mickey Goldwasser.