Merchant

One of the few clear implications from the initial two months of the lockdown with the changes to consumer behavior and the uncertainty ahead is the imperative for organizations to regain clarity on credit risk by obtaining a more complete picture of consumer creditworthiness, says LexisNexis Risk Solutions' Ankush Tewari.

Fintechs must have the ability to adapt if they're to survive the crisis and thrive afterward, Daumantas Barauskas of Genome says.

While challenges to broader adoption remain, a strategy-centered approach to sound and voice can address consumer needs and represent brand experience, says Listen's Steve Milton.

The increased use of technology, along with holistic data points, can eradicate racial and gender disparity for fintech lenders in small business, says Become’s Eden Amirav.

It’s likely that our dependence on digital channels will have become the norm, which means that security protocols like EMV 3-D Secure should also become part of the new status quo, says Entersekt's Simon Armstrong.

The increased use of technology, along with holistic data points, can eradicate racial and gender disparity for fintech lenders in small business, says Become’s Eden Amirav.

As demand for secure and seamless digital payments increases, financial institutions must prioritize a digital-first payments strategy that incorporates the latest trends, says CSI's Matt Herren.

As more payment enterprises embrace the ecosystem model, we will continue to see a shift toward composable and dynamic operations flows supported by an engineering-first approach and a smart digital core, Andres Ricaurte of Mphasis says.

Digital wallets arguably reached a tipping point this spring when contactless payments jumped 40% in response to concerns that cash and payment terminals were helping to spread the coronavirus, Vidya Peters of Marqeta writes.

Digital wallets arguably reached a tipping point this spring when contactless payments jumped 40% in response to concerns that cash and payment terminals were helping to spread the coronavirus, says Marqeta's Vidya Peters.

Prioritizing and accelerating strategic payments transformation initiatives will mitigate long-term revenue constraints and, if executed correctly, reduce total cost of ownership, says Icon Solutions' Simon Wilson.

Now is the best time for SMBs to adapt before the major influx of traffic that will come when businesses are allowed to fully reopen, says Fattmerchant's Suneera Madhani.

Old scoring and algorithms don't consider a rapidly changing economy and risks, according to consultants Maria Arminio and Bo Berg.

Rolling out digital strategies now that enable creativity and innovation will establish a reliable foundation to prepare retailers to best meet their customer needs during whatever phase comes next, says Mobiquity's Sree Singaraju.

It is no longer a matter of whether a business should be modifying their infrastructures to support these new in-store and online purchasing behaviors, but when and, most importantly, how quickly, says Fattmerchant CEO Suneera Madhani.

It’s no surprise that the first step in the modernization of the payment industry was the issuance of virtual cards. These new payment instruments abstracted debit cards, credit cards, and prepaid gift and incentive cards down to their essence, says Marqeta's Vidya Peters.

To ensure safe, secure transactions that are protected against fraud, retailers moving to EMV have been encouraged by their POS partners to replace or upgrade the network infrastructure, says TNS' Brian DuCharme.

Contactless and mobile payments have surged, but there will still be countries and markets that stick to cash, says PPRO's James Booth.

Collecting the right data and understanding the nuances to which channels customers are using and why, can go a long way in delivering experiences that customer loyalty is built on, says Adobe's Mark Masterson.

The technology addresses both security and hygiene concerns, says Fingerprints' Lina Andolf-Orup.