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2024 promises to be the year of change, at least in the payments industry, that’s for sure. Hungary is at the forefront of banking technology, but there is still a need for development, for example in the area of personalized and fast, yet secure digital payments.
SMEs are opening up
Today, the plans of small and medium-sized enterprises (SMEs), practically regardless of their size, extend beyond their immediate neighborhood and want to be part of the global digital economy. This applies to everything from content producers to e-commerce sites to brick-and-mortar stores.
Nearly four in five SMEs have identified international sales as a focus of their growth, and consumers are ready for this change. According to a recent survey by Visa, about 72 percent of them responded that they enjoy purchasing from companies in other countries.
Digital payments are completely transforming the way SMEs pay and receive payments, enabling:
- reach new target groups,
- easy execution of secure transactions,
- easier tracking of expenses,
- and increasing safety and efficiency.
“Accepting a financial transaction has never been easier as payment innovations allow you to conveniently receive income from retail and corporate customers in real time.” Payment solutions such as virtual cards provide SMEs with the cash flow, purchasing power and cost management capabilities they need,” they add .
New solutions
It is certain that digital payments are convenient and fast, ensuring cross-border money transfers efficiently. However, the previously isolated ecosystem is changing as all payment stakeholders prefer comprehensive, easy-to-interact solutions.
“Reducing barriers will bring countless benefits to end users, financial intermediaries and enterprise customers, including fintechs and application providers,” Visa said in its summary.
By the way, the biggest breakthrough this year could be that, in addition to increasing access, compatibility and interoperability between systems will also be ensured this year.
Consumer expectations
Consumers also expect quick and easy payment. If it’s not fast enough, we’ve already switched to another service provider. In our previous article we summarized the fastest growing trends in banking services – you can read it here.
Personalized services are also important, but it is a very big task for a financial institution to achieve this independently. For this reason, Visa predicts that due to difficult access to technological and technical resources, more and more financial institutions will look for partners to offer solutions or managed services, thereby increasing the trust of their customers and ensuring the growth of their businesses.
Smart banking sector
Generative artificial intelligence (AI) is a double-edged sword: both the financial industry and fraudsters can use it very effectively. What is most important here is that banks take on a pioneering role.
“At Visa, we are already seeing a 30% improvement in coding efficiency as time-consuming/repetitive tasks are handled very well by generative AI tools, allowing programmers to focus on producing high value-added code.”
Fraudsters are now also cleverly using AI in their “work”. We previously reported on a case where an investor in Florida spoke to a bank employee on the phone about a large wire transfer. They discussed the case, everything was going well until the clerk received another call, only the second call was not from the customer, the fraudsters used AI-based software to imitate his voice and tried to convince the banker to take the money somewhere else to transfer. The clerk was suspicious and did not change the transaction. This is a high-tech scam. You can find details about the case and other useful information in our previous article.
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