Keeping up with changing B2B payment preferences
To meet the needs of end users, companies must pay close attention to the changing payment preferences of consumers, suppliers and industrial partners.
It also requires businesses to know what tools and technologies can help them keep pace with these changes, according to “The Banking-as-a-Service Opportunity Report,” a PYMNTS and i2c inc. collaboration.
Get the report: The Banking-as-a-Service Opportunities Report
Interest in convenient and fast payment solutions has risen sharply among businesses, with consumers now expecting the same simple, connected payment processes they know from sites such as Amazon, reflected in all their digital activities.
Prepare for even more innovation
“Over the past year, we have seen the continued rise of digital commerce based on customer adoption of FinTech innovations such as cryptocurrency, Buy Now, Pay Later (BNPL) and digital banking solutions, including virtual card issuance, to name a few,” the i2c chief said. Product manager Ava Kelly wrote in a PYMNTS e-book published in April.
Read more: Digital commerce will continue its dominance in 2022
“Given the pace of innovation and high consumer adoption rates, the payments industry is poised for even more innovation throughout 2022,” Kelly wrote.
The shift to digital channels driven by the changes of recent years continues to raise the bar of consumer and business expectations for their financial experiences in today’s economy. To win the payments war, companies need to rethink not only how they offer payments, but also the role they play in the payment process.
Creating space for payment or financial services to be integrated into its own platform through the use of Banking-as-a-Service (BaaS) solutions could help businesses better design sustainable customer loyalty. customer base.
Take advantage of the BaaS opportunity
BaaS solutions allow non-financial entities to integrate payment and banking tools into their own platforms, providing exceptional convenience to users and increasing their engagement and loyalty.
Banks and businesses looking to take advantage of the BaaS opportunity can do so easily using technologies such as application programming interfaces (APIs), which enable easier transfer of data and funds over disparate platforms.
Another factor that promises to drive the adoption of BaaS services is consumers’ growing familiarity with open banking experiences, which also use APIs to connect banks, FinTechs and other third-party services. Open banking uses APIs to help banks, corporations and major financial players easily access and share bank customer information, creating greater opportunities to develop more personalized products and services and drive growth.
Fast, convenient and personalized banking and payment experiences are becoming a must as consumers have developed increasingly digital habits during the pandemic.
Banks and BaaS providers can take steps to meet this demand by partnering not only with each other, but also with key industry players such as innovative payment processors.
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