5 influences on payments in 2016
Usually at the start of a new year, we try to make predictions of what lies ahead; comparisons of previous predictions show we get it wrong more often than not. Instead, this year I’d like to highlight five things that will definitely influence payments this year.
One thing that’s become clear is that although many of the predictions are aimed at banks, they themselves have no real plans for innovation at all. Most banks are concerned with dealing with the fallout from PPI, Packaged Bank Accounts and other mis-selling problems, and getting their infrastructures and platforms into a good state. What you hear little of if you follow the trade news is any major sales of any new applications, platforms or innovations. It appears that the banks are too busy fixing to innovate, and this situation will continue (I fear) for a while yet.
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