JP Morgan not so long ago released a public letter stating how both large tech firms and fintech’s are intensifying and contributing to the diminishing role of banks. It is clear that banks are still fundamental to society in today’s world, but what does the future hold is anyone’s guess. What will be important and vital for banks is to establish collaboration opportunities with FinTech’s to ensure that they are at the forefront of innovation, improving the lives of their customers with the latest technology.
JP Morgan not so long ago released a public letter stating how both large tech firms and fintech’s are intensifying and contributing to the diminishing role of banks. It is clear that banks are still fundamental to society in today’s world, but what does the future hold is anyone’s guess. What will be important and vital for banks is to establish collaboration opportunities with FinTech’s to ensure that they are at the forefront of innovation, improving the lives of their customers with the latest technology.
Emerging banking is starting to take place at rapid pace. The likes of the adoption of blockchain, cryptocurrency and NFT solutions which are being offered by fintech firms to stay competitive. Although on the face of it, this technology is at the infant stages of their life cycle, we starting to see large firms take early action to establish their foothold within these realms, which includes the metaverse and the gaming industries, which experts say will reach $400b by 2025.
Within all these technology enhancements, payments are at the core. Ensuring customers are safe, businesses are financially included and the flow of transactions are transparent and clear, the role of payment companies will become ever more important in the future.
WIZZIT see great importance to offer new solutions to merchants across the globe allowing them to take card payments directly off their mobile phone. There is also huge emphasis being worked on with both Visa & MasterCard alongside WIZZIT to launch an eCommerce solution which turns any shoppers phone into a Point-of-Sale device at checkout. A safer, more convenient and cheaper transaction for all involved.
We continue to look for banks and payment companies seeking to offer such solutions to their merchant base as well as exploring the emerging banking channels with WIZZIT.
Please do get in touch with us to hear more about our offering at info@wizzit.com or find us on LinkedIn – WIZZIT