As the world becomes increasingly digital, the way we handle payments is changing rapidly. To better understand the current state of payments and where they are headed, we sat down with Brandon Nowac, KeyBank’s Executive Vice President of Payments. Here are the key takeaways from our informative interview.
1. What are the biggest trends in payments right now?
According to Nowac, there are three major trends driving the payments industry today. The first is the move towards real-time payments, which allow for instant transactions between banks and consumers. The second is the rise of mobile payments, which are becoming increasingly popular as more people use their smartphones to make purchases. Finally, Nowac notes that there is a growing focus on security and fraud prevention, as consumers become more aware of the risks associated with digital payments.
2. How is KeyBank adapting to these trends?
KeyBank is taking a proactive approach to adapting to these trends, according to Nowac. The bank has invested heavily in technology to enable real-time payments and has also developed a range of mobile payment solutions for its customers. Additionally, KeyBank has implemented advanced security measures to protect its customers’ data and prevent fraud.
3. What are some of the biggest challenges facing the payments industry?
One of the biggest challenges facing the payments industry is the need to balance convenience with security, according to Nowac. While consumers want to be able to make payments quickly and easily, they also want to know that their data is safe. Additionally, there is a need for greater standardization across different payment systems, as well as increased collaboration between banks and other stakeholders in the industry.
4. How do you see the payments industry evolving over the next few years?
Nowac predicts that the payments industry will continue to move towards real-time payments and mobile solutions in the coming years. He also believes that there will be a greater focus on data analytics and artificial intelligence, which can help banks and other stakeholders better understand consumer behavior and preferences. Finally, Nowac notes that there will be a growing emphasis on sustainability and social responsibility, as consumers become more aware of the impact their financial decisions have on the environment and society as a whole.
5. What advice do you have for businesses looking to stay ahead in the payments industry?
Nowac advises businesses to stay informed about the latest trends and developments in the payments industry, and to be willing to invest in new technologies and solutions. He also stresses the importance of collaboration and partnership, noting that no single company can solve all of the challenges facing the industry on its own. Finally, Nowac encourages businesses to prioritize security and fraud prevention, as this is a key concern for consumers and can have a significant impact on a company’s reputation and bottom line.
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