SET Training - Banking and Fintech

By Stanley Epstein – We tap a card, wave a phone, or click a button, and money moves. This process has become so seamless, so integrated into our daily lives, that it's easy to overlook the colossal system working behind the scenes. But this seamless experience masks a tectonic shift. The very architecture of global finance is fracturing and re-forming, and the 2025 McKinsey Global Payments Report reveals a series of surprising shifts that will affect not just banks and tech companies, but everyone with a digital wallet. Here are the four most impactful truths from the report that are shaping the future of money. 1. The Hype is Over: Global Payments Growth is Hitting a Wall After a period of supercharged expansion, the global payments industry is experiencing a significant slowdown. While revenue surged by an impressive 12% in 2023, growth fell sharply to just 4% in 2024. According to the report, this deceleration is caused by four distinct factors: peaking interest rates, a more ...

Check out my latest post "Implementing NFC payment systems in developing countries. Part 5 - Why NFC payment systems are beneficial for developing countries" Free access HERE

A comprehensive examination involving more than 300 insiders from the banking industry worldwide reveals intriguing and sometimes conflicting viewpoints regarding the speed and nature of forthcoming changes in retail banking in the coming years. The 2024 Retail Banking Crystal Ball research initiative collected insights from major global and national banks, regional banks, community institutions, credit unions, fintech firms, vendors, and advisors across North America, Europe, Asia, and other regions. In an effort to address pressing questions confronting financial institutions as we transition into the new year, the Digital Banking Report sought input from industry professionals to outline their projections on what the future holds and when. The study delved into 14 perspectives, as depicted in the initial chart below, spanning four pivotal areas of banking: Competition and Consolidation Modern Technologies Payments Digital Transformation Read the full article HERE .

Check out my regular posts and articles on  STANLEY's MUSINGS . Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more... Regular posts on issues related to banking, fintech, blockchain,digital banking, payments, foreign exchange, technology, CBDC's and much more. Never miss a new posting. Subscribe now on the site.

The complex webs of technologies that underlie many banks' digital offerings can amplify usability accessibility challenges for your disabled customers.  The use of AI tools can cut through that tangle to improve both customer experience and loyalty. Find out more HERE .