DECEMBER 2020 What Executives Wish for America and the World in 2021

A LOOK FORWARD

What Executives Wish for America And the World In 2021

DECEMBER 2020 What Executives Wish for America And the World In 2021

06 ACI Worldwide 42 FIS 78 Kount 114 Spreedly Innovation Will Accelerate The Digital Engaging Customers Wherever They May Be Doing Whatever It Takes To Protect Partners Importance Of Health And Safety (Along With Economy In 2021 Royal Cole, senior vice president, And Customers From Digital Fraud Payments Flexibility And Optimization) Debbie Guerra, executive vice president head of FI payments Brad Wiskirchen, CEO Justin Benson, CEO of merchant payments and payments intelligence solutions 46 FISPAN 82 NCR 118 Tango Card Embedded Banking Will Position Businesses Financial Institutions Will Need To Continue Innovations Through Uncertainty 10 Alacriti To Thrive Post-Pandemic Innovating Nat Salvione, chief commercial officer 2021: A Bright Future For Payments Lisa Shields, founder and CEO Doug Brown, senior vice president and general Manish Gurukula, CEO manager, NCR Digital Banking 122 Ternio 50 Flywire How COVID-19 Accelerated 14 Blackhawk Network I Wish For Embedded Payments To Become 86 NorthLane The Adoption Of Digital Payments 2020: Better Connected Through Reflection Ubiquitous In 2021 Let’s Keep The Spirit Of Innovation In The Cryptocurrency Space And Focus Ryan Frere, executive vice president Seth Brennan, CEO Daniel Gouldman, CEO Talbott Roche, CEO and general manager, B2B 90 Omni 126 The Clearing House 18 Brighterion 54 GeoGuard Balanced Approach To Ensure Zero Margin 2021 Innovation Goal: Better Payments For All Mastercard: Building An Inclusive Economy Forget Space — 2021 Is A Digital Odyssey Between Politics And Technologies Russ Waterhouse, executive vice president, Sudhir Jha, Mastercard senior vice president David Briggs, founder and CEO Angélica León, chief strategy officer product development and strategy and head of Brighterion 58 GIACT 94 PAAY 130 Transcard It’s Time To Fight Back 2021: The Year Of Small Business Here’s To (Buyer And Seller) Unity In 2021 22 Citcon Melissa Townsley-Solis, head of GIACT Chris Fuller, president Payments Can Be The ‘Digital Glue’ Yitz Mendlowitz, founder and CEO For Retailers Chuck Huang, founder and CEO 62 i2c 98 Pollante 134 Vindicia Embracing Connectedness The Payments Industry Cannot Be Accelerating Subscription Growth And Unpredictability Complacent About Supporting In The New Normal 26 Citi Amir Wain, founder and CEO Sharath Dorbala, CEO How 2020’s Challenges Have Highlighted Small Businesses The World’s Resilience Jonathan Hughes, co-founder and CEO, Manish Kohli, global head of payments 66 Ingo Money Pollinate Horizons 138 Western Union and receivables Banks And FinTechs, Together At Last Western Union: Global citizens are the hope Drew Edwards, CEO 102 PSCU for the future 30 CSI Accelerated Digital-First Strategy Hikmet Ersek, President, CEO and Director Payments: Getting Back To Normal 70 Jazzcash Drives Priorities For 2021 Why We Need To Make 2021 Chuck Fagan, president and CEO Is Not Good Enough 142 WEX David Disque, president The Year Of Digital Financial Inclusion 2021 Industry Outlook: Accelerating Change In Developing Markets 106 Rectangle Health Sergi Herrero, co-CEO at VEON In B2B Payments A Bridge To Recovery And Revenue Jay Dearborn, president, corporate payments 34 Cybersource With Healthcare Payment Tools Technology And Collaboration Will Be Key 74 J.P. Morgan Dominick Colabella, CEO In 2021 Rapid Digitization And A New Focus 146 Worldpay from FIS Carleigh Jaques, general manager for On ESG Considerations Are Now Part Of 2021 Is The Year Of Recovery Cybersource and Authorize.Net 110 Scalefast How The Global Trade Industry Functions A New World Order: Our Hopes For The And Realignment Natasha Condon, global head of core trade Global Economy And eCommerce Industry Jim Johnson, head of Worldpay from FIS 38 Elan Olivier Schott, co-founder and 2021: The Positive Impact Of Payments chief product officer Matt Carpenter, senior vice president, market director, Elan Financial Services It started with a simple premise. PYMNTS asked a cross-section of business dynamics that will define the there’s an old school way of looking at the companies we work with to give us their take on their wishes for year. A few themes stood out from the current digital payments landscape. the world as we approach 2021. In addition, we wanted to know how the companies and executives that But these responses indicate that these companies and executives were planning for a new era when submitted responses to our request. the legacy world of financial services businesses and the economy start to bounce back. The first was the move from digital will move closer to the new school transformation to digital acceleration. of FinTechs and APIs during 2021. Companies are not going to be And the world of exclusive access to satisfied with the progress made during financial products will meet the new 2020’s digital transformation. They world of inclusion. Readers will learn Lest anyone think the responses were the overall economic picture from will continue to push the issue, taking about the technologies that make predictable and safe, think again. What looking a lot worse than it did. As one accelerated business models like buy companies hopeful in 2021, but they we heard from this group was inspiring, executive writing for this project put now, pay later into the new year, and will also be surprised to see more hopeful and promising. It’s not just the it, 2020 represented “innovation under doubling down on innovations that will intangible elements. Some words that potential end of the pandemic that adversity.” serve the consumer’s wish to keep appear often in this collection: agility, created this output. It was the sum their hands off everything from cards opportunity, resilience, adaptability and total of a year that was part tragic, part It’s almost impossible not to look to packages. yes, unpredictability. All of these will be dramatic and all exceptional as the back at 2020 when considering 2021, essential ingredients in continuing to digital-first economy galloped toward and every company has its story to The second trend that stood out from connect to consumers to commerce its fulfillment and arguably saved tell. But the project was about the these responses is collaboration. Yes and each other in the new year.

INNOVATION WILL ACCELERATE THE DIGITAL ECONOMY IN 2021

DEBBIE GUERRA Executive vice president of merchant payments and payments intelligence solutions

ooking ahead to 2021, I believe that secure digital transformation will remain a priority globally as individuals, businesses and economies begin to bounce back from the events that have so Lchallenged us all in 2020. A Year of Innovation in the Face of Adversity Digital and omnichannel consumer journeys have accelerated during 2020, as click and collect, buy online pick up in- store (BOPIS), and contactless payments and touch-free DEBBIE shopping have all seen an enormous boost this year. GUERRA© 2020 PYMNTS.com All Rights Reserved 6 © 2020 PYMNTS.com All Rights Reserved 7 Debbie Guerra ACI Worldwide

Payments technology has been a respond to the pace of change and Challenges and Opportunities retailer, every organization has critical enabler for these in-demand embrace the new expectations and Ahead in 2021 evolving needs that omnicommerce services, and that will be the case as needs of their customers. solutions will need to rapidly Merchants are expected to deliver we see the digital shift continue into address. Even after the pandemic enhanced consumer experiences next year and beyond. As economic uncertainty still subsides, the digital acceleration we while balancing data protection persists, the reliance on new forms experienced in 2020 will not — it is and fraud prevention across all Increasingly, real-time payments of credit is also expanding globally, here to stay. channels. This is one of the biggest and the use of diverse new payment as “buy now, pay later” schemes, ongoing challenges they face, and methods are gaining traction — subscriptions and installment At ACI, we are excited about the merchants will need the right tools responding to both merchant and payment options are becoming rapidly evolving payments landscape in place to get that balance right. For consumer preferences, while at the increasingly mainstream. Consumers and the opportunities it affords. We example, universal omni-tokens are same time challenging the traditional have choice. They are making are optimistic that 2021 will deliver a powerful ally in this area, since they value chain that characterizes the their voices heard. They engage a safer work environment, healthier enable merchants to securely and payments ecosystem. with companies that listen. While families and new opportunities for confidently create unique customer generational differences in buying social engagement and commerce. payment experiences. Even eCommerce merchants behaviors clearly exist, those gaps We stand ready to embrace the new (who are, by nature, more digitally are narrowing. I hope and trust that normal, and to provide consumers, 2021 is likely to be the year when enabled) are increasingly adapting consumers will continue to use merchants, intermediaries and omnicommerce moves from hype their business models to evolve to their voices, and that merchants financial institutions with the to reality. Whether it’s a grocery new consumer demands. To remain will continue to listen, adapt and necessary solutions they need to store, drugstore, fuel company, relevant in the future, brick-and- innovate in an effort to become even respond to these challenges. convenience store, telco or a general mortar retailers in particular must more customer-centric.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

2021: A BRIGHT FUTURE FOR PAYMENTS

MANISH GURUKULA CEO

common refrain from many people is: “I can’t wait for this year to end!” Looking back, there were plenty of reasons to impatiently wish for 2020 to end and rush into 2021. However, I am Athankful for being in the payments space, which was a bright spot in many ways in an otherwise dreadful year.

The behavioral changes that were necessitated by the global pandemic will have lasting impacts on the payments space, and in a positive way. The rapid spike in the adoption of MANISH contactless payments was driven by businesses looking to GURUKULA© 2020 PYMNTS.com All Rights Reserved 10 © 2020 PYMNTS.com All Rights Reserved 11 Manish Gurukula Alacriti

reopen and serve customers safely September that financial institutions immediate payments for workers in THE without putting them at risk. This that hold 70 percent of demand the gig economy, instant payouts for concern for lowering the risk for deposit accounts have access to insurance claims, etc. The U.S. has BEHAVIORAL shoppers shifted into an increase in real-time payment capabilities via been behind much of the world in CHANGES blended experiences like buy online, FinTechs connected to the network. real-time payments adoption, so I’m THAT WERE pick up in person. The continuing Also, Nacha’s upcoming expansion happy to see us catching up. NECESSITATED adoption of online shopping has also of Same Day ACH — expanding grown the market for buy now, pay their availability by two hours — My hope is that businesses have BY THE later (BNPL) options, which many see will mean that more accelerated a 2021 New Year resolution to GLOBAL as a flexible option for consumers payments will enter the ecosystem further lean into these changes PANDEMIC during the difficult times many are in 2021. Consumer demand for that started to accelerate in 2020 WILL HAVE facing today. These are all positive faster payments is also increasing. and make them new standards for evolutions, even in the worst months A recent survey that PYMNTS consumer experiences. As the world LASTING of 2020. conducted showed that 30 percent moves back into “normal times,” IMPACTS of consumers consider access to we should continue to build on ON THE Arguably the greatest evolution real-time payments a key factor those innovations — with a focus on PAYMENTS has been with real-time payments. when selecting a financial institution. making the payment seamless and The Clearing House’s RTP® network That shouldn’t be a surprise as instant in those experiences. SPACE, is moving closer to its goal of the benefits to consumers are AND IN A ubiquity with their announcement in significant: immediate payroll, POSITIVE WAY.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

2020: BETTER CONNECTED THROUGH REFLECTION AND FOCUS

TALBOTT ROCHE CEO

s the months of sheltering in place continue, many of us have wondered about how to maintain — or even build on — our most important connections. Surprisingly, physical Adistancing may actually help us to become better connected, providing room for reflection, focus and ultimately, more meaningful connections. It has been fascinating to see how the payments industry has leaned in, helping to make these TALBOTT connections possible in new ways. ROCHE© 2020 PYMNTS.com All Rights Reserved 14 © 2020 PYMNTS.com All Rights Reserved 15 Talbott Roche Blackhawk Network

This year has compelled many of been accelerated — as consumers mobile wallets must transition to meetings, lunches and business us to realize the true importance of increasingly shop online, order ahead support all forms of tender and trips for conference calls and community. The lack of in-person or opt for “touchless” payment buying experiences. Retailers and Zoom meetings. Sequestered to interaction, while witnessing the options. Looking ahead, the industry consumers are looking to seamlessly our homes, we have been forced to devastating impact of the pandemic, has an opportunity to build on this earn and spend points, rewards and more deeply consider with whom has inspired many to support and momentum. New digital payment gift cards across an omnichannel we need to interact, in many cases, strengthen ties to our communities solutions like eGift and QR codes shopping experience. We must also leading to deeper relationships with — and payments have been an can deepen connections between bridge the gap between cash and those most important to our work important mechanism. Digital and brands and consumers, while digital payments for underbanked, and our life. Similarly, the payments prepaid payments have sped relief supporting new curbside and order unbanked and cash-preferring industry is at that breaking point pay to those who need it most. ahead shopping experiences. These customers. I see the payments of clarity. The payment solutions According to our research, 38 percent innovations will persist long after the industry being well-poised to that will rise to the top in 2021 of respondents have used gift cards pandemic is over. build better connections between and beyond will be those that or eGifts for some kind of charitable consumers and businesses. meaningfully connect consumers action since the COVID crisis began.1 Going forward, it won’t be enough for and brands. My goal for Blackhawk mobile wallets to merely store debit Though we’re not physically Network and my challenge to the Apart from charitable activations, or credit card payment credentials. together, we’re all in this together. industry is simple: use payments to a digital payments revolution has From cash to rewards and gift cards, This year, we have traded in-person forge better connections.

1 The “Paying for Things and Giving Gifts During a Crisis” report is based on the findings of an internet-based survey conducted by SurveyMonkey on behalf of Blackhawk Network on March 31, 2020. The sample size included 1,067 respondents ages 18+.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

MASTERCARD: BUILDING AN INCLUSIVE ECONOMY

SUDHIR JHA Mastercard senior vice president and head of Brighterion

020 has been a very interesting year. For the first time in my life, we’ve had so many changes and big events at the same time. But I remain 2 optimistic. I’m hoping that commerce and financial institutions (FIs) continue to think of this as a chance to build communities and grow the economy in ways that are future-looking, such SUDHIR as finding businesses that can be funded to come back to life. JHA© 2020 PYMNTS.com All Rights Reserved 18 © 2020 PYMNTS.com All Rights Reserved 19 Sudhir Jha Brighterion

WHILE THERE At Mastercard, we committed $250 While there has been a massive million over five years to support shift to digital payments this year, HAS BEEN small businesses around the world close to 50 million people in the A MASSIVE and $8 million to U.S. community U.S. remain underbanked. We’re SHIFT TO development FIs to digitize loan working with 200-plus cities across DIGITAL processes and ensure capital flows the U.S. to enable digital financial securely to underserved businesses. aid disbursements, provide data PAYMENTS science expertise to enable channel THIS YEAR, My wish is not only do we get people investments for underserved CLOSE TO back in the system, but also get communities, provide cybersecurity people into the system who were and fraud assistance, and increase 50 MILLION not there before. We’ve launched access to vital city programs. PEOPLE innovative programs in more than IN THE U.S. 125 countries, successfully bringing It is both interesting and enlightening REMAIN 500 million previously unbanked to see so many good things individuals into the formal economy. happening during such a turbulent UNDERBANKED. Our goal is to reach 1 billion by 2025. time. That makes me hopeful for the future.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

PAYMENTS CAN BE THE ‘DIGITAL GLUE’ FOR RETAILERS

CHUCK HUANG Founder and CEO

020 will be remembered by most as a year of trial. But we at Citcon believe it will also be marked as the year that prompted stunning innovation across 2 industries. Merchants that had focused on getting customers to increase time in stores switched to efforts to decrease time in stores, with digital payments playing a key role. At the same time, familiarity with digital created by these merchant efforts CHUCK drove eCommerce penetration. Some measures suggest HUANG© 2020 PYMNTS.com All Rights Reserved 22 © 2020 PYMNTS.com All Rights Reserved 23 Chuck Huang Citcon

we saw three to five years’ worth We believe these changes are lasting. But this is not just a marketing win their loyalty in-store, but online of eCommerce growth in seven While some small companies will strategy, it’s also an insight engine as well. months. use omnichannel facilitators, like the when used well. A customer in a DoorDashes of the world, to connect store can be sampled upon payment All of this is on top of the enhanced This positions global consumer to their customers online, costs and by surveys in email receipts, safety driven by contactless marketplaces for a dramatic lower profitability will drive many of providing continuous feedback that payment. While COVID may have shift. Demographics that avoided them to look to create a digital glue drives loyalty. been a once-in-a-lifetime event, eCommerce channels are there between the customer in the store the thought that it may come again now and will continue to be so. and their life outside it. As the payment digital glue increases will leave biological antifragility an Omnichannel is no longer a buzz in criticality, driving penetration of enterprise concern for years to term but a survival requirement for That digital glue is payments. digital payments for retailers will come. the industry. Even small companies Progressive retailers have paved the become more essential. Missing out with little to no previous digital way for this with email collection on young people who don’t have The antifragility will be facilitated by connection with their customers at registers, enabling them to credit cards doesn’t just mean having payments across the full enterprise have suddenly become digitally connect their customers’ behavior to bear the handling cost of cash in multiple ways, making consumers dependent, with COVID having thrust in-store with them online. This helps transactions. It also means losing a and businesses less likely to see a them into the world of QR-based decrease the cost to market to potent lifelong connection with the COVID-like economic devastation menus. customers, improving profitability young person online. Retailers who ever again. And that is something and giving brick-and-mortar shops offer payments that these young every executive should look forward an asset online. people are familiar with won’t just to.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

HOW 2020’S CHALLENGES HAVE HIGHLIGHTED THE WORLD’S RESILIENCE

MANISH KOHLI Global head of payments and receivables

OVID-19 has been an extraordinary test for governments, financial market infrastructures, banks, corporates and consumers around the world. While all prudent organizations have Cbusiness continuity plans to enable them to function following unexpected events, few anticipated the potential scale of the pandemic or the far-reaching consequences it would have on companies’ supply chains, factories, offices and customers. MANISH KOHLI© 2020 PYMNTS.com All Rights Reserved 26 © 2020 PYMNTS.com All Rights Reserved 27 Manish Kohli Citi

Now, with the benefit of nine achieve their objectives, safeguard For 2021, as an industry we must around the world to combat its months’ hindsight, it is worth their employees and protect their hope for the best while preparing economic impact. reflecting on how the world quickly businesses in some of the toughest for the worst. We will continue to adapted to this unprecedented times we have ever seen. enhance our resilience and prepare Moreover, as companies pivot to event. Governments, banks and for a range of scenarios. With luck, growth, they must harness the companies around the world sprang The second component is this same level of resilience won’t be “can-do” spirit that defined 2020 into action almost overnight with the technology, which has been critical actively required. and adopt a more open mindset introduction of stimulus measures, to addressing our challenges. and new digital tools for a post- lockdowns and remote working Numerous developments that As we transition to a new year and a pandemic world. At Citi, we can contingencies. The world’s resilience were previously underway — most new environment, where the rollout help clients adapt rapidly to this has been impressive. notably the shift of our business of vaccinations globally begins to evolving environment because of our and personal lives online — have create a prospect of some stability, robust digital capabilities, capacity That resilience has two dramatically accelerated. At Citi, our we must draw on the lessons of to innovate and global footprint. components. First is the strength consistent investment in digitization 2020 to build a more productive Whether implementing digital of the connection and bonds that and robust infrastructures has been and prosperous world. No one collections, enabling cross-border unite us across communities, invaluable in enabling our clients underestimates the scale of the receivables or facilitating cross- countries, companies and business to switch to remote working with challenges we still face. But there border instant payments, our vision is relationships. The willingness of minimal to no disruption, and to help is the potential for strong growth always to deliver simple, global and people to go the extra mile to achieve visibility and control across following the shock of COVID-19 digital solutions to our clients. That support those they care about has their payments, collections and other and the firepower stimuli unleashed vision is more important than ever as been edifying. At Citi, we are proud to treasury functions. by governments and central banks we all work toward the common goal have played our part, helping clients of driving economic growth.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

PAYMENTS: GETTING BACK TO NORMAL IS NOT GOOD ENOUGH

DAVID DISQUE President

orporate Spending Innovations (CSI), like many other businesses, witnessed the substantial impact the pandemic had on industries across the globe, such as travel, hospitality and many Cothers. We looked at the challenges from a financial and payments perspective and worked with our customers to assist them with the overnight change of working from remote environments. DAVID DISQUE© 2020 PYMNTS.com All Rights Reserved 30 © 2020 PYMNTS.com All Rights Reserved 31 David Disque CSI

There were invoices and checks personal life. As consumers, we are need to be prepared for what is achieve greater efficiencies, reduce going to empty offices and accounts all connected to family and friends coming next. With innovations like costs, increase security and find payable departments that were through the internet, smartphones cloud-based payments workflow, new sources of revenue through forced to send staff into the office and online meetings. What CSI would automated and integrated AP, robotic payments automation. to keep day-to-day operations up like to see for America, and for the process automation, straight-through and running. CFOs became painfully world in 2021, is for businesses to processing, artificial intelligence and Finally, it is our belief that AP aware that digitizing AP, especially reach the same level of B2B payment advanced data analytics, we believe departments will expand beyond payments, was an initiative that digitization to survive and thrive in that AP departments will become tactical execution centers and should have been implemented 2021 and beyond. truly touchless environments. transform into profit centers — and years ago. They faced critical that innovation, technology and challenges, including damage to their We believe that more and more As the B2B payments market automation will reach new heights supplier relationships due to late businesses will discover that reinvents itself through advanced to take us to the next generation of payments and cash flow shortages. payments automation is no longer technologies, we will see more digital business. a nice-to-have, but a must-have, collaboration where there once If you look for a silver lining in the and that companies worldwide will was competition. Banks, networks global pandemic we faced in 2020, embrace technology and innovation and FinTechs will continue to we saw families and friends grow as the payments ecosystem evolves strengthen their partnerships to closer and not take each other for to meet the changing landscape of explore the power and business granted. In some ways, our very digital business. Most companies are value of electronic automation. We existence relied heavily on digital driven by the challenges experienced will focus on helping businesses connections for our work and over the last eight months. We all of all sizes and in all industries to

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

TECHNOLOGY AND COLLABORATION WILL BE KEY IN 2021

CARLEIGH JAQUES General manager for Cybersource and Authorize.Net

020 was, without a doubt, the most challenging year ever; not only personally, but as a leader. As leaders, we are tuned to making data-based decisions and we always have unknowns, 2but we like the ratio between known/unknown to be the proverbial 80/20 or better. This year flipped all that on its head: 80 percent unknown/20 percent “sort of known.” And the unknowns spanned the future of commerce, business model viability, social and economic access, equity issues and community health, among others. It was frustrating, CARLEIGH maddening, emotionally draining and exhausting. But it also JAQUES© 2020 PYMNTS.com All Rights Reserved 34 © 2020 PYMNTS.com All Rights Reserved 35 Carleigh Jaques Cybersource

brought out incredible mobilization, profound demand and overnight in response to the racial inequities sized businesses (SMBs) provide a creativity and generosity — which behavioral shifts. that continue to be a problem huge number of critical jobs. From was the inspiring antidote we all have and rally around our local small the supply chains, to the delivery needed. As we begin 2021, I have three wishes businesses who needed support drivers, to the essential employees for everyone. now more than ever. It’s no secret stocking shelves, fulfilling orders and Within payments, we saw that when people come together, ringing you up, everyone is equally tremendous agility, activation One, that we continue to use great things happen. Really, flexible necessary. We saw how the global and creativity. We saw how vitally technology to our advantage. technology (going back to my first shutdowns impacted inventories and important going digital is to Technology is powering our wish) helped enable much of that scarcity. We saw how delivery drivers payments, commerce and life as a increasingly digital world to make life collaboration whether in science, of all kinds — commercial and gig whole. While we were already well easier and more accessible to all. medicine, community engagement economy — kept the wheels turning on the path toward contactless or commerce. even when they threatened to grind payments and truly integrated digital Two, that we collaborate more within to a halt. After this year, I hope we commerce channels — where the the payments industry and with And three, I hope we collectively realize how essential everyone lines between physical and digital others in the greater commerce never take for granted how many already was and that people are the would overlap, if not blur — the ecosphere. If there’s one thing players there are in the global key ingredient to our success. need for physical distancing, fewer we have seen this year, it’s that economy and how vital each physical touchpoints and online collaboration is key to our survival. one of them is — particularly our As the economy continues to bounce options greatly accelerated that path. We saw monumental examples in small businesses. They aren’t just back and we look to the future of Visa, Cybersource and a plethora of the scientific community where commerce engines, they are the how business is done, I truly feel that other technology providers are now researchers worked together to lifeblood of our communities. I think it will take this healthy combination speedily innovating to make sure bring vaccine options to fruition in it means a lot to each of us to walk of people, inclusive collaboration, that anyone, anywhere, can pay for record time, and within the medical down the street with our friends and technology to get back to where anything digitally. And rather than community where staff from some and families and have real social we were and beyond. providers or merchants having to hospitals volunteered to help staff engagement with our communities. “steer” consumers in this direction, at other hospitals who had been hit Saying “hello” to the dry cleaner or consumers lead the way with harder. We also saw communities “cheers” to the owner of the pizzeria, coming together to effect real change matters. And small and medium-

2021: THE POSITIVE IMPACT OF PAYMENTS

MATT CARPENTER Senior vice president, market director, Elan Financial Services

he COVID-19 pandemic has drastically changed the world, our lives and our businesses — possibly forever. For the last nine months, many of us have been learning how to work remotely, Tcommunicate remotely, learn remotely, socialize remotely and more. In the midst of these struggles, the payments industry has risen to the occasion and innovated to become an even more integral part of the economy and people’s lives.

Throughout the pandemic, payments have been an invaluable MATT tool to connect, support and enact change. Whether through CARPENTER© 2020 PYMNTS.com All Rights Reserved 38 © 2020 PYMNTS.com All Rights Reserved 39 Matt Carpenter Elan

digital payments for grocery runs their customers in innovative ways (AI) and machine learning became are past-due. We also now offer or donations to local and national through payments. critical. From real-time identity authentication mechanisms coupled causes, consumers have embraced proofing and credit line access with DIY assistance tools for making payments as a tool to support their We’ve worked hard to enable strategies to online card transaction account changes. day-to-day goals. consumers to adopt contactless protections and safer online payments in a seamless manner. payment options, Elan provides Elan will continue to develop As we enter 2021, it is my wish that The pandemic has generated a layers of security so cardmembers differentiated expertise and talents we continue to embrace payments surge in mobile wallet usage so that can use their cards with far greater that will help us support our as a powerful tool we will use to payments can be made without ever confidence. partners’ needs. In 2021, I hope we create the new reality we will see touching a card. As a result of this see continued significant innovation post-pandemic, as our communities groundswell, we’ve focused a great Financial institutions are also around new ways to help consumers recover and prepare for what’s next. deal of our attention on the ability to learning that their digital strategies and small businesses rebuild their instantly provision new and existing must deliver the same level of financial stability and conduct their At Elan Financial Services, this card credentials into digital wallets. service excellence that a customer day-to-day lives. I think any hope means we need to continue to think Additionally, new and reissued cards might expect in a branch. As such, of returning to previous norms will about how to engage our partners are being delivered with contactless Elan has focused its development quickly pass, as a further heightened within today’s reality and how to technology. pipeline to prioritize and invest in level of innovation and change will help those partners serve their technologies that allow customers become the standard as we move customers in new ways. We need When the pandemic forced to be more self-reliant. This focus forward in the 21st century. to be ever mindful of constituents consumers online, the fraudsters includes new do-it-yourself (DIY) facing different struggles or seeking followed suit, and we are committed servicing capabilities, including Wishes to all for a safe holiday new opportunities. And, as normalcy to protecting our partners’ enhanced functionality to facilitate season and a positive outlook starts to reemerge, we need to be cardmembers in this digital space. payments, report suspected fraud heading into 2021. ready to help our partners best serve Investments in artificial intelligence and send reminders when accounts

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

ENGAGING CUSTOMERS WHEREVER THEY MAY BE

ROYAL COLE Senior vice president, head of FI payments

hen asked to reflect on the year that was 2020, I couldn’t help but think of the messaging that FIS and other organizations published in late 2019. WInspiring slogans and taglines such as “Forging into the New Decade!” or “Catapulting into the New Roaring 20s” seemed to be everywhere. Then we were all introduced to COVID-19, which has affected just about every single person, industry and business on Earth. Organizations have been forced to adapt and change in almost every way. For example, FIS, like ROYAL many companies, had to take on the challenge of moving COLE© 2020 PYMNTS.com All Rights Reserved 42 © 2020 PYMNTS.com All Rights Reserved 43 Royal Cole FIS

a global workforce to work from experiences that serve customer With all that being said, my hope OMNICHANNEL home in a matter of days in order needs for safety, reliability, service for 2021 is that we can get back to to keep processing transactions and and overall experience. That means seeing the faces of our family, friends PAYMENT powering the financial ecosystem. meeting customers and engaging and colleagues safely. The ability SOLUTIONS OF them on their terms, where they are, to build relationships with face-to- THE FUTURE Despite these turbulent times, when they need you. Omnichannel face contact will not only improve WILL NEED organizations have kept to their payment solutions of the future people’s headspace, but will help 2019 messaging. This year has will need to be built for maximum with business-related activities as TO BE BUILT spawned innovation and creativity flexibility within existing channels, well. FOR MAXIMUM that has not been seen for some with an emphasis on digital-first FLEXIBILITY time. Financial institutions are now and, when needed, digital-only. It cannot be said enough how proud WITHIN offering and accepting close to every Some organizations have even and thankful I am for how each of us form of payment type, from person- gone so far as to revamp their has been able to overcome the many EXISTING to-person payments to real-time entire loyalty programs in order to challenges of the past year — and CHANNELS, payments. These types of solutions offer consumers rewards that are to have done all of it virtually. I look WITH AN have gone from an upcoming customized to fit what they need. forward to building and improving convenience to an absolute In some cases, this has allowed relationships in 2021 so that we may EMPHASIS ON necessity to face the new normal. individuals to use their loyalty points capitalize on the innovations that DIGITAL-FIRST as actual currency to buy essentials have come as a result of this past AND, WHEN Earning and retaining consumer at a time when we all may be year. loyalty requires engaging digital NEEDED, watching our spending very closely. DIGITAL-ONLY.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

EMBEDDED BANKING WILL POSITION BUSINESSES TO THRIVE POST-PANDEMIC

LISA SHIELDS Founder and CEO

y wish for 2021 is that as small businesses across the country emerge from the ruin of 2020 and reopen their doors, they can fully participate in sophisticated global supply Mchains and act as local point-of-service distribution centers.

My hope is that banks, payments providers, and FinTech companies will be able to collaborate to launch the services and solutions that can remove the technical burden for LISA business users and eliminate the need for them to become SHIELDS© 2020 PYMNTS.com All Rights Reserved 46 © 2020 PYMNTS.com All Rights Reserved 47 Lisa Shields FISPAN

INITIATIVES payments experts, allowing them to they hold cash flow and accounts examples of massive opportunities focus on growing their business. receivable data for their customers for payments providers in 2021 LIKE that allow them to underwrite that are ready for the taking. By OPEN The groundwork has been laid to efficiently. But banks hold vastly connecting the tools and services BANKING make finance embedded in a more more raw data. By partnering with that small businesses use with standardized way. Initiatives like open FinTechs and payments companies electronic payments rails, digital B2B CAN HELP banking can help unlock financial in 2021, this raw data can be commerce can become an invisible UNLOCK data for small businesses and let contextualized to bring underwriting and ubiquitous part of daily life on FINANCIAL them share it with many potential efficiency to more categories of Main Main Street. DATA FOR lenders. Some small businesses Street businesses. have been left out of relief programs, At FISPAN we are very bullish SMALL and have felt the burn, or even been Even brick-and-mortar small on the future and the role that BUSINESSES forced to shutter. This may have businesses have transitioned in the banks can play by connecting AND LET THEM happened because they don’t meet last year to online order acceptance, their products and services to the SHARE IT the requirements or because banks cloud procurement and cloud business applications used by their refused them based on standard accounting. Facilitating digital invoice clients. By starting to make banking WITH MANY pre-pandemic criteria. Part of the exchange between global buyers and commerce embedded in a POTENTIAL reason some tech companies (such and small business suppliers or democratized way, businesses will be LENDERS. as Amazon and Shopify) have gone integrating SMB foreign exchange positioned to thrive, which will in turn into small business lending is that and contract financing services are enable communities to thrive.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

I WISH FOR EMBEDDED PAYMENTS TO BECOME UBIQUITOUS IN 2021

RYAN FRERE Executive vice president and general manager, B2B

ayments have typically been the exclusive domain of banks, card issuers and FinTechs — distinct from a product or service offering and usually requiring distinct motions for both the buyer and Pseller to complete a transaction. But that is changing — slowly but surely.

We are seeing payments become an inextricable and largely invisible part of customers’ experiences with different product or service providers. Payment capabilities and related financial RYAN services are increasingly being embedded into software that FRERE© 2020 PYMNTS.com All Rights Reserved 50 © 2020 PYMNTS.com All Rights Reserved 51 Ryan Frere Flywire

enables both buyers and sellers an unprecedented urgency around • A limited number of firms are • For many travel businesses, to minimize friction at the point of digitizing B2B payments. I hope we using embedded payments to such as agencies, tour operators sale, enhance engagement and drive can leverage that urgency to prioritize streamline the international or destination management higher margins. a lot more examples of embedded invoicing and AR processes with companies, approximately 80 finance on the B2B side in 2021. their customers. This enables percent of the monies they take Ridesharing is an example we all overseas customers to be in from their clients have to be know well. The payment process To get there will require solutions invoiced and to pay in their local distributed to multiple parties is woven entirely into the service that integrate directly into an currency while allowing the biller involved in delivering the travel via software. There is no need to organization’s existing AP and AR to reconcile those receivables in experience. Some are using fumble with cash or hand a payment workflows, whether that means its financial system of record and embedded finance via a preferred card to the driver — it happens connecting to the business’ ERP currency. This simplifies a typically payment channel to streamline automatically. Apple iTunes is system or streamlining processes complex, costly and slow process this process, manage currency another. Virtually all cloud-based and complexities with global for both parties. risks and provide better visibility subscription services use some form FX, reconciliation and cash flow from end to end. of embedded finance. There is no management. It doesn’t have to • B2B sellers are also using separate payment motion involved to be complicated, though. It’s really analytics and artificial intelligence Over time, as FinTech continues to utilize the service. more of an easy-to-access payment (AI) to automate the offer of be embedded into financial and service via APIs than a new piece of flexible credit terms to business increasingly non-financial products, Most of the examples we know enterprise software. customers at the point of sale, it will become a less and less visible of today are on the B2C side. reducing risk for the merchant element that will add an increasingly That’s no surprise, given the pace We already have good examples and increasing the consumer’s critical level of value to both sides of of innovation in B2C versus B2B of embedded B2B finance to go by buying power. This eliminates a the B2B relationship. payments over the years. But the in manufacturing, technology and multi-step process that often pandemic has changed that, creating professional services: has negative effects for both the buyer and seller.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

FORGET SPACE — 2021 IS A DIGITAL ODYSSEY

DAVID BRIGGS Founder and CEO

rom a business and consumer perspective, 2020 has been both intensely transformative and cripplingly recessive. There have been mighty winners, but also horrific declines. Although travel Fhas been the poster child for COVID’s negative impact on commerce, cash has also been deleted from many aspects of daily life in Europe and North America.

2021 will therefore be an interesting recovery story as some of COVID’s business victims, such as travel, rebound at a DAVID ferocious pace, while others never do. BRIGGS© 2020 PYMNTS.com All Rights Reserved 54 © 2020 PYMNTS.com All Rights Reserved 55 David Briggs GeoGuard

The Reign of Cash Is Over: Digital-First Will Be First that support them) is a tremendous future from the canny upstarts who challenge, and most of 2021 will stole the lead during lockdown. Digital Is King From the area we know best, simply be holding on through hyper- Cash is sure to be one of COVID’s iGaming, this dichotomy of winners growth. Compared to being on the And consumers will, I am sure, just victims that never recovers. Many and losers has been clear. Land- wrong side of COVID’s impacts, this is be happy to have some options on retailers will never remove their based gaming and its long reliance a good problem to have, but not one the table again — to travel, to visit “CASH NOT ACCEPTED” signs, and on cash and in-person visitation to be underestimated, nonetheless. land-based merchants and yes, even consumers, led by the youngest, will (mostly from older demographics) have the exotic thrill of paying for abandon the practice of carrying has been nearly obliterated in some New Kids on the Block vs something in cash again. paper currency in a wallet. places, and the fear is that a large The Empire: A Battle for portion of these establishments will Dominance However, once the nostalgia of What will this mean for the payments never reopen. old-school 2019 life is over and we and commerce sectors, and how Competitive pressures are sure are in late 2021, the future will be will it impact our focus as we all Those savvier digital-first operators, to change as the dust settles and irreversibly digital. recalibrate for the new world order? led by DraftKings, have soared and consensus is reached that the “new For some startups and challengers, are set to ride the updrafts of the kids on the block” who have rocketed this change will accelerate their extreme channel shift that COVID has to pre-eminence in 2020 are no rollout and drive the innovation they prompted. longer niche/early-adopter players, have been advocating for years. but now the mass-market category For others who are slower to adapt These companies saw extraordinary killers. The empire(s) will strike back or more oriented toward the old- growth, and that looks set to for sure, as those once-dominant world order (ATM manufacturers, for continue, even after the world settles players that still have firepower make example), the post-COVID world will down to “normal.” Scaling these a final effort to wrest control of the be brutal. organizations (and the likes of ours

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

IT’S TIME TO FIGHT BACK

MELISSA TOWNSLEY-SOLIS Head of GIACT

raud was red-hot in 2020.

Its impact was felt by consumers and businesses alike, compounding an already precarious financial F outlook.

Fraudsters targeted consumers when they were most vulnerable — as they struggled to keep their jobs and families healthy. According to the FTC, Americans issued over 200,000 complaints and lost more than $145 million in COVID-related MELISSA scams alone. TOWNSLEY-SOLIS© 2020 PYMNTS.com All Rights Reserved 58 © 2020 PYMNTS.com All Rights Reserved 59 Melissa Townsley-Solis GIACT

Businesses also increasingly found What’s more, businesses have approach to their fraud prevention 2020 was a tough enough year themselves the target of highly also begun to experience whiplash strategies. already. As a nation, we experienced sophisticated fraud schemes. for not prioritizing the security of loss and hardship. Good people lost Particularly stunning this year was their customers. For example, we My hope is that small businesses, their jobs. Contracts with vendors ran the volume of business email sponsored a study, developed by which make up the backbone of dry. It should be a reminder to take compromise (BEC) attacks, which, Javelin Strategy & Research, that our economy, hear this message as nothing for granted. according to the FBI, is already a $2 found that “over 60 percent of fraud well. And that they fight back, too. billion-a-year business. is self-identified by consumers using It’s important for everyone that Main Here at GIACT, we plan to continue various monitoring techniques.” Street gets back on its feet. doing what we’ve been doing every Well-funded and organized fraud That’s a recipe for negative reviews day for the past 16 years: to innovate, operations, meanwhile, continued to and frustrated feedback on social The approach to fraud in 2021 to fight and to stay a step ahead amass more capital, manpower and media. should be one that looks at holistic of fraud. 2021 will be a particularly technology. solutions and considers every step strong year as we look to integrate For the benefit of these businesses, of the customer lifecycle. Too often, new data assets, product sets and It’s time to fight back. my hope is that they recognize that businesses put up a patchwork of areas of expertise from our position they can no longer afford to continue solutions, adding them piecemeal as a Refinitiv company. We know that Businesses across the U.S. have operating at the status quo. Even as as issues arise, like plugging leaks in the year ahead, fraud networks will already begun to pick up the mantle, we exit the nightmare of COVID and in a boat in the middle of the not give up the fight. And neither will recognizing the severe financial look forward to brighter days ahead, ocean. Fraudsters are sure to take we. damage that can result from fraud. it’s more important than ever for advantage of that mindset, scoring businesses to take a comprehensive big as they find vulnerabilities and leaving businesses to founder.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

EMBRACING CONNECTEDNESS AND UNPREDICTABILITY

AMIR WAIN Founder and CEO

y foremost wish for the world as we approach 2021 would be a heightened realization for how truly interconnected we all are, and a greater appreciation for unpredictability and Mthe wisdom of preparing —not just now while the loss is fresh in our minds, but also as a way of carrying ourselves moving forward.

As far as payments are concerned, I think the world witnessed the case for why they need to be electronic and digital, AMIR and why the systems on which they rest need to be more WAIN© 2020 PYMNTS.com All Rights Reserved 62 © 2020 PYMNTS.com All Rights Reserved 63 Amir Wain i2c

agile and better prepared for the much time and overhead to build them through an unforeseen event, DEALING WITH unpredictable. agility and reliability into systems, and through nature’s unpredictability. but it’s encouraging to know that A LOT OF The fact is that the future of embracing such an approach and As part of our collective planning ABSTRACTION payments is not predictable, and making it part of our foundational for 2021, perhaps we ought to give AND the events of 2020 may well be an organizational and technical structure thought to how our organizations CONTEMPLATING indication of how we ought to be made a difference in people’s lives think about technology and, in planning for the future. I’m reminded this year. particular, agility. A LOT OF of how logical a choice insurance is CONTINGENCIES after a disaster, and how easy it is to This spring, when our client PayActiv You see, timelines are not really of IS NOT EASY. see as an added expense before one needed to quickly enable virtual our choosing. Neither will we get to occurs. cards and digital provisioning as choose the next world-altering event. a result of the pandemic, it was My wish today is that our people In my own case, one might say I’ve fortunate that they were able to and organizations part with false taken unpredictability as a given. satisfy that urgent need and make isolationist ideas and that we come “Relentless preparedness,” as a the adaptation on the same platform to see unpredictability as a norm colleague put it, has served our they were already using. The ability to that we all prepare for to the best company well. Dealing with a lot of “conceive and configure” — to look of our abilities and to our collective abstraction and contemplating a lot within their own context and choose benefit. of contingencies is not easy. It takes the right way forward — helped see

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

BANKS AND FINTECHS, TOGETHER AT LAST

DREW EDWARDS CEO

s I write this, it has been reported that the first COVID-19 vaccine was just administered in the U.S. While the swift development and upcoming rollout is a very hopeful step toward the end Aof this pandemic, the vaccine by itself will not be enough. The economic fallout and resulting financial challenges that many Americans face still weigh heavily and will need to be addressed.

From a payments perspective and how our industry might DREW help, my wish for America and the world in 2021 is for banks EDWARDS© 2020 PYMNTS.com All Rights Reserved 66 © 2020 PYMNTS.com All Rights Reserved 67 Drew Edwards Ingo Money

and FinTechs, like Ingo Money, to benefits of reduced financial stress had become — and their need to companies have moved business to partner together in order to fast- and the ability to pay their bills on modernize. these treasury banks to access true track the modernization of payments time. FinTechs began working directly disbursements modernization. My for the future. By creating a digital with early adopters in the lending All of these events point to the wish, and even a prediction for 2021, disbursements experience with and insurance verticals to deliver fact that the demand is here for will be that this is the year more recipient choice, consumers and instant payment options that could a modern, digital disbursements treasury banks embrace partnerships small businesses will have an ability save them money, differentiate their experience. Both government with FinTechs and start taking to be paid faster and often instantly, offerings and drive customer loyalty. entities and businesses are asking modern disbursement solutions to to an account of their choosing, their treasury banks for solutions. their clients that include recipient thereby giving them better access Then in 2020, the coronavirus hit. The tipping point is that we are now choice with ubiquity. and control over their cash flows. Physical stores shuttered, handling seeing an accelerated openness for cash became undesirable and we banks and FinTechs to work together, As the world gets smaller with If we look back at the last few years, saw a massive shift toward using leveraging the banks’ expertise digital experiences connecting us we have been approaching a tipping digital in how we shop, pay and with treasury banking and FinTech’s all, it’s clear that a broadly available point for banks and FinTechs to communicate. The CARES Act experience with innovation. The belief modern disbursements experience collaborate to bring instant digital resulted in the distribution of $2.2 is that each party can help solve the accelerates with large treasury bank payments to ubiquity. The notion of trillion in relief, but not without major problems of the other, and together interoperability, and with those faster payments took hold in 2019 challenges. Examples included can better solve their clients’ banks recognizing that partnering when the gig economy platforms improper payments, fraud and disbursement challenges. with FinTechs is a 1 + 1 = 3 equation. Uber and Lyft introduced the option tens of millions of people waiting Jointly, we can bring digital, instant to get paid on demand. Adoption weeks for paper checks to arrive. We already have several large payments to hundreds of millions of went through the roof as many This put a major spotlight on just bank partnerships in place, and people around the world who want drivers, living paycheck to paycheck how antiquated the government’s can already see the impact as two and need faster, more convenient as many Americans do, touted the disbursements infrastructure of the nation’s largest insurance access to their money.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

WHY WE NEED TO MAKE 2021 THE YEAR OF DIGITAL FINANCIAL INCLUSION IN DEVELOPING MARKETS

SERGI HERRERO Co-CEO, VEON

he coronavirus pandemic has fundamentally changed the world we live in, and nowhere is this more apparent than in our perception and use of cash. Yet, as the developed world progresses Tfurther into cashless living, for the 1.7 billion people who don’t have bank accounts — the world’s unbanked population — going cashless is not an option.

This is financial exclusion on a global scale, and as we emerge into 2021, I believe the private sector and governments SERGI everywhere must work more closely to improve financial HERRERO© 2020 PYMNTS.com All Rights Reserved 70 © 2020 PYMNTS.com All Rights Reserved 71 Sergi Herrero JazzCash

inclusion and reduce the world’s of technology to help individuals The dynamic nature of our markets digital ecosystem of micro, small unbanked population. In the achieve their ambitions. In addition provides us with structural growth and medium-sized businesses, meantime, we can build on the to providing access to digital financial opportunities across our rapidly which form a vital backbone of experiences of COVID lockdowns to services in developing economies, expanding 4G networks and the Bangladesh’s economy, as well accelerate the development of digital VEON’s community-based digital host of new digital services they as providing us with significant financial services tailored to the literacy and entrepreneurship enable. For example, our leading opportunities for developing mobile needs of individuals and businesses programs are harnessing digital financial services business financial services for ShopUp’s users. across our emerging markets. technology and connectivity to in Pakistan, JazzCash, recently improve education provision and surpassed 10 million monthly active I see 2021 as a year of considerable In countries like Pakistan — where livelihood outcomes for previously users — a rise of around 60 percent opportunity for VEON. 2020 was 100 million people don’t have a bank disadvantaged groups. We are over the same time last year. We a year that brought us closer to account — mobile financial services building the skills foundations for significantly broadened the reach of our customers as we adapted our like JazzCash are improving financial greater digital inclusion and the the platform in 2020 and benefited products and services to support inclusion by offering users the ability economic growth it empowers. from a partnership agreement with them through the dark days of to transfer money, settle bills and Similarly, we are supporting hundreds Mastercard to extend the benefits lockdown. As a consequence, pay for food deliveries via their of startups across our operating of their payments capabilities to we enter the new year a stronger smartphones. In Pakistan, like many countries to help them achieve merchants and consumers. company — one that understands developing nations, young and fast- commercial sustainability and grow the needs of its customers more growing populations are yearning their businesses. Elsewhere, our Ventures division deeply, and one that has never been for greater financial inclusion, and recently invested in ShopUp, better placed to serve them through JazzCash is enabling a level of As businesses and economies Bangladesh’s leading full-stack digital innovation and empowerment. participation in the financial economy begin the recovery process from B2B commerce platform for that was simply not possible before. a tumultuous 2020, VEON is well- small businesses, becoming its placed to help our customers first strategic corporate investor. At VEON, we believe in the while benefiting from the growth This has enabled our business in transformational power of opportunities that will inevitably Bangladesh, Banglalink, to extend its communications and the ability follow. support to ShopUp’s fast-growing

RAPID DIGITIZATION AND A NEW FOCUS ON ESG CONSIDERATIONS ARE NOW PART OF HOW THE GLOBAL TRADE INDUSTRY FUNCTIONS

NATASHA CONDON Global head of core trade

t’s clear that the global pandemic has been a huge challenge for global trade and its associated payment flows, causing a significant drop in trade activity all over the world. While it has caused an acceleration in some Iof the macro trends in the trade space such as digitization, some of the effects of COVID-19 might be transient in comparison with other factors that have been at play in 2020 — including an evolving world order and the reconfiguration of NATASHA supply chains in response to geopolitical change. CONDON© 2020 PYMNTS.com All Rights Reserved 74 © 2020 PYMNTS.com All Rights Reserved 75 Natasha Condon J.P. Morgan

That said, there are several key improvement compared to where flowing, but also reconfiguring how DIGITAL developments we have witnessed we were a year ago — but in order the global trade industry functions. this year that we believe are now to achieve true digitization in the SOLUTIONS part of how the global trade industry trade space, the many platforms that More generally, we’ve seen a new SIMPLY HAD functions and that we hope will have arisen globally must start to focus on ESG considerations in the TO BE UP AND continue as the economic turmoil effectively interoperate. trade space this year, and we expect RUNNING subsides. that those platforms that offer the During the initial stages of the capability to provide data and tools SWIFTLY IN Rapid digitization was an obvious and pandemic, there was also a huge to support corporate ESG goals ORDER TO immediate impact of the pandemic: focus on managing liquidity in will have a significant competitive ENABLE CLIENTS Paper documents couldn’t move, a challenging environment and advantage in the future. For example, trade transactions were halted and ensuring that it could reach our supply chain finance partner TO CONTINUE TO ships were stuck at ports. Digital the various parts of the supply Taulia is currently working with a DO BUSINESS AT solutions simply had to be up and chain, particularly those smaller sustainability audit company so that A CRUCIAL POINT, running swiftly in order to enable counterparties. What played out, anyone using the Taulia platform for AND THOSE clients to continue to do business at and what perhaps challenged e-invoicing, supply chain financing a crucial point, and those solutions expectations, was a determination or dynamic discounting will also be SOLUTIONS ARE are unquestionably here to stay. among corporates to drive able to monitor the sustainability UNQUESTIONABLY The industry doesn’t want to be in sustainability by using this liquidity performance of their suppliers in real HERE TO STAY. a position where challenges caused to ensure that a diverse range of time, without the need to build their by stuck transactions aren’t able to counterparties could maintain their own connection to an ESG platform. be remedied just because there isn’t operations. That is something else This kind of value-added connectivity a digital channel available. These that we expect to continue into 2021 will be increasingly important to changes represent a significant and beyond. It means keeping trade competitiveness. It’s here to stay.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

DOING WHATEVER IT TAKES TO PROTECT PARTNERS AND CUSTOMERS FROM DIGITAL FRAUD

BRAD WISKIRCHEN CEO

irst and foremost, my wish for 2021 is good health and recovery for the people — the doctors, nurses, healthcare workers, first responders, small business owners, teachers, students, citizens and Fso many more — affected most by the coronavirus pandemic. When I think about how the events of 2020 have affected payments, eCommerce and fraud prevention, I think about how quickly things changed. Some industries saw dramatic changes in transaction volumes, in either direction, overnight. BRAD Others adopted eCommerce models for the first time and WISKIRCHEN© 2020 PYMNTS.com All Rights Reserved 78 © 2020 PYMNTS.com All Rights Reserved 79 Brad Wiskirchen Kount

were caught off-guard by the deluge that were heavily affected by the come out of the fog of COVID to find At Kount, the center of our 2021 of risk and fraud that accompanied it. coronavirus: travel, entertainment, many that businesses we frequented preparations is our mission to do ticketing and events. This activity prior to COVID are gone. whatever it takes to protect our Any business that engaged in will grow as people become more partners and customers from digital eCommerce, especially in 2020, confident in their ability to re-engage For the businesses that remain, fraud. Part of that is helping our experienced the pressures and in life as they knew it due to the evolving and maintaining digital partners and customers understand impact of fraud throughout the availability of coronavirus vaccines. strategies will be a competitive that it’s time to flip the script from customer journey. As a result, advantage. eCommerce companies fraud prevention to establishing consumers and business owners As the post-coronavirus era emerges, will need to think about the entire identity trust with actionable paid more attention to digital the overall economy could bounce customer journey and how to insights and advanced data. As new interactions than ever. Without a back quickly, just as the digital establish identity trust at any point, digital interactions between our doubt, the coronavirus accelerated economy grew unexpectedly quickly even more so than in previous customers and partners and their the adoption of digital interactions in 2020. There will be tailwinds for years. In particular, customer end consumers develop, establishing by three to five years, depending on the historically strong players in the accounts will be vulnerable, as identity trust will be essential for which experts you listen to. So, with verticals that were most damaged. businesses encounter a greater preventing and responding to my wish for health and recovery And there will be a stronger digital number of account takeover attacks. new threats. We will work with also comes a wish for a digital economy for brick-and-mortar Any business engaged in digital our partners, customers and the transformation that’s free from fraud. businesses. However, it’s important commerce or digital interactions with industry to elevate fraud prevention to acknowledge that there could be a their customers would be remiss to throughout the customer journey, As early as spring 2021, I anticipate drag on the economy for restaurants not address account protection by so businesses can stay ahead of the consumers will begin to re-engage and those who have engaged in face- early 2021. evolving eCommerce trends. with companies in industries that to-face business. It’s likely that we’ll primarily operate in the digital space

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

FINANCIAL INSTITUTIONS WILL NEED TO CONTINUE INNOVATING

DOUG BROWN Senior vice president and general manager, NCR Digital Banking

am simply amazed at how well my team, my clients and the industry pulled together in 2020 to conquer significant business and societal challenges. As a result, our communities have grown stronger and I think we Ihave a newfound sense of confidence in our ability to handle change. What I hope we bring with us from 2020 is a positive and caring attitude for all with a passion for continued positive change.

As it relates to banking and the financial ecosystem, we DOUG passed a real-world extreme stress test. From spinning up BROWN© 2020 PYMNTS.com All Rights Reserved 82 © 2020 PYMNTS.com All Rights Reserved 83 Doug Brown NCR

LOOKING the ability to process Paycheck providing connected experience must go beyond just cross-selling Protection Program (PPP) loans in will be paramount. The end-to-end and focus on building trust with AHEAD, days, to executing projects four times integration of channels through individualized tools and guidance. BANKS AND faster than usual, to working 100 to the back office will require an CREDIT UNIONS percent remote, leadership teams enterprise technology platform that 2020 has been a year of anxiety, MUST GO had to pivot, learn and adapt on the allows institutions to be agile and stress, frustration and challenge. fly. It’s been a year of rapid change. respond quickly. But it has also been a year of BEYOND JUST acceleration — giving financial CROSS-SELLING As digital took center stage for The pandemic put a great deal of institutions the chance to evolve AND FOCUS much of 2020, banks and credit stress on millions of consumers and and accelerate in ways they never unions operated in a much businesses. Layoffs swept across thought possible. In 2021, things ON BUILDING more dynamic model. Customer the country, and small businesses aren’t going to slow down. If financial TRUST WITH experience transcended channels, struggled to stay afloat. Consumers institutions want to remain relevant INDIVIDUALIZED and we all learned to harness the and businesses needed tools and and provide the experiences their TOOLS AND organization and technology to advice to manage their financial customers expect, they will need connect experiences with customers situation — and this year has put a to continue moving at lightspeed. GUIDANCE. in a more profound way. As banks renewed focus on those needs. Data The institutions that revert to old continue to accelerate their and personalization was the key to ways of doing things will likely find digital transformation roadmaps, helping customers in 2020. Looking themselves going the way of the de-channeling experience and ahead, banks and credit unions dinosaurs.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

AMERICA: LET’S KEEP THE SPIRIT OF INNOVATION

SETH BRENNAN CEO

n my experience, businesses and people learn and grow best under pressure. But don’t just take my word for it — scientific research shows that constraints are actually conducive to productive breakthroughs and meaningful Ichange. Budgetary restrictions or a tight timeline can push teams to leave the comfort of complacency and discover value beyond their previous expectations.

But let’s be reasonable. 2020 posed more limitations on American businesses than many of us have ever had to — SETH or should have to — contend with. When COVID-19 struck, BRENNAN© 2020 PYMNTS.com All Rights Reserved 86 © 2020 PYMNTS.com All Rights Reserved 87 Seth Brennan North Lane

organizations that were thriving just marketplaces and adapted brick- businesses and consumers to stay THE PAYMENT a few months prior temporarily shut and-mortar locations to serve as agile in the face of unprecedented their doors, found new ways of doing fulfillment centers. And making needs. LANDSCAPE AS business and implemented austerity payments touchless, faster and more A WHOLE HAS measures — all while offering flexible has arisen as a top priority The truth is, there’s no going back EVOLVED WITH support to employees grappling with with benefits far beyond meeting the to slower-moving pre-pandemic SIMILAR SPEED, the far more personal ramifications present moment’s challenges. times, and continued growth means of this global health crisis. This embracing both the operational ENABLING happened amid political turbulence Here at North Lane, the extraordinary efficiencies and the new consumer BUSINESSES and a nation divided in its attitudes demands of 2020 led us to discover mindset that has emerged from AND CONSUMERS regarding not just COVID-19, but also that we could deploy a custom- this crisis. It’s our job to keep the critical issues of the day. branded, payment disbursement building on these breakthroughs — TO STAY AGILE program in a single day. Our client whether that’s with faster digital B2B IN THE FACE OF At the same time, these complex required immediate digital delivery payments or simpler cross-border UNPRECEDENTED challenges led to meaningful of emergency funds to workers commerce. In 2021 and beyond, NEEDS. innovation that will outlast the impacted by COVID-19. Necessity my hope is that we will maintain pandemic — particularly in the sparked invention and the drive to the flexibility, agility and spirit of payment space. Restaurants implement the program — from innovation we honed this year — adapted their ordering and payment signature to launch — overnight. removing constraints that aren’t systems and changed their menus, Frankly, we weren’t sure if we conducive to progress, and making making virtual and takeout-friendly could pull it off — but we did. The it possible for everyone to shop, pay options commonplace. Retailers payment landscape as a whole has and work anywhere in the world. found new footing on eCommerce evolved with similar speed, enabling

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

BALANCED APPROACH TO ENSURE ZERO MARGIN BETWEEN POLITICS AND TECHNOLOGIES

ANGÉLICA LEÓN Chief Strategy Officer

020 seems to have been a turning point for digitization and an opportunity to reassess major business disciplines and operating models across all industry sectors. With the effects of 2supply-chain shocks and corresponding shake-up in the microeconomic scenes, this year was a challenge for many established companies, while new players have sought to position their business models to capture the market share of ANGÉLICA incumbent organizations. LEON© 2020 PYMNTS.com All Rights Reserved 90 © 2020 PYMNTS.com All Rights Reserved 91 Angélica León OMNi

With the key theme of disruption, competitive rivalry from new service public for its payment needs, to financial services — we are and its corresponding regulatory models, while ensuring that there beginning with integrating our confident that this has generated response to facilitate progressive is an implicit sense of responsibility e-wallet functionalities to be more greater impact and ROI from the innovation, one hope that I have and accountability. interoperable. From that point on, development of our proprietary for the world is more on the we have focused on further vertical technologies around an urgent need socioeconomic side — the one that Legacy banks tend to be more risk- development by developing QR- for the local economy. sometimes acts as the “invisible averse toward emerging financial enabled payments built on a closed hand” in economics. As technologies technologies, only to explore our and independent payment network, Overall, this year has been one of continue to converge and reevaluate playbook at a later stage. In terms which has now given OMNi the the most disruptive times in our current norms in the business of the overall competitive rivalry, competitive edge as the first provider memory — and for many businesses, environment, there has been much especially in these more fragmented of such payments in our region. there have been both fortunate tumult from the political aspects of markets, the focus around and unfortunate events. With OMNi many tech-leveraging companies. technology-leveraging platforms These directions were accelerated and the market environments in There will always be parties inclined revolves around ensuring their due to the uncertainty in our which we operate, it has been a to exploit these motives, where market control, without the forward- business environment while we moment where the playing field has technologies become ever more thinking orientation that we hope to decided to leverage this opportunity been leveled, truly showcasing the omnipotent, and syndicates and see as their foundation. for greater mass adoption for these capacity of more agile “Davids” to public sectors are initially inclined new features. Although it may redefine the competitive dynamics to steer away. I wish to see that for At OMNi, we have pivoted our core have been risky for any startup to against the heavier “Goliaths” in many 2021, the world will discover a more business focus and development drastically pivot its core offerings — industries. balanced approach that doesn’t stifle to offer an alternative to the in our case, from mobility solutions

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

2021: THE YEAR OF SMALL BUSINESS

YITZ MENDLOWITZ Founder and CEO

ooking back on what has been a challenging year, my thoughts are on small businesses. We’ve seen first-hand how local establishments have struggled. In my neighborhood, many staples of the Lcommunity have closed. So, it is my sincere hope that in 2021 small businesses are able to surmount the challenges of the pandemic and thrive.

From conversations with friends and reading newspaper statistics, I know that Americans are dedicated to increasing YITZ their support of local businesses going forward. I hope MENDLOWITZ© 2020 PYMNTS.com All Rights Reserved 94 © 2020 PYMNTS.com All Rights Reserved 95 Yitz Mendlowitz PAAY

that these good intentions make that 86 percent of all chargebacks Those businesses that converted pick-up and shoppable social media, a difference and allow small are probable cases of chargeback saw their chargeback rates drop these groups will only continue to businesses to persevere. fraud and for every dollar of fraud almost immediately and we are increase their online buying habits. committed, U.S. retailers incur $3.13 over the moon to have been able This growth in the eCommerce I know that through my work I have of costs. This represents an ongoing to contribute to businesses’ survival shopper demographic further also endeavored to support them. problem the industry has faced. The by making the transition to an validates why eCommerce is here to As an entrepreneur, I recognize rails of the payments industry were “eCommerce first” model smoother. stay. the challenges of adapting to new not built for eCommerce and have circumstances. One hurdle that long remained that way. I believe that businesses can As the PAAY team looks ahead, we many of these businesses faced prepare for 2021 by prioritizing the are working to continue empowering for the first time was the transition But eCommerce fraud solutions implementation of these remote our customers by providing them to eCommerce. With the shift to like our EMV 3DS have offered relief. payment security solutions. The with secure payments. Many small online shopping greater than ever, Earlier iterations of EMV struggled to adoption won’t only be important businesses are not converting to businesses were forced to convert perform user authentication without for the duration of the pandemic fraud prevention techniques because to online. But in many cases, your disrupting the consumer. Our EMV but it will also set businesses up for they don’t know they exist or why local pizza shop or bookstore never 3DS addresses these shortfalls and success in years to come. they need them. Having never run an expected to do so and were not is designed specifically for remote eCommerce business before, they prepared. commerce transactions. Previously, younger generations don’t know about the dangers of made the majority of eCommerce card-not-present fraud. But with an Even as they converted to online We’ve seen businesses’ investment purchases. But as a result of the effective fraud prevention solution, payment transactions, they faced in 3DS increase rapidly. At PAAY, pandemic, older generations were businesses can successfully adapt. yet another major challenge: online we have seen a YoY growth of over forced to adapt as well. Now more We’re here to help them do just that. payment fraud. It is estimated today 150 percent in new customers. comfortable with delivery, curbside

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

THE PAYMENTS INDUSTRY CANNOT BE COMPLACENT ABOUT SUPPORTING SMALL BUSINESSES

JONATHAN HUGHES Co-founder and CEO

he COVID-19 pandemic of 2020 has required the world’s governments to make some incredibly difficult trade-offs, including weighing preserving public health, personal liberties and the ability for Tpeople to earn a living and run their businesses.

Unsurprisingly, most of the world has prioritized public health. However, as we look forward to more effective vaccines becoming available in 2021, we must seek to rebalance this, and help individuals and small businesses get their finances JONATHAN back on a sound footing. HUGHES© 2020 PYMNTS.com All Rights Reserved 98 © 2020 PYMNTS.com All Rights Reserved 99 Jonathan Hughes Pollinate

Pandemic or not, payments provide that are constantly pushing to around how to protect themselves world and encourage more small the lifeblood of small businesses. reduce friction end to end for their from the risk of fraud. businesses. The good news is that throughout customers and partners. And from a 2020, the payments industry has safety angle, we’ve seen COVID-19 act Finally, a challenge to the industry The payments industry has been been rapidly innovating and seeking as a catalyst for many merchants to — in an environment that is able to support many businesses to simplify and automate processes start accepting card payments, and increasingly complex — is how to and enable them to continue running for merchants and consumers alike. particularly to embrace contactless make payments simpler and more throughout the pandemic, but we But we could be doing more. As as a method of reducing the risk of cost-effective for small businesses cannot be complacent. We should an industry, we, together with our passing infection between staff and as they look to rebalance their books. continue to find new ways to help regulators, have a duty to ensure customers. In the U.K., many banks, including small businesses weather the that every business can be paid by NatWest, waived fees for a period of storm and thrive in 2021. The new its customers in an efficient, safe, Fraud and security issues are time to help their merchant partners technologies and payments rails that risk-free and economical way. This is significant problems faced by all alleviate financial strain. There is connect consumers and merchants even more important as we support businesses, but small businesses an argument for our industry to provide a unique opportunity to businesses coming out of the crisis. often have less resources to recover. reconsider how to become fairer transform the prospects for small In the wake of the pandemic, many and more transparent around businesses everywhere, but also The payments industry has always were forced to digitize — perhaps charging fees to entrepreneurs and present huge challenges that we excelled at efficiency, as is evident before they were ready — and will merchants, as we collectively look must lean into, not shrink from. in the myriad FinTechs and banks continue to have very valid concerns to boost economies around the

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

ACCELERATED DIGITAL-FIRST STRATEGY DRIVES PRIORITIES FOR 2021

CHUCK FAGAN President and CEO

020 has been a year like no other, yielding unprecedented challenges as the United States faced a global pandemic and civil unrest, among other unexpected events. Our resilience was 2tested, forcing the world to unexpectedly adapt how we live and work. It was a year in which the credit union philosophy of “people helping people” took on an even deeper meaning, and it was inspiring to see how our industry came together to help CHUCK and support CU members and each other. FAGAN© 2020 PYMNTS.com All Rights Reserved 102 © 2020 PYMNTS.com All Rights Reserved 103 Chuck Fagan PSCU

As we look to 2021, there are a “Eye On Payments” study, and expect to advance our industry and meet owners in planning for the evolving, number of key drivers reshaping that it will continue to impact what the rapidly evolving needs and digital-first reality that 2021 will bring. how credit unions operate and services we provide in 2021. expectations of consumers. best meet the needs of their As we enter the new year, which will members, with digital solutions My wish for America and the world At PSCU, we have proactively undoubtedly bring new challenges, and innovations at the forefront of is that we all continue to exhibit the prepared for the shifts in digital now is not the time to de-invest these expectations. Even before resilience that has allowed us to habits of credit union members, in technology, innovation or talent. the pandemic, shifting consumer persist during these unprecedented supporting our owner CUs’ needs Building on what we have learned in preferences were becoming times. The challenges we have for digital modernization by 2020, our industry has an opportunity apparent in the digital space, with collectively faced this year will not offering a full suite of payment to play a key role in the successful more consumers adopting online disappear or resolve when the clock offerings. Contactless and digital transition to the “next normal” and to banking, downloading payments strikes midnight on Jan. 1, 2021. We issuance will continue to be key support the economic recovery in a apps and changing the ways in which must remain committed to adapting, growth areas, especially in light of post-pandemic world. they interact with their financial adjusting and recovering from any COVID-19, while we also continue institutions. COVID-19 has fast- future difficulties we may face, while to expand our self-service tools tracked these changing preferences, also continuing to move ahead and other digital solutions. Building with digital banking gaining traction with a forward-looking approach. on our momentum in 2020, we and contactless forms of payments With this in mind, we can endure are confident that our continued rapidly gaining momentum. We unanticipated events and enable strategic investments — along with continued to see this trend take ourselves to innovate and elevate our own digital transformation — will shape in the results of PSCU’s 2020 our offerings, services and solutions leave us well-prepared to assist our

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

A BRIDGE TO RECOVERY AND REVENUE WITH HEALTHCARE PAYMENT TOOLS

DOMINICK COLABELLA CEO

irst and foremost, it is my wish that the Rectangle Health family across America enjoys a healthy and prosperous 2021. This includes our clients and their patients, as well as my team and their dependents. FAs part of the very industry on the frontline of the pandemic, I continue to witness healthcare professionals responding to incredible challenges with perseverance and fortitude. For the past 27 years, Rectangle Health has supported the healthcare industry, and is committed to helping them emerge through DOMINICK this crisis stronger than ever. COLABELLA© 2020 PYMNTS.com All Rights Reserved 106 © 2020 PYMNTS.com All Rights Reserved 107 Dominick Colabella Rectangle Health

This past year, we’ve seen healthcare and recurring methods — as early Rectangle Health educates practices 2020. I truly believe that my wish quickly execute massive change in the patient journey as possible on the capabilities of our technology for a safe and prosperous 2021 in the areas of practice safety and can achieve these positive results. that both address patient payment for the healthcare industry — and protocols, a striking contrast for The patient-centric healthcare shift and billing pain points, and also all Americans — can be a reality. an industry that has historically is well underway, and by providing provide streamlined, contactless It will take tried-and-true hard been challenged to implement new patients with flexible options to payment features that speed up the work, assisted by leading-edge processes and systemic changes. pay, whether at the point of care or time in which the office receives technology to push through and Practices may have adopted new after business hours have ended, payment. By giving the patient more come out stronger than ever. In our technology out of necessity, but it providers meet their preferences ways to pay, practices encourage market, widespread adoption of new is my wish that they fully embrace while increasing the rate at which more timely payments and an payment methods, remaining intact the changes and benefits that they get paid for treatment. improved patient experience. Aligning after the pandemic, paves the way accompany this technology in 2021. to a contemporary consumerism for practices to continue to adapt As a result of adopting this change, As a healthcare-focused technology model is key to improved patient innovative technology that enhances healthcare practices will continue company, Rectangle Health is satisfaction, and that satisfaction is the provider and patient relationship. to recognize the benefits from new, acutely aware of the concerns of crucial to retaining current patients Rectangle Health, through its practice contactless payment processes the organization. Throughout our and attracting new ones. management interface and digital by seeing significant increases in company’s history, we have not only payment tools, will continue to administrative efficiency, bottom-line answered client demand, but have The new year is a critical time for support healthcare organizations to numbers and patient satisfaction. also anticipated the technology that practices to position themselves recover and thrive. practices will need in order to grow, to rebound from the challenges of Healthcare practices that offer and that will continue to be our flexible and convenient types of mission in 2021. payment — including contactless

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

A NEW WORLD ORDER: OUR HOPES FOR THE GLOBAL ECONOMY AND eCOMMERCE INDUSTRY

OLIVIER SCHOTT Co-founder and chief product officer

ike many others, we at Scalefast are hoping for a swift recovery from the events of 2020 — both in terms of world health and the global economy. With help on the horizon, there is a feeling of hope Lin the air — yet we know that the effects of this pandemic will continue to play out over the next 12 to 24 months as vaccines are deployed, treatments are developed and the economy begins to come back to life. At Scalefast, we are hopeful that 2021 will bring more of the following: accelerated OLIVIER globalization, the expansion of free trade, and increased SCHOTT© 2020 PYMNTS.com All Rights Reserved 110 © 2020 PYMNTS.com All Rights Reserved 111 Olivier Schott Scalefast

tax and regulatory guidance for the globe for sales while building their supply chains with “China experiences for even the most retailers as they begin to navigate international D2C channels that are Plus One” and other strategies for traditional of product categories. international eCommerce markets. resilient and digital-first. sourcing and manufacturing. The Mobile, instant, contactless and pandemic, along with other climate peer-to-peer payments are Accelerated Globalization to Expansion of Free Trade for disasters we experienced in 2020, increasing exponentially, along with Drive eCommerce Growth Accessible Supply Chains is a symptom of a planet pushed to an explosion of buy now, pay later One of the biggest shifts in recent and Transparent, Sustainable the brink ecologically. We hope that (BNPL) FinTech startups and mobile years has been the exponential Sourcing 2021 sees more brands and retailers wallet functionality. Cyber fraud growth of international data flows The expansion of free trade will implementing practices that support will continue to be a challenge as and cross-border bandwidth. With be critical in the global economic sustainability, human rights, labor rates of global poverty increase and the rise of eCommerce and the recovery. To jump-start growth, we laws, environmental justice and other more consumers shop online, and expansion of mobile and digital hope policy makers around the ethical business practices. we anticipate the downward trend technology adoption across the world will consider new trade deals, in credit card use to continue. As globe, consumers are liberated from updated agreements and renewed Increased Guidance for more companies navigate this new traditional marketplace restrictions partnerships to take quick action Companies Navigating and fractured payment marketplace and are shopping across borders. toward economic stabilization. The International Taxation and online, we hope retailers and Brands are selling to the most pandemic forced many companies Regulatory Compliance businesses devote considerable diverse global coalition of customers to reconsider and rework their Consumers are steadily shifting time and resources to navigating and ever, as shifts in demographics supply chains to cope with global to eCommerce channels. From understanding international payment, and spending power continue to disruptions. We hope that companies groceries and prescriptions to taxation and regulatory compliance accelerate. We hope businesses and double down on their commitment Christmas trees and cars, online landscape. retailers will continue looking across to expanding and crisis-proofing shopping is replacing in-person

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

IMPORTANCE OF HEALTH AND SAFETY (ALONG WITH PAYMENTS FLEXIBILITY AND OPTIMIZATION)

JUSTIN BENSON CEO

hile there have certainly been shifts in how organizations operate in 2020, our customers have continued to require the flexibility and optimization that payments Worchestration brings to their digital payments. These needs have only increased as we’ve all moved so much of our lives online.

The $3 trillion eCommerce market is growing faster than ever JUSTIN in the wake of the pandemic. Our customers are merchants BENSON© 2020 PYMNTS.com All Rights Reserved 114 © 2020 PYMNTS.com All Rights Reserved 115 Justin Benson Spreedly

and platforms that operate help solve this challenge by injecting In 2021, we also expect to see across many industry verticals, flexibility into digital payments continued growth in the strategic PAYMENTS including order ahead and food through our Payments Orchestration side of Payments Orchestration, ORCHESTRATION delivery, eCommerce and digital technology. mainly in the optimization of PROVIDES THE entertainment, which have grown payments. Intelligent routing of SOLUTION TO and expanded significantly in our We expect to continue to see transactions and provider-agnostic INTEGRATE post-COVID world. Allowing our fast-growing organizations driving network tokens are giving merchants customers to adapt and grow under adoption of Payments Orchestration. the ability to shift payments from EASILY WITH these market conditions is core to Platform organizations, for example, a cost of doing business to a true THE MANY our mission of supporting an open have leaned heavily into Spreedly in value-add. More importantly, these GATEWAYS AND payments ecosystem. solving real business problems for organizations are seeing real returns PSPs BEING so many merchant customers (and, in the form of additional revenue as a As these organizations move to in turn, their customers). Payments result. BROUGHT TO capture business online, securely Orchestration provides the solution THE TABLE accepting payments from customers to integrate easily with the many Overall, the biggest thing we hope BY THEIR and providing a great customer gateways and PSPs being brought to see in 2021 is that everyone stays experience is a massive challenge. to the table by their customers. This healthy and safe. CUSTOMERS. Merchants are forced to pivot their allows the platforms to onboard new business model quickly as they customers and deliver value quickly struggle to accept payments the way while also freeing up resources to their business requires. We’re able to focus on their core business needs.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

INNOVATIONS THROUGH UNCERTAINTY

NAT SALVIONE Chief commercial officer

he year 2020 will definitely be etched in our consciousness for a long time to come. It has been a year of tragedy and suffering and also disruptive, positive change. It is impossible to Treflect on almost any aspect of 2020 without acknowledging the greater geopolitical and cultural forces that shaped it. In the middle of all the uncertainty, however, there has emerged real innovation and my hope for 2021 and beyond is that these innovations continue to thrive. There are two specifically that I’d like to highlight for this eBook: the use of pay-ahead apps NAT and remote team engagement. SALVIONE© 2020 PYMNTS.com All Rights Reserved 118 © 2020 PYMNTS.com All Rights Reserved 119 Nat Salvione Tango Card

Pre-2020 the experience around we’re all the better for it. This past year, with a lot of us working from virtually. This always involved sending paying ahead for pickup or delivery week I sat down in an outside tent home every day became our reality. a digital gift card for a delivery service was all over the place. It was not for a quick bite. On the table was This forced all kinds of innovation — or take-out restaurant. It took us that long ago that ordering a pizza a QR code to scan and order (with the video conferencing app we use several months before we hit our for delivery included that awkward all customizations available right in seemed like it was adding features groove working remotely. Now that moment where you handed the the browser app). The food came every week! Figuring out how to keep we are humming along, I hope this driver your card and they processed out and was enjoyable. I paid for the our teams motivated and connected way of working continues. All of the the transaction and asked for the meal right in app and left. The whole week by week proved challenging. innovations around infrastructure, amount of your tip. For an introvert experience was safe, pleasurable and Prior to quarantine we loved our collaboration apps and video like me there was always a moment seamless. I’d enjoy that experience happy hours … I remember in March conferencing truly helped. Looking of anxiety. It also wasn’t that long ago every time — even with no virus. It is as the social distancing orders were forward, it would be ideal to have a when ordering ahead for pickup at clear that how we order and pay is given, we thought it would be a good daily choice to work from the office a retail location almost guaranteed critical for the post-pandemic world. idea to replicate happy hour — but or remotely and both be equally a misadventure at some point along remotely. This involved everyone effective. the perilous journey. Throughout Which brings me to the second snacking and drinking at home — but 2020, however, restaurants, retailers area I hope not only continues with their cameras on. Needless to As we head into 2021 it is clear that and grocery stores have had but flourishes — remote team say, that didn’t quite cut the mustard. we’re starting the new year with to innovate to be relevant. The engagement. Prior to this year some We had to rethink everything. One more uncertainty. One thing we do experience of ordering and paying in companies had already nailed how to thing we did which proved effective know though is that the innovations a socially-distancing world became work effectively remotely, but it was was to recognize and reward key in the payments space will continue efficient and predictable — and the exception and not the rule. This accomplishments and employees and help us through.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

H OW C OV I D-19 ACCELERATED THE ADOPTION OF DIGITAL PAYMENTS IN THE CRYPTOCURRENCY SPACE

DANIEL GOULDMAN CEO

irst and foremost, I hope that people are safe and healthy. COVID’s damage has been far-reaching in spirit, body and mind in a way we have never experienced in modern history. It has been a Fdark storm that wreaked havoc over our communities and businesses, leaving empty hospital beds and shuttered businesses in its wake, but there’s reason to have hope that 2021 will not be a sequel to 2020.

As to the payments business in 2021, don’t call it a comeback; DANIEL I’ve been here for years. The “new era” has arrived as the GOULDMAN© 2020 PYMNTS.com All Rights Reserved 122 © 2020 PYMNTS.com All Rights Reserved 123 Daniel Gouldman Ternio

challenges of 2020 have facilitated services businesses, consumers … In testimony to the U.S. House Blockchain technology, the underlying an acceleration of the trend toward almost every human being on the Committee on Financial Services, the force of all cryptocurrencies, is going mobile and digital that was already planet will be directly impacted. Acting Comptroller of the Treasury to disintermediate the underlying happening. What was a steady Brian Brooks recently compared business models of most financial stream is now an unobstructed When most people hear cryptocurrencies to the ACH system. services and payments industry waterfall. cryptocurrency, they think of He argued that both ACH and companies. bitcoin. The truth is that bitcoin is cryptocurrencies are private payment With payments trending toward to cryptocurrencies what the Model networks; while bank ACH is only Many big brands in the banking/ digital, it is inevitable that T was to the automobile industry. controlled and accessible by banks, payments industry have accrued cryptocurrencies will dominate Eighty percent of worldwide central cryptocurrencies are controlled by large debts built on business models the payments industry in the years banks are presently researching no one and accessible to anyone. promising more revenues built on to come. Consumer adoption of central bank digital currencies additional fees using old technology. cryptocurrencies parallels consumer (CBDCs), according to a 2020 Out of the 10 largest companies The old gatekeepers will eventually adoption of the internet in the mid- study by the Bank of International in the world ranked by market find that the tectonic plates within 90s. Just as the internet changed Settlements. Central banks have capitalization, seven of them directly the payments industry have already the way humans communicated publicly stated that value transfer compete in the payments space. moved underneath their feet, but by and gained access to information, on top of blockchain technology is Cryptocurrencies are money-as- then it will be too late. cryptocurrencies (specifically cheaper, faster and more secure software that afford relatively small stabletokens) will change the way than the legacy financial payment FinTechs the ability to compete humans interact with money. Its networks. against the multi-national companies impact will be felt by banks, money worth hundreds of billions.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

2021 INNOVATION GOAL: BETTER PAYMENTS FOR ALL

RUSS WATERHOUSE Executive vice president, product development and strategy

he No. 1 wish on my list — and I hope everyone’s list — is the end to the COVID-19 pandemic, which continues to cause so much suffering around the world and is preventing people from Tliving their lives as normal. The inability to “live your life” has repercussions across society and the economy, as people are unable to safely visit loved ones, travel, dine out, meet with friends, attend community events, and so on. Luckily, as I write this, numerous vaccines are being deployed or are in the final stages of testing and approval, which should help to RUSS drastically reduce the pandemic’s impact by mid-2021. WATERHOUSE© 2020 PYMNTS.com All Rights Reserved 126 © 2020 PYMNTS.com All Rights Reserved 127 Russ Waterhouse The Clearing House

With the entire nation hurting from jobs annually — and the growing funds sent instantly over the RTP THE the pandemic and as we begin to segment of “micro merchants” network to their account at the end rebuild in 2021, we need to make need faster access to funds during of every business day. ASPIRATION sure the payments industry provides these times of economic stress to FOR TRUE better ways to serve everyone, purchase inventory, pay bills and pay So, while the big wish for America is PAYMENTS not just micro-targeted solutions employees. to get past the COVID-19 pandemic INNOVATION that cater to the tech-savvy. The — which will remove the biggest aspiration for true payments On the RTP® network, FIs and their obstacle to a broad economic SHOULD BE innovation should be better customers are finding innovative rebound — payment providers have BETTER payments for all. ways to offer real-time payments. a role to play, too. The RTP network PAYMENTS For instance, more companies are provides immediate availability With this in mind, financial providing “pay on demand.” Grubhub of funds, and as RFP (request for FOR ALL. institutions (FIs) continue to enhance now offers drivers the option to payment) begins to scale in 2021, their digital platforms to provide receive a real-time payment so it will offer consumers a new level better services and payments for they can access their earnings of control, transparency, safety and their customers. Many are living immediately at the end of every shift. speed. Combined with more FIs paycheck to paycheck, and others Similarly, micro-merchants, such as joining the network, this will ensure who have lost jobs due to the a vendor at a farmer’s market or a that more individual Americans pandemic need to be able to access craft seller on Etsy, are getting instant and businesses have easy, fast, and use their money instantly. access to funds through Square. And 24/7 access to the money in their Likewise, small business owners — the merchant acquirer Elavon offers accounts. This will, in a small way, who are responsible for the creation small businesses, such as a local help the economy stabilize and grow. of 64 percent of new private-sector eatery or gift shop, the ability to have

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

HERE’S TO (BUYER AND SELLER) UNITY IN 2021

CHRIS FULLER President

s we raise our socially-distanced glasses to toast the start of the new year, “unity” will likely be on the minds of many. But that sentiment will take on a different meaning for payments Aprofessionals who are weary from years of grappling with the costs, complexities and risks caused by the gulf that exists between buyers and sellers. Payments professionals are more determined to bring buyers and sellers closer together to effortlessly exchange payments and related remittance data, without the need for keying, paper shuffling or time wasted CHRIS chasing down information. Until recently, resolutions to unite FULLER© 2020 PYMNTS.com All Rights Reserved 130 © 2020 PYMNTS.com All Rights Reserved 131 Chris Fuller Transcard

buyers and sellers rang as hollow as It’s not that buyers and sellers don’t Why Businesses Will Rethink preferred online or mobile banking promises to eat better, spend less want to come together to achieve Payments in 2021 channel. ERP integration connects and work out more. frictionless commerce — it’s that the buyers and sellers and facilitates Account-to-account (A2A) systems, processes and standards the exchange of data without automation will make this a reality But a new approach to payments that businesses use for handling B2B the burden of a costly, resource- for more buyers and sellers in 2021. automation makes me optimistic payments have stood in the way. intensive project. And payment that 2021 will be the year that The unique logins and passwords, A2A solutions combine request services manage a directory of businesses digitally connect to one account requirements, file formats for payment (RFP) functionality, trading partners, payment terms and another to eliminate friction in the and proprietary integrations for accounts payable and accounts preferences, standard reconciliation way they pay and get paid. various fragmented competing receivable invoicing, ERP integration data and banking accounts details systems limit opportunities for and payment services onto a single (i.e., the bank routing number and B2B commerce has long been automation, increase fees and solution. account number). plagued by high administrative result in inefficiencies across the costs, process inefficiencies, long B2B payments lifecycle. Making The RTP network facilitates the Digitally connecting buyers and cycle times, data siloes and risk. matters worse, many businesses use immediate transmission and sellers through their banks and ERPs The operational disruption and spreadsheets to manage payment settlement of payments and the means B2B payments and related economic pressures caused by the terms and to reconcile payments exchange of standardized and data flows can be fast, transparent pandemic exposed and exacerbated and invoices. enhanced remittance data. Invoicing and more secure. With an A2A the shortcomings of B2B payments. capabilities enable suppliers to solution, this is more than wishful The late payments caused by B2B Reducing this friction requires new instantly present invoices via an thinking — it’s a priority in positioning payment issues went from being a thinking about how B2B commerce e-invoice 24/7/365 for initial or buyers and sellers for the economic nuisance to a grave concern. gets done. recurring bills in their customers’ recovery.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

ACCELERATING SUBSCRIPTION GROWTH IN THE NEW NORMAL

SHARATH DORBALA CEO

ubscription services have proven resilient in the face of the pandemic. However, as we get ready for 2021 and a post-pandemic world, the secret to continued growth is in taking subscriptions to Sthe next level. Three trends will help subscription businesses meet these goals: bundling, enhancing the user experience and redoubled customer retention efforts.

The recurring revenue bundle is one of the most powerful SHARATH trends to achieve growth. While it’s been a timeless strategy, DORBALA© 2020 PYMNTS.com All Rights Reserved 134 © 2020 PYMNTS.com All Rights Reserved 135 Sharath Dorbala Vindicia

over the past year businesses have • Partnership bundles: To deliver that kind of experience, reducing passive churn — which increasingly latched onto the power This is when two or more companies must go beyond the is when an account is terminated of bundling in driving brand affinity, subscription businesses link up to traditional approach to identity, which unwillingly because of payment customer growth and retention. form a strategic partnership (like has been focused on usernames failure — is a different story. There are three major bundling Spotify and Hulu). Joining forces and passwords. They need to assign categories: can deliver new benefits, value or individual users their own digital Despite the efforts in experience convenience to the existing user identity and help them manage enhancements that address active • Organic bundles: base. it across the entire service. That churn, many are less equipped Multiple products/services offered way, subscriptions can continually to deal with passive churn. This by a single company, such as With the subscription industry personalize the experience for each is because the risk is not well those typified by tech giants (like flourishing despite the pandemic, user — curating content according understood, or businesses are the six-in-one Apple One bundle) there’s more opportunity than ever to to profile information and activity not leveraging available tools to that have the scale and product find complementary services across history, for instance — increasing successfully deal with passive churn. diversity to create their own the subscription ecosystem that can their stickiness and preventing churn. When addressed with the right bundles. enhance a company’s offering and approach, reducing passive churn stand out from the crowd. Speaking of churn, a continued can result in an immediate increase • Aggregator bundles: emphasis on customer retention in monthly revenues. Aggregators are businesses that Another important 2021 trend will is a must for growth through 2021. offer third-party subscriptions be an increased emphasis on the Every subscription business faces In summary, bundled subscriptions, to their customer base, like a customer experience, providing churn as a major obstacle to growth. enhanced user experience and telecom or bank would offer a seamless, easy to manage and Many businesses are focused on increased customer retention (for example, the entertainment personalized journey at every step. combating active churn when a strategies can help subscription subscription partners that Verizon That means treating each individual customer makes the decision to businesses succeed in the coming offers). user attached to a subscription as leave on their own accord. However, year. a separate person with their own • preferences and expectations.

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

WESTERN UNION: GLOBAL CITIZENS ARE THE HOPE FOR THE FUTURE

HIKMET ERSEK President, CEO and director

s a migrant myself, I’ve often written about the courage and resilience of my fellow migrants — or global citizens, as we often call them at Western Union. Many travel vast distances Ato often-unfamiliar places to work in jobs that usually are deemed essential; others bring their education and lucrative skill sets to places where they can find the highest rewards. Still, others cross borders to study and obtain skills to carry HIKMET back to their home communities. ERSEK© 2020 PYMNTS.com All Rights Reserved 138 © 2020 PYMNTS.com All Rights Reserved 139 Hikmet Ersek Western Union

What all these people have in • In the face of great economic with alternative-but-stringent women and men will not let it stand common is their motivation: uncertainty, we saw people identification requirements between them and their dreams of To do better. To do better for sending home money to help adapted to a virtual environment. a better future for themselves, their themselves, their loved ones, their their loved ones, despite their loved ones and their communities, home countries and — all too own fears of economic insecurity; In times of crisis, we often talk about old and new. often overlooked — their adopted remittance-senders as “economic countries. By making themselves and • As lockdowns across the first responders,” and such they So as the year comes to an end, I their futures stronger, they make all world closed businesses and showed themselves to be this year: say thank you to my fellow global of us and all our futures stronger. kept people inside, we saw first on the scene for their loved ones citizens for the lesson in resilience unprecedented numbers of with their financial support, their and for demonstrating once again I’m particularly reminded of this right customers adopt a work-around, courage and their hope. how much people can accomplish now, as we (hopefully) turn a corner sending and receiving money via when they refuse to be held back, toward the end of a pandemic that our digital tools from the safety of All of these things, plus the priceless are driven by ambition and embrace has brought disruption, loss and their homes; contributions our employees, the possible. As we think about the grief on a scale that respects neither partners and agents all over the things and people changed or lost political, social or economic borders. • As the need for immediate world have made to keep our this year, and still to be, I hope we funds for food, rent and services working, have left me also will think about what we have Last spring, when the fear and medicine became more acute grateful, hopeful and more in been shown: Courage. Resilience. upheaval brought by the COVID-19 worldwide, we saw governments awe than ever of the resilience of Resourcefulness. crisis was becoming apparent to and regulators cooperate on migrants and global citizens. Whether most of us, we at Western Union saw bold steps to ease the flow of a border is geographical, political, something more: money across their borders economic or technological, these

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

2021 INDUSTRY OUTLOOK: ACCELERATING CHANGE IN B2B PAYMENTS

JAY DEARBORN President, Corporate Payments

n many ways, the unforeseen events of 2020 accelerated the digitization of outdated, manual processes for companies around the world. For the payments industry specifically, the pandemic catalyzed Itransformation that was slowly building up over time but is now viewed as critical to economic recovery — we’ve reached the digital tipping point. As we head into 2021, there are three key trends to consider when thinking through opportunities JAY within the payments sector: DEARBORN© 2020 PYMNTS.com All Rights Reserved 142 © 2020 PYMNTS.com All Rights Reserved 143 Jay Dearborn WEX

Payments Digitization Will catalyst to a new era for the industry. and we think this will be the key relationships for support and Maintain Momentum Over three-quarters (78 percent) to sustaining healthy momentum, guidance. They’ll lean on them agree that “Payments transformation innovation and a competitive peer even more in 2021 to figure out 2020 was the year that put digitizing will define the next chapter for set within the payments sector. On the integration, administration and payments on the map. What was FinTechs and their customers.” the FinTech side, some new market compliance around payments. In once a low-priority, major overhaul entrants have built outstanding order to fully digitize back offices quickly became an urgent shift Acquisitions May Continue, software, but possess no entry in the B2B space, businesses will critical to enabling remote working, But Collaboration Will Thrive point into the FIs that could truly see that you need to couple data boosting cash flow, and enabling benefit from it. For that reason, we’re with the payment itself and be able commerce. We’re expecting Today’s global companies are also expecting FinTechs to track to pass that between different AR organizations to continue to invest in placing high value on the partners down partners that can help bridge and AP workflows. In many ways, their need for modernizing payments that can help them improve the their world with that of the larger the payment coupled with the data processes across the board. With procurement of goods and services institutions. becomes the passport to bridge the economic recovery at top of mind, through modern technology. For two. A full optimization of the B2B businesses will adapt at record some entities, partnership is just the AR and AP Will See the Value payments process is still years away, speed and modernize wherever they beginning, and the end result is a in Building a Data Bridge but more investment in digitization need to in order to cut expenses, high-profile acquisition. Corporations will create a major milestone in improve productivity, and maintain are attempting to scale these novel The AR/AP world will experience a connectivity between AR and AP. revenue streams. Our new research solution providers via M&A, but this long-overdue shift and data will sit reinforces this assumption and has propelled the FinTech industry at the center of this shift. Current In 2021, WEX is well-positioned to underpins the digital payments toward exceedingly high multiples AR and AP programs speak different take advantage of these trends. tipping point as a top priority for and growth at negative returns. system languages and they need a As the needs of our partners and U.S. executives, with 81 percent of translator. The profound changes customers evolve, we continue to executives from the financial services Instead of consolidation, a long-term in workplace and business models innovate and introduce new industry- sector agreeing that technology solution that should be considered resulting from the pandemic, leading solutions. Given WEX’s and innovation in the supplier is white labeling via partnership. however, have made this challenging existing broad set of products and payments space can help generate At WEX, we’re seeing continued to accomplish internally. We’ll capabilities, we are confident in the new revenue. Respondents from the interest in white labeling among the see more corporations turn to future and taking advantage of the FinTech subsector see payments as a traditional financial institution space, their trusted FI and technology changes in our industry.

2021 IS THE YEAR OF RECOVERY AND REALIGNMENT

JIM JOHNSON Head of Worldpay from FIS

f 2020 was a year of unprecedented change, I believe 2021 will be a year of recovery and realignment for businesses. With new vaccines providing optimism that an end to the pandemic is in sight, we are seeing the Ihardest-hit industries, such as restaurants and travel, using the pandemic to retool how they do business. Businesses that can see the opportunity in accelerating their digital transformation plans will set themselves up for future JIM success. JOHNSON© 2020 PYMNTS.com All Rights Reserved 146 © 2020 PYMNTS.com All Rights Reserved 147 Jim Johnson Worldpay from FIS

We’ve seen remarkable change in For businesses to flourish in 2021 highly targeted ads will effectively calls to action for customers to how consumers shop in 2020. Years and beyond, they’ll need to focus “disappear” into user feeds, engaging review purchases and share their of adoption of digital commerce on user experiences that emphasize consumers with frictionless experience on social media — along through online and social shopping convenience and minimized contact. experiences that allow them to with other 21st century tactics for was condensed into a few months. One of the best examples is the make in-app purchases. Social online selling — will be vital. Our research shows that over 85 rise of buy online, pick up in store channels are retailers’ new storefront, percent of consumers globally (BOPIS), which blurs the line between and retailers that recognize the These digital commerce trends altered their shopping behavior eCommerce and brick and mortar. significance of social shopping will were present before the pandemic, in 2020, with a large shift to Omnichannel has been a discussion outperform in the new world of moving on predictable paths toward omnichannel and online options. topic in the payments industry digital commerce and consumer widescale adoption. However, efforts FIS’ Generation Pay survey also for years, but this is what true engagement. to minimize the spread of COVID-19 found that more than 60 percent of omnichannel looks and feels like: a revolutionized how consumers Gen Z and millennials have made seamless user experience between Finally, it’s important to note pay for goods and services. 2020 purchases via social media, and 42 a business’ digital and physical that the eCommerce sphere is certainly challenged all of us, but percent of all payments made during presence. an overwhelmingly vast digital we will all come out stronger, the pandemic were done through marketplace, where discovery is and the businesses that reinvent mobile devices. Over 3 billion We will also see a proliferation of often the biggest hurdle for success. themselves to address the digital smartphone users are making social shopping that takes new One of the best tools for businesses shift will set themselves up for future purchases and posting reviews. forms, from shoppable posts to is to offer tangible loyalty programs outperformance. This is an indication of the power of artificial intelligence (AI)-generated that reward repeat purchases optimizing mobile sales channels for shopping links based on news and from both new and established retailers in a post-pandemic world. image feeds. What’s more, these customers. Further, auto-generated

WHAT EXECUTIVES WISH FOR AMERICA AND THE WORLD IN 2021

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