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Data for today’s episode is provided by Mercator Advisory Group’s report – Steady Progress Through Easing the Experience: Commercial Cards Success Prescription
5 Trends Affecting Commercial Credit Cards:
- Artificial Intelligence: an umbrella term used for technology such as machine learning is finding uses in risk management and financial operations.
- APIs: these are facilitating an open banking environment and the rapid delivery of new products and services.
- Digitalization: the modernization of legacy systems across the cash cycle enables process automation.
- Cloud: comes in private, public and hybrid forms, allowing the potential for reduced infrastructure costs and faster market reaction time.
- Distributed Ledger: blockchain technology is finding use cases in cross-border payments and trade services.
Consistently improving the product and delivery systems pays dividends. Incremental and ongoing improvement is the hallmark of the commercial credit card industry, and in these tough times, making things easier for clients will help revive spend.
This Viewpoint, Steady Progress Through Easing the Experience: Commercial Cards Success Prescription, summarizes Mercator’s take on key technology trends and the focus of the commercial card industry as economies and card revenues recover from the recessionary environment created by federal, state and local government policy dictates in response to the pandemic