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As we close in 2024, PYMNTS’ “What’s Next in Payments” The series provides insights from industry leaders on the current and future state of play for banking, payments and the connected economy.

Here are five thought-provoking comments from executives who stood out this year, offering a glimpse into the future of finance in 2025 from the series.

Future of Generative AI

In February, we started one of the issues that will come to define the year: ARTIFICIALLY intelligence, and especially, generative AI.

Car reliability CEO Sunil Rajasekar told PYMNTS at the time that regulation would help ensure there are checks and balances in the AI ​​realm, ensuring that clarification is included in models as they are developed and as they evolve. Guardrails and staggered implementations are especially critical as AI becomes more fully integrated into everything from traffic to defense systems.

“I am ACT believe that the overall trajectory is going ‘up and to the right,'” Rajasekar said of the future of generative AI. “There may be bumps in the road … but I’m excited about where we are and what’s next.”

Evolution of the Bank

Fast forward to April and in front of it, the question “What is a BANKS?” used to be a simple answer. Not anymore.

In a round of interviews set within the “What’s Next in Payments” series, 14 executives offer insights and observations about the changing, fluid nature of financial services, where there is constant evolution, and where there is competition for share of wallets and consumer loyalty. became violent.

Our favorite quote from Michael Haneyhead of product strategy at Galileo Financial Technologieswho said: “The pandemic is the last nail in the coffin of consumers not being forced to go to their place. BANKS so, and instead the bank goes to them.”

Runner up? Thread CEO Jim McCarthy said banks should break their walled gardens to give customers what they want.

“The institutions have to play some catch-up, because they were competing with Apple Pay about 10 years ago, when the world continued with directory services, risk and authentication,” he said. “What is banking? clients are looking for is the a continuum of financial services, with payments at the center of it all.

Modernization of Payments

In mid-June, we asked for a definition of payment modernization. Again, there is an argument that the answers may be simple, but we found some interesting clues to the complexity of the answers.

Seth Perlmanglobal product head of i2csaid that the ultimate goal of innovation and payment modernization “is consumer assistance get their money – and spend it – more efficiently and quickly.

That’s a theme heard over and over again at PYMNTS.

“The CUSTOMERSit doesn’t matter if it’s a consumer or a business, they’re driving a lot of changes in their expectations,” said Rossana Thomasvice president and general manager of the Enterprise Payments Platform at Fiserv. “And technology is driving expectations to be more real-time, more flexible. Customers want the flexibility to pay.”

Digital Transformation

We’re entering the third quarter with our September question: “wow you will do digital?” The question plays out in our “How the World Does Digital” landmark research report on 11 digital activities in 11 countries.

Interestingly, fraud detection and defense featured heavily in our executive comments, with some pointing out that the first step is to make sure that someone associated with a bank or merchant is who they claim to be.

“Markets like Brazil and India are rapidly adopting mobile-first solutions and are fully onboarded digital transformationwith everyone looking for new ways to work with financial services,” Verify Identity Chief Marketing Officer Brad Rosenfeld said.

“Smartphones are with you every second of every day,” he added. “Mobile identity verification solutions can improve the customer experience by allowing seamless identity verification while reducing fraud.”

Combating Fraud

Finally, we face off SLEIGHT head-on in December, asking our panel of executives to discuss how banks and other financial institutions are winning in the fight against fraud.

The democratization of financial services has created a connection between banks, merchants and consumers. Open banking, for example, allows consumers to link their bank accounts with third-party apps, providing personalized financial insights and services.

Meanwhile, business more and more people are using it payment networks facilitate instant cross-border transactions, and merchants adopt sophisticated tools to provide hassle-free checkout experiences.

Our favorite quote from Akbar Hussainco-founder and general counsel of TerraPay.

“Like if someone has a serious accident in a swimming pool, it doesn’t affect the neighbor’s swimming pool,” he said. “But if the neighbor has a Covid infectionit affects everyone.”

It’s runner up Enhance Payment Solutions Chief Compliance Officer Elly Ayalawho said that fraudsters use “technological progresssuch as generative AI, to launch more sophisticated attacks … preying on opportunities such as product launches or exploiting regulatory changes. It’s always a challenge.”