Mercator Forecasts Eight New Technologies that Bring Impact on Payments and Banking by 2016

By CIOReview | Monday, December 28, 2015

BOSTON, MA: Mercator Advisory Group comes up with their new research titled Eight Technologies That Will Impact Payments and Banking Going Forward by 2016. It predicts 6 new technologies to disrupt the banking and payments markets in 2016 and the rest of the two technologies will be in market as pilot implementation.

 The highlights of the report include: To predict the products and operational areas that will be the first to see these technologies to appear in market, providing guidance regarding the importance of each technology and explains how biometrics will be layered with traditional approaches for a secure customer satisfaction.

The prediction also identifies the wearables as a mechanism for deploying financial information guidance and payments for affluent customers. It reviews the use of Bluetooth low energy which acts a two-way communications with local users about payment information. It also aims to improve customer satisfaction at reduced cost by enhancing machine learning.

The highlights of the report also include the reviews of the mobile OS for most customer facing applications including ATMs. It also enhances payment value chain by using APIs (Application Programming Interface), on-demand services and existing payment enable bank apps. By leveraging the upcoming new technologies Mercator’s members will be able to utilize the internal IT resources or by using third party expertise.

“The elimination of passwords is no longer the distant future and mobile devices coupled with payment APIs are creating a set of new payment services that enable consumers to use existing merchant accounts at new locations”, says Tim Sloane, VP, Payments Innovation.