Today’s business world is one of rampant change. While technology is driving much of this disruption, evolving customer expectations are dramatically altering the face of the financial services, payments and fintech industries.
As we move through the second half of 2018 and into 2019, B2B e-commerce expert Brandon Spear, president of MSTS, a global B2B payment and credit solutions provider, shares with PaymentsJournal readers several insights and perspectives he believes will impact fintech in the near future.
What do you see as the leading fintech trend this year?
The leading trend is clearly the “Amazon effect”. With 100 million Amazon Prime members, a strong foothold into the smart speaker category and a deservedly solid reputation for customer service, what industry isn’t impacted by the “Amazon effect?” With reports saying the company is talking to banks about Amazon-branded checking accounts, financial services institutions and the payments industry are the newest members of the B2C ecosystem that are worried about Amazon. Millions of people already trust Amazon to facilitate their payments, so it is only natural to wonder whether Amazon is a large enough community that it does not need traditional credit cards at all. Could we see a credit card that works exclusively at Amazon?
How will the B2B market be impacted in the coming months?
You’ll see more “consumerization” of B2B purchasing in the next 6-18 months. Every employee is a consumer, and as many of them – particularly Millennials – hit the workforce, they are wondering why B2B purchasing is so complicated. While it’s true that B2B purchases are more complex than B2C purchases, with more approvals and procedures that need to be followed, this is not an acceptable excuse to not make the experience as frictionless as possible. In 2018, many payment and fintech companies are working hard to meet this challenge, though few have been able to produce a true consumer-like experience for business customers.
Read the full Payments Journal Interview, here.
In the Press
By Brandon Spear
Enhancing the B2B purchasing experience isn’t just crucial for keeping current customers satisfied, it’s an essential strategy for gaining new ones.
By Brandon Spear
Online buying has derailed traditional buyer-seller relationships. In days past, B2B sellers based credit extensions on trust. Today, those extensions are often made without ever coming face-to-face—opening up a Pandora’s box of potential fraudulent activity.
Call it a tale of two payments trends.
Or: It was the best of cash flows. It was the worst of cash flows.
The payments realm is a bifurcated one, where business-to-customer payments are increasingly marked by speed, convenience and instant transactions.
Many businesses need to process transactions across borders, between large companies, and beyond. But how can it all run efficiently? How does the B2B eCommerce space differ from B2C eCommerce?
The U.S. manufacturing sector, valued at approximately $2.4 trillion, accounts for an estimated 11 percent of the national gross domestic product (GDP). However, U.S. manufacturing has encountered significant damage recently over the ongoing trade war with China. In fact, the U.S.
When Brandon Spear took over as president for MSTS four years ago, the company began to shift away from what it had been focused on for 40 years prior.