As we begin the new year, we know that we are entering a “new normal” in which the past is no longer as reliable as it once was. Since the epidemic began, 2022 has seen the restoration of ordinary life, but from both a macroeconomic and microeconomic standpoint, that life is not the same as it was before the outbreak.
Although well-established economic indicators hint to a recession, some behavioural data in the loan market do not reflect recessionary effects.
Due to the pandemic, consumer behaviour was forced to alter, and many of those changes will not be reversed. The payments business is not immune to the “new normal.”
The payments business is not immune to the “new normal.” “Change is the only constant in life,” wrote the Greek philosopher Heraclitus. The payments ecosystem must develop, from customer expectations to the most recent digital reinventions.
We cannot foresee the future as readily as we could before the epidemic, so we must put some bets on the industry’s trajectory and be quick to adapt to additional adjustments.
We are challenged in this new year to upgrade our systems and technological skills to meet the demands of this paradigm change. Those in the sector that are saddled with technical debt due to antiquated technologies will find it more difficult to meet customer expectations.
Modernization of infrastructure and technology is necessary in order to adapt to market developments as rapidly as feasible. The business foundation can adapt to market and customer behaviour changes faster and grow more effectively with a modernised IT stack in place.
For those in the payments sector who rely on decades-old legacy systems, increasing technical debt causes extensive planning and development cycles, limiting the pace with which new products and solutions may be introduced. Legacy systems struggle to stay up with industry standards as they evolve.
As a result, a major emphasis on addressing technological debt this year will be required to remain competitive and build up future success as the sector evolves.