BNPL: Protecting business and consumer cash-cushions

03/03/22 • 31 min

When it comes to purchasing big-ticket items, our spending options have, traditionally, been pretty limited. Either scrimp and save until we can afford what we want, or borrow the money through a loan or finance agreement and pay even more in interest fees. But thanks to the myriad of terms and conditions and strict eligibility requirements, getting access to these products can be difficult. But a new product has made its way onto the spending scene over the last few years, providing customers with another, much-needed solution - buy now, pay later.

In today’s episode, we’ll be joined by Nathan Hilt, Managing Director and Payments Industry Leader at Protiviti, Amanda McBee, BNPL GTM Solutions Director at Amount, and Mickey Lynch, Product Management Executive at FIS. They’ll be discussing how BNPL is helping both consumers and businesses stay in control of their cash flow, and they’ll reveal how banks, fintechs, and even merchants, are innovating in this space to provide new BNPL products.

We’ll also ask:

What does the BNPL customer journey look like?
Which customers have been championing BNPL and how has this payment method been received by different generations?
How are BNPL products evolving and what kind of innovations are emerging?
How is BNPL helping businesses when it comes to their cash cushion and customer base?
Is BNPL here to stay?

We’ll also ask:

What does the BNPL customer journey look like?
Which customers have been championing BNPL and how has this payment method been received by different generations?
How are BNPL products evolving and what kind of innovations are emerging?
How is BNPL helping businesses when it comes to their cash cushion and customer base?
Is BNPL here to stay?

Previous Episode

Fintech Ecosystem Innovation: Financial Service Platforms Evolved

Financial institutions, businesses, and customers are seeing dramatic advances in the tools and services they use at an ever-increasing rate. As demand for immediacy and convenience continues to grow, fintechs are rising to the challenge to deliver more and more banking solutions at the points where people need them most. But behind the multitude of new apps and services, the most impressive changes are taking place in the fintech ecosystems powering these tools.

In this season of Financial Futures, we’ll be exploring some of the latest innovations in the fintech landscape that are paving the way for BNPL and crypto, enhancing enterprise collections, and improving customer financial wellness. And on today’s show, Division Executive and Head of Enterprise Banking at FIS, Andrew Beatty, joins us to discuss how the institutions and ecosystems supporting these advances are evolving.

We’ll be asking Andrew how financial institutions need to adapt in order to keep supporting modern customers and their increasing needs. He also discusses how fintechs are strengthening banks’ offerings, and how these new relationships are benefitting all parties, from institutions to customers.

We’ll also ask:

What has led to the rise of challenger banks and non-traditional banking services?
How are fintechs helping banks to bring new solutions to customers?
What should institutions consider when it comes to core banking transformation?
What does the increased collaboration between fintechs, banks and businesses mean for the end consumer?

Next Episode

Financial Wellness: How to create a financially-savvy community

Saving used to be simple. But as our society has advanced, so have our financial needs, which has made things a lot more complicated. Phone contracts, tuition fees, direct debits for endless streaming services - the list of bills we have to manage seems to be constantly growing, and savings accounts and piggy banks are no longer enough to help us reach our financial goals. The challenge of keeping our finances in order has evolved, and now we need to embrace new tools and a new mindset if we’re to regain control over our financial wellness.

In today’s show, we’ll be speaking with Nicole Meyers, vice president of strategic account management at Personetics; Nick Woodcock, digital banking executive at FIS; and Eric Bittel, wealth management practice lead at NTT Data Services all about the role financial institutions play in financial wellness. We’ll find out how fintechs are helping customers to improve their financial health, and look at some of the new (and potential) tools and services that are helping to put people back in control of their funds.

Join us as we discuss why so many of us feel financially unwell, and what some of the barriers are that stop people from building better saving habits and improving their financial literacy. We’ll also ask:

How are financial institutions promoting financial wellness programs?
What are the societal impacts of poor financial literacy?
What are fintechs doing in this space to better serve the individual?
How do you create engaging, socially-minded, and financially viable wealth management platforms?
What does the future of financial wellness and wealth management look like?