Witstock – A Cards & Payments Consultancy
The Financial Services marketplace is one of the most highly regulated sectors of commerce.
Across the globe there is an ever increasing scope of regulation and this makes it ever more, and rightly so, difficult for banks and other players to do business without having the requisite controls and financial stability behind them. In Europe, in the context of payment products, the EU is demanding an open market for payment services and this creates as many opportunities for new, more nimble players as it creates challenges for the bigger, more lugubrious, traditional operators. Economically, the future in payments is increasingly uncertain – except in-so-far-as there will be constant downward pressure on fee revenue and a need to look elsewhere for margin.
However, countering that is the reduced cost-to-serve, brought on by evolving and improving technology capability, which will help to protect margin. But the financial crisis of the last few years has damaged the sector – economically and reputationally – and there’s a trend towards socially responsible products – e.g. Sharia compliant products, or those that help the next generation to start budgeting and saving effectively, and spending in a controlled fashion. And technology is moving more quickly than ever before – and will continue to do so as long as Moore’s Law holds true. Mobile is the current wave, and, together with NFC, offers a range of options that simply can’t be met with a plastic card alone.
Against this background of sector flux and increasing customer expectation of value, Witstock can bring advice, leadership, support and analysis. Our approach can be tailored to each customer’s needs and we can use our expertise, market connections and credibility to develop the opportunities for strategic change and innovation that will lead directly to tangible growth.