This year’s Web Summit Lisbon 2023 was a veritable treasure trove, including B2B payment insights. The head of Terms.Tech, Jessica Nemeth, was attending with a keen eye for current trends that will set up the future of B2B FinTech and TradeTech payments players. She’s returned with a fresh perspective on what’s moving and shaking in the industry.
What are Jessica’s top 5 B2B payment insights from Web Summit?
- Tech in B2B payments
- Identity and fraud re: AI
- Gen Z’s influence
- The job market re: AI
- Embracing diversity
Technology in B2B payments: emphasising growth across borders
Europe and emerging markets are ripe for growth, thanks to advancements in B2B payment technologies. Streamlined transactions are no longer a luxury—they’re a necessity and, quite frankly, expected. We’re talking about smarter, faster, and more secure payments. This isn’t just a boost for business efficiency; it’s a game-changer for international trade.
Seeing as though Terms.Tech has come out of the TradeTech innovation expertise of AREA42, we thoroughly agree! With barriers coming down thanks to smoothed out B2B payment processes, watch for small and medium enterprises (SMEs) to take centre stage.
The future of identity and fraud in the AI era
As AI becomes more sophisticated, so does the cat-and-mouse game of identity verification and fraud prevention. The future lies in AI-powered systems that learn and adapt to threats in real-time. But there’s a catch. The clever fraudsters are always trying to outsmart new tech. This is nothing new. Nonetheless, the B2B payments industry’s commitments to staying ahead are non-negotiable. This means continuous innovation is the new norm to provide digital safety for transactions, sellers, and buyers.
Gen Z’s influence on B2B payments
Gen Z is entering the workforce and they’re not just taking jobs—they’re reshaping industries. Their digital-first approach is pushing B2B payments toward mobile and app-based solutions. And, driving formerly paper-based processes into the digital world. The message is clear: businesses must adapt or risk obsolescence. Companies that align with Gen Z’s values and are tech-savvy can expect loyalty and growth over time. And, let’s face it, Customer Lifetime Value is what it’s all about! So, it’s time to tune into this generational shift.
Your author won’t reveal his age, but reckons that compared to his analogue upbringing, embracing AI is just the beginning of a massive shift! One that we can’t even begin to predict the extent of (what will happen by the time Gen Alpha gets to work?) – not just a popular trend as nay-sayers might.
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AI and the job market: a new hope (?)
There’s a lot of talk about AI replacing jobs. But one theme at the conference was to look at it from a different perspective. AI is taking over repetitive tasks, not entire jobs. Not just in tech products generally, but also specifically in B2B payment processes. This opens a world of possibilities for human creativity and ingenuity for companies to continue to thrive. The focus now should be on upskilling, reskilling, and newskilling.
There’s a sense coming from conference speakers that AI won’t create a global unemployment crisis. Although the job landscape may be changing, the potential for growth is immense, provided we guide the workforce toward the jobs of tomorrow.
Embracing diversity: the new Business imperative
Diversity isn’t just a buzzword; it’s the cornerstone of innovation. Diverse teams bring diverse thoughts, a range of opinions, and a variety of approaches to solving problems. And in the worlds of FinTechs and TradeTechs that focus on B2B payments, that’s real gold, not just digital currency! It’s about leveraging a wealth of experiences to create B2B payment insights and solutions that work for everyone.
Businesses that embrace diversity are seeing the benefits on their bottom line. It’s clear that diversity is not just the right thing to do—it’s the smart, business-minded thing to do.
Entering a new era
Web Summit has provided the sense that we are entering a new era marked by growth, security, generational change, job evolution, and diversity. Jessica’s B2B payment insights from the Web Summit aren’t just observations—they’re the signposts of a roadmap for the future. Let’s get ready for this journey with anticipation and an eagerness for change. And, thanks to Jessica for sharing her observations from the big event!
Contact Terms.Tech for B2B payment solutions
Meanwhile, if your company wants to discover the B2B payment solutions that Terms.Tech offers, just get in touch with us!