We all know the world is changing rapidly and significantly. Almost all of us have a deep sense of eventual threat with a belief that if we don‘t adapt accordingly, at some point, then we will be disadvantaged. PayX concurs; to a level we built the PayX business fabric to allow a nimble delivery while maintaining quality to allow for tomorrow‘s needs, no matter where tomorrow‘s payments industry demand is.
This marketplace is indisputably in a classically defined ―Industry Disruptive Change Stage: the traditional market share custodian leaders around the world are severely threatened by hungry innovation companies who want, and will, break through to become the next generation leaders. Traditionally, we think of innovators as start-ups, but as PayPal will attest with 197 countries, 20,000 staff, and turnover of $13 billion, then they are not small, niche nor without considerable power.
The market changes will not happen overnight, nor will every payments role in the ecosystem change, but we are seeing first-hand mass change rollout. A mass change that throws away the traditional payments industry rule book and challenges/redefines many fabrics that have been unquestioned for over 30 years. To compound matters, mass consumer electronics is now intersecting with payments. Mobile smartphones, Google internet giants, Gen Y consumer empowerment….each has a profound depth of funding, momentum and whirlwind innovation effect on future payments.
The 2011 question for existing payments organisations therefore is NOT ―What product or system do I define and change? The RIGHT question is ―How does my organisation adapt to be appropriately market-informed across all disciplines of change from strategy to technologies. At the same time, organisations must combine nimble delivery, fast time to market and innovative and engaging approaches to its core market to ―attract the desired market engagement in the Payments Eco-system, rather than attempt to find, spec, build and rollout the next silver bullet product.
Without doubt we are in exciting times and seeing activity in 2011 reaching new heights. Opportunities and threats are enormous, maybe even ―.COM version 2 level is on the near term horizon! The PayX modus operandi is to future-proof our customers: ―be informed, make decisions, timebox act, checkpoint review; then repeat!‖. We utilise an industry-proven methodology and are happy to share and engage.