19AUGUST 2024INSIGHTSCXOINSIGHTSCXOIn a recent interview with Financial Services Review, Emmelda Lawrence, Manager, Digital Servicing: Commercial Banking - Cash Management & Treasury Solutions at Fremont Bank, explores the role of faster payment solutions in enhancing the agility and responsiveness of businesses within the fast-paced market.With 18 years of experience in product management and IT program management across multiple industries, Lawrence leads the development and implementation of digital solutions for commercial clients. She has a Master of Management degree from University College Dublin, Certified Scrum Master and Certified Product Owner credentials from Scrum Alliance.Today, she delves into the impact of technological advancements, the shift towards digital payments, and the challenges faced in the financial industry, particularly related to underdeveloped infrastructure, fraud prevention, and meeting the diverse values of different generations. Lawrence also highlights the exciting innovations on the horizon, particularly in data security and the integration of machine learning and AI.THE ROAD TO FASTER PAYMENT SOLUTIONS ­ CHALLENGES AND PROSPECTSEmmelda Lawrence, Manager, Digital Servicing: Commercial Banking - Cash Management & Treasury Solutions, Fremont BankHow can the implementation of faster payment solutions enhance the agility and responsiveness of businesses in the rapidly evolving and dynamic market?Navigating the contemporary business landscape, I find it imperative to acknowledge the prevailing characteristics and expectations that define success. In this age of startups, technology takes center stage, often spearheaded by the dynamic Gen X and millennial cohorts. The focus is on serving the tech-savvy demographics, aligning with the standards set by five of the best-performing tech-centric stocks of the past decade: Meta, Apple, Amazon, Netflix and Google. Digital banking platforms are one such norm that has been facilitating instant gratification, rendering traditional business models without swift services and digital engagement outdated. The shift toward prominence of rapid digital transactions from conventional electronic payments is reshaping the financial landscape. Additionally, the COVID-19 pandemic has accelerated instant fund transfers mode, eliminating the need for in-person transactions and fostering a surge in mobile payments for everything from hospital bills to school fees. In adapting to these transformative forces, it is evident that embracing digitization and meeting the expectations of seamless, rapid services are key to remaining relevant in today's ever-evolving business environment.What are some of the challenges in your industry that current services are unable to provide an optimal solution?The most pressing challenge lies in the underdeveloped infrastructure that fails to adequately support real-time payments for businesses. While real-time payments have gained much needed momentum in peer-to-peer scenarios, Emmelda Lawrence
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