Industry executives and experts share their predictions for 2023. Read them in this 15th annual VMblog.com series exclusive.
Web3, Digital Payments, and More
By Luke Gebb, EVP of Amex Digital Labs at American Express
The past few years have accelerated the adoption of digital payments, driven by global migration to working-from-home, uptick in e-commerce, and the increase of digital peer-to-peer payments. As we look ahead to 2023, consumer preferences will continue to evolve as trust in digital-first financial tools expands, and financial institutions will look to meet and exceed millennials and Gen Z-er’s expectations. Luke Gebb, Executive Vice President of Amex Digital Labs, a global team driving innovation and creating products that are essential to customers’ digital lives, shares his predictions on what we can expect to see within the digital payments space in 2023.
Consumers will look for trust and transparency when investing in crypto
High-profile collapses of crypto institutions such as FTX have rattled consumer trust in an already opaque industry. In 2023, consumers will look for institutions to provide transparency and restore faith in crypto markets.
Web3 will gain new traction in the bear market
Web3 players will emerge that ultimately challenge major players in social media, gaming, ride/home sharing and other major networks offering personal data control and ownership at the forefront of their messaging.
Digital payments will become more frictionless
Real time payments and account-to-account payments will become table stakes offering for financial institutions, allowing customers to send and receive money instantly. We’re going to see a rise in more flexible payment systems, the emergence of more BNPL options and the utilization of AI in enhancing credit and fraud decisioning. Purchasing through social media will also become more seamless, offering consumers multiple options for point of purchase.
Identity verification will become more seamless and secure
We’re going to see the rise in passwordless adoption with identity verification processes that can be used across multiple platforms. 2023 is the year more merchants and commerce platforms will adopt one-time-passcodes to create super seamless logins.
AI will transform how companies learn from their customers and improve products
Companies will begin to leverage the power of AI and ML to consolidate all customer interactions to personalize their products and make them more usable and relevant for customer needs.
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ABOUT THE AUTHOR
Luke Gebb, EVP of Amex Digital Labs at American Express, oversees the company’s digital product incubator that tests, builds and launches new experiences for 50M+ card members worldwide. Luke has held numerous digital positions at American Express across product development, acquisition and promotions, with a consistent focus on innovation. Focus areas include digital payments, open banking, bots, AI, emerging platforms and technologies such as blockchain. He graduated from the Wharton School of the University of Pennsylvania with B.A. in Economics and concentrations in Marketing and Strategic Management.
