Collaboration will be key for payment industry players to deliver value in marketing, fraud, risk and operations, Banyan Chief Commercial Officer Mike Minelli writes in a new PYMNTS eBook, “The New Value Equation: 11 Financial Services Leaders Share Their Vision for 2025.”
Uncertainty surrounds us, but the payments industry is poised to thrive. By building on past investments and leveraging the current business climate, payments companies can become a force-multiplier for retailers, issuers and technology platforms.
2025 will be the year when payment industry players will stand out due to the ability to deliver value to their partners for marketing, fraud, risk and operations. The key word is collaboration. Retailers, manufacturers, banks, FinTechs and technology platforms must work together to drive growth — a rising tide lifts all boats!
We certainly know that building services with payments isn’t new. However, the acceleration of artificial intelligence (AI) and overall technical readiness is sure to supercharge the race for the firm in the payments ecosystem that can best serve both their core and services for clients.
At Banyan, we’re focused on applying our data collaboration platform that drives growth for our partners. A few examples of trends we are riding into 2025 are:
Leaders know that simple proof points can help people see the vision. For example, excluding unprofitable products from campaigns can stretch marketing dollars further. This may be straightforward for merchants to do in their own channels, but not so easy for them to execute in third-party channels such as bank card issuers and shopping offers and rewards platforms.
Many retailers say they struggle to measure the impact of their marketing investments beyond their owned channels, including banks and related marketing platforms. They are excited to get additional eyeballs and new customers, but need flexible marketing offer constructs and better reporting to clearly understand incrementality and maximize return on ad spend (ROAS) to grow their customer base.
Manufacturers are a tremendous partnership opportunity, but one that requires breaking down silos. Issuers and platforms are already building their media businesses. Payments firms must adapt and include manufacturers in their sales and delivery strategies. We are doubling down on opportunities in 2025 that enable manufacturers to use merchants and the payments ecosystem as a channel. This can only be enabled through SKU-powered item-level data intelligence.
In a world where data is often siloed and hard to use, Banyan allows businesses to securely collaborate easily with their payments data on a wide range of always-permissioned use cases and partners. Through a single connection with Banyan, merchants and financial institutions can activate numerous use cases without additional tech resources. Banyan’s platform cleans, organizes, enhances and integrates item-level receipt data from merchants and transaction data from financial institutions, enabling use case speed to market and easy scaling up.
In 2025, Banyan’s focus on speed, clarity and flexibility will empower our platform partners to accelerate growth and adapt to changing conditions. By delivering data infrastructure that unlocks growth and efficiency opportunities, our success is fueled by our partners’ success.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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