The digital payment, which promotes the "online" identity of the consumer, increases the risks and exposure of the financial sector to cyber-attacks by hindering the protection of customer data, according to a report from the Capgemini consultancy.
The study, in which the French entity BNP Paribas has collaborated and which studies payment trends for 2019, also reflects how digital identity reinforces security in the payment industry by forcing the customer to identify himself and authorize his transactions.
According to the consultancy, only 38% of bank executives in several countries are currently planning how their entity should play a central role in payment systems, at a time when electronic transactions are becoming more frequent .
Specifically, these payments increased by 12.3% in 2016 in Spain, which was the eighth country in which they grew the most; however, between 2012 and 2015 they had a "null" growth.
In addition, the banking sector faces "multiple obstacles," such as developing a "fluid, balanced and solid" digital payment ecosystem.
For this, banks must "reposition" themselves to new technologies, despite being "loaded" with traditional systems inherited from the past.
On the other hand, the report indicates that one of the trends that will influence the payments next year will be the internet of things, which is defined as the implementation of technological applications based on the network.
This method, which facilitates the exchange of data and promotes another way of relating between the entity and the client, is also more vulnerable to cyber attacks.
Another of the expected payments for 2019 are the public interfaces for application programming, API in English, a system that simplifies the process of transactions and allows the financial data of customers to be shared with common protocols.
Capgemini believes that open APIs have a "promising" potential to redefine payment industry models by acting as a "glue" within the new ecosystem, since it will be the interested parties themselves that will define the digital strategies.
In this sense, the consultant recalls that BBVA has already launched API_Market, a strategy that provides companies and developers with access to APIs from different bank entities, as well as a test environment in which to analyze the innovations provided by this system.
In addition, the report states that in 2019 the big technology multinationals or "bigtech", such as Google or Apple, will remain one of the main threats to the banking sector with electronic portfolios on the rise and more innovative services.
On this point, Capgemini indicates that electronic portfolios are an "important" market opportunity for providers of non-traditional means of payment, since in 2016 they accounted for 8.6% of global digital transactions, a fact of which " bigtech "were responsible for 71% of total transfers.