Payment Professionals Observe Technology Fueling Sector Growth, but Blockchain Takes a Backseat

A recent survey conducted among finance and treasury professionals has identified real-time payment systems as a significant innovation within the financial industry, underscoring the expectation that technology will propel growth in the commercial payment sector.

The study, undertaken by TD Bank and involving 390 industry professionals—including stakeholders from payment systems, businesses, and financial technology organizations—revealed that 20% of respondents believe artificial intelligence and machine learning will bring about positive changes in the industry. However, emerging technologies such as blockchain and biometrics have not yet gained widespread traction.

According to the head of corporate products at TD Bank, “One of the largest impediments to today’s payments industry is that change is happening faster than organizations can realistically accommodate it.”

The insights from this research highlight both the potential and challenges that technology presents as the financial sector evolves.