Report: The Future Consumer 2023

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Consumers and financial service providers often play leapfrog, taking turns making the next jump into the future.

Decades ago, risk and regulatory innovations enabled banks to issue cards more broadly, leading consumers to adopt electronic payments. Consumer commerce then shifted online, leading to issuers changing products, services and experiences.

Over the past year, both traditional and upstart financial service providers have streamlined and digitised to enable remote workforces and customer experiences.

Consumers and society overcame challenges not seen in over a generation. Just as survivors of the Great Depression focused on achieving the necessary with minimal resources, consumers coming out

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Payments and CX key to Open Banking as banks start to spend

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New research reveals an increase in spending among Europe’s financial executives, with 47% saying their Open Banking budgets have risen in 2021.

This follows a challenging year in 2020, where financial institutions battled budget restrictions against the race to serve more customers digitally.

Tink’s research – based on 308 senior decision makers at financial institutions in 12 European countries – found the Covid-19 pandemic impacted budgets for 93% of financial institutions, with almost a quarter (23%) revealing the impact was significant.

At the beginning of 2020 executives expected to spend, on average, €50-100 million on achieving their Open Banking objectives.

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Millions of payment card details found on dark web

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New analysis has observed over 4 million (4,481,379) payment card details, belonging to users across 140 countries, being traded on the dark web.

Millions of payment card details found on dark web

The hackers were found selling payment cards information for $10 on average per card. The highest number of card details found for sale were from the US, Australia, and Hong Kong.

The researcher’s revealed hackers have discovered a way to find card numbers without breaking into a database, and there’s also a booming underground black market for them.

The attackers are able to pull this off because the

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QR codes set to make a quantum leap in consumer popularity

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Of the many payment innovations to surface in the past 20 years, the QR code is enjoying a resurgence, having once been viewed as a failed marketing gimmick that became outdated before its time.

QR codes set to make leap in consumer popularity

A decade ago, QR codes were largely found on direct mailouts, billboards, in-store shopping displays, and other printed materials. It was a technology in search of a digital use case, and smartphone penetration that was yet to be realised.

But as the Digital & Card Payment Yearbooks show, the arrival of the Covid-109 pandemic has given the

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