FIS executive highlights speed of change as key payment industry pressure

Jakob Harrison, Senior Vice President of payment networks at FIS, has identified the rapid speed of technological and consumer change as the primary pressure facing the payments industry. Rather than focusing on specific threats like artificial intelligence, cyber risk, or regulation, Harrison emphasized that the velocity of change itself requires companies to be more selective in their vigilance.

Harrison noted that while the industry has established high standards for reliability, scalability, and trust, these are now considered baseline requirements. To remain competitive, companies must anticipate shifting consumer expectations. FIS is pursuing a ‘Smart Basket’ strategy, which aims to leverage purchase data to make payment information more actionable and useful beyond the initial transaction.