James Wester on the Future of Payments

The food truck is the ideal metaphor for how the marketplace has evolved, according to one person. While street food has always been around, the food truck makes the experience mobile, uses social channels to alert people of its location, uses big data/analytics, and accept mobile payments, said James Wester, research director with IDC Financial Insights. “We have reimagined the restaurant,” Wester shared at THINK 18. “And that’s what digital transformation is doing.” What is the much-discussed digital transformation, which is sometimes also abbreviated as DX, really about? According to Wester, IDC defines it as the “continuous process by which enterprises adapt to or drive disruptive changes in their customers and markets by leveraging digital competencies to innovate new business models, to blend digital, physical and business and customer experiences, and to improve operational efficiencies and performance.” James Wester visited with Jean Chatzky and the THINK Studio for additional insights on the future of payments. Enjoy the interview. And register for the upcoming Roadshows and THINK 19.