Why Payment Decisions Are Still Biased - And Why This Is a Bigger Problem Than You Think
- 23 hours ago
- 1 min read
Trusting intuition is a good thing - until it is about your MONEY.
Making a decision on who to trust with your money should not be taken lightly. But the way these providers are selected is still based on "trust" and "who do you know" instead of facts, numbers, and due diligence... How come we trust our assets on a gut feeling?
Actually, the root cause runs deeper - there is no formal education on Payments and Banking today. The ones who manage payment and banking tasks are not adequately trained to do so. There are no standard benchmarks, no globally accepted best practices and no structured certification in the payments industry. Current payment professionals "learn on the job". According to a study, 96% of "payment experts "got the basic payment value chain / transaction flow order completely wrong when tested. Moreover, a 78% admitted they don't know how to even search for or evaluate a new payments provider. Whats worse: providers use inconsistent terminology, hidden fees, and opaque comparisons, making it harder to learn or choose effectively.
