<p dean M Leavitt, the CEO of Boost Payment Solutions, says traditional payments systems are often misunderstood as the main problem, when in reality it's the mindset holding them back.
Reevaluating Legacy Systems
When most people in the payments industry talk about legacy systems, they think of outdated technology, cumbersome infrastructure, or sluggish performance. But, according to Dean M Leavitt, this narrow focus overlooks the heart of the issue: a mindset that’s stuck in the past.
“Most of the time, people are looking at the infrastructure, the technology, and they’re saying, ‘This is just a technology problem,'” Leavitt says. “What they’re missing is, yes, the technology is there, but the real challenge is the way we think about this industry.”
A Mindset Shift Requires a Culture Change
Leavitt argues that the payments industry’s rigid thinking and resistance to change are the main obstacles to innovation and growth. This mindset is perpetuated by a culture that values stability and predictability over experimentation and risk-taking.
“We’ve got a whole industry that’s built around ‘we’ve always done it this way,'” Leavitt notes. “That’s not a technology problem; that’s a cultural problem.”
Embracing AI and Disruption
For payments leaders looking to stay ahead of the curve, Leavitt suggests embracing the potential of artificial intelligence (AI) and disruption. By adopting a more agile and adaptable mindset, industry professionals can unlock new opportunities for innovation and growth.
“The real challenge is not the technology; it’s changing the way we think about it,” Leavitt emphasizes. “And that’s a cultural challenge.”
What this means: Payments leaders need to shift their focus from outdated technology to a more open-minded and adaptable approach, embracing the potential of AI and disruption to drive innovation and growth in the industry.
