However, in the banking and payment sectors, anyone can claim to be an expert and offer advice without having the relevant qualifications or experience. This lack of regulation is concerning because it allows unqualified individuals to give potentially harmful advice. Banking and payment are not an investment, but it is about the movement of money, so it can also be very harmful if not executed properly by an expert.

I have seen several times that companies engage a "payment expert" and believe they are receiving unbiased guidance from someone who understands the market, however, in reality, they could be falling into the trap of a smooth-talking salesperson. Salespeople want to sell, and if the proclaimed "payment expert" is working for a bank or a payment service provider business, chances are the advice is not independent nor ideal, as sales have an embedded interest in giving expert advice that steers clients toward their specific banking or payment solutions instead of considering what is truly best for the client. This is truly harmful and damaging, similar to the damage caused by unqualified investment advisors. Clients could end up using unsuitable payment methods or banking solutions, leading to financial losses or operational inefficiencies.

Similar to investment advice, it’s essential to protect people from the harm that can come from unqualified or biased advice in these critical areas.