Steven Holzer, senior vice president and head of strategy and transformation at WEX, discusses how technology is reshaping the payments industry. WEX is a global fintech company specializing in payment processing for businesses, including fleet payments, corporate payments, and employee benefits. Holzer’s role involves both strategic planning and operational transformation, focusing on integrating emerging technologies like AI into workflows to enhance customer value.
Holzer’s career spans NASA, Capital One, and Citi, each teaching him unique lessons in leadership and innovation. NASA instilled a problem-solving mindset, Citi demonstrated the complexities of global operations, and Capital One emphasized long-term strategic thinking. These experiences shape his approach at WEX, where the priority is understanding and solving customer needs.
The payments industry has evolved slowly due to its need for accuracy, reliability, and compliance. However, recent advancements, particularly in AI, are driving significant changes. Holzer highlights the potential of agentic commerce, where payments occur without direct human intervention, and the integration of payments into business workflows to reduce friction and enhance efficiency.
As a member of the Federal Reserve Bank of Boston’s Payments Advisory Council, Holzer emphasizes the importance of collaboration in addressing industry challenges. The council brings together payments leaders to identify opportunities and improve the payments ecosystem.