Block, Inc. - Digital Transformation Strategies

Block, Inc. - Digital Transformation Strategies

Summary

Block Inc (Block), formerly Square Inc is a financial technology company, specialized in providing payment processors and point-of-sale (POS) solutions for merchants. Its POS solution provides payment, reporting and analytical, payroll, and customer engagement tools to manage their bill payments, employee recruitment, employees working schedules, payrolls, sales, and promotional activities. The company also offers hardware products such as contactless and chip readers, magstripe readers, and stands. Block also provides marketing campaigns for its sellers. The company offers its solutions to various businesses, which include food and beverage, leisure and entertainment, health and fitness, and transportation industries.

In March 2022, Square joined hands with CodeBase, a technology start-up incubator in UK, to provide entrepreneurs with access to Square’s payment ecosystem and APIs. Under this partnership, Square will support CodeBase’s network of start-ups by providing them with workshops to learn from experts in commerce and payments areas.

This report provides insight into Block's fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Scope

• Square is banking on AI and ML techniques to utilize data that it collects from its services and businesses. It uses ML models such as credit algorithms to analyse the transaction data of small businesses that use Square to collect payments and determine loan eligibility. Square has deployed machine learning across risk management, sales, marketing, analytics, and customer support.
• Most of Square’s applications run on its data center, with the company is focusing on migrating these applications to the cloud. Square’s Platform and Infrastructure Engineering team, which provides the infrastructure and tooling required to operate in the datacenter, is exploring cloud-hosting opportunities.
• Square’s increasing investment in cryptocurrencies is in line with its strategy to become part of the global monetary system, to develop products driving financial inclusion. In December 2021, Square Inc. changed its name to Block Inc. to further enhance its focus on cryptocurrencies and rebranded its Square Crypto as Spiral.

• Gain insights into Block's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships, investment, and acquisition strategies.