The results are in from 311 banking and FI players across Treasury, Fraud, Operations, Product and C-Suite in 34 countries globally. These individuals were asked for their current strategic road-map roll-out for cloud/SaaS usage, real-time payments, ISO 20022 messaging, cross-border payments, fraud defence, treasury management and Open Banking. As an added value as well as commentary from Bottomline, we have also included insights from EBA Clearing, Aite-Novarica Group and Open Banking Expo on the findings.
It’s clear that there is now a need more than ever to reimagine the role of technology within the banking and financial sector, and it’s imperative for businesses to understand how to utilise new platforms and understand the impacts of new regulations in order to stay competitive and compliant in a crowded market.
Read the key insights and take the ‘live’ peer benchmark survey to see how you measure up in meeting customer expectations and in your payments modernization strategy. In the process you could discover the technology trends the industry is prioritising and make sure you are aligned. The question is can you afford not to read the report and get a personalised view?
"65% of respondents say digital transformation is the biggest focus for their business"
Nearly a quarter of banks and FIs are somewhat or highly skeptical of their institution’s digital transformation and modernization strategy. This is despite this ranking as the biggest focus for their business at the moment. This would indicate that a significant proportion of FIs need better support internally from the top down to accelerate change and address legacy infrastructure.
"75% have a strong appetite to transition towards a payments ecosystem over the next 5 years"
Connected finance is an important theme. This would suggest a strong use case for having a connectivity solution that helps remove silos in FIs.
"64% think that RegTech will become more important in the next 12 months"
FIs now see RegTech and the best practices it demands as a positive in terms of what it can do to support interoperability and Data (ISO20022), best practice (Latency for real-time, COP for fraud) and easier access models (PSD2, Open Banking, UK Faster Payments Access Models).
"59% need to get their skates on when it comes to ISO20022 implementation"
Only 13% of respondents have implemented ISO20022, whilst the rest are anywhere between mid-way through to still looking for information. With the testing windows opening in February 2022 and slots limited, this shows that many banks may have underestimated the urgency & complexity of the migration.
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