Why This Report is Worth Reading
Banks and financial institutions need to take advantage of the opportunity to compare their strategic priorities, product roadmaps, and plans for future innovation with their peers. In the process, they can discover the technology trends the industry is prioritising and align with themes.
Now in its fifth year, this report is built on a peer-based, real-time comparison benchmarking survey to see how executives and their companies are meeting customer expectations and progressing towards achieving their digital payments transformation strategy.
Additionally, the report includes expert commentary from Accenture, PwC, Zanders, Payments Association, BNY, EBA CLEARING, Open Banking Expo and Payments Unpacked.
Who are the Payment Pioneers and Why Are They Leading the Pack?
This year’s report has identified a small group of leaders which consists of leaders that we are referring to as 'Payment Pioneers' – just under 10% of the institutions that took the survey – that most portray presence in areas of payments industry best practice. These organisations have the potential to provide valuable learnings for the rest of the participants.
- 67% of Payment Pioneers describe the readiness to take advantage of ISO 20022 as 'multiple use cases leveraging ISO 20022'
- 50% of Payment Pioneers say they 'have a single view of cash' when it comes to cash positioning at their institution
Key Statistics from the Survey:
- 91% of financial institutions think it will be very challenging or challenging to remain compliant with industry mandates and regulations over the next 12 months.
- 42% of financial institutions say legacy infrastructure is the most significant barrier to the adoption of real-time/instant payments
- 53% of financial institutions said ensuring business services are accessible, efficient, reliable and secure was the top priority to meet corporate customer demands over the next 12 months
