The results are in!
Our 2023 report on the Future of Competitive Advantage in Banking & Payments is now ready. Compiled from responses from over 500 banking and non-banking financial institutions working in Treasury, Fraud, Operations, Innovation, Product, and Technical Implementation at C-Level in 32 countries*, it provides instant visibility on how strategy and pain points compare across banking and payments. Additionally, it provides an indication of how they measure up in meeting customer expectations and in their digital payments modernization strategy.
This report is based on a peer-based, real-time comparison benchmarking survey and gauges how executives and their companies met customer expectations and progressed toward achieving their digital payments transformation strategy. Topics covered include real-time/instant payments, cross-border payments, ISO 20022 messaging, transitioning from on-premise to SaaS, compliance and regulation, cash positioning and fraud monitoring, and pre-validation (Confirmation of Payee).
Why is this report worth reading?
Banks and FIs need to take advantage of the opportunity to compare their strategic priorities, product roadmaps, and plans for future innovation with their peers. This report allows them to discover the technology trends the industry is prioritising and align with themes. For instance, adopting new payment rails, such as real-time payments, has risen from 40% in 2021 to 51% in 2023 as the top priority for banks and FIs over the next 12 months, followed by mitigating fraud risk from 38% in 2021 to 45% in 2023. However, creating new revenue streams using digital overlays has dropped a massive 13% from 2021, which may be down to frustration at the lack of progress being made within Open Banking and the lack of standardised APIs to aid innovation and speed of innovation.
The report can help you gauge if your financial institution is on track to maximise the changes impacting the payments ecosystem and accelerate your digital payments transformation strategy today – that is where true competitive advantage can be leveraged.