How Does Your Financial Institution Stack Up?
The results are in from over 500 banking and non-banking financial institution players across Treasury, Fraud, Operations, Innovation, Product, and Technical Implementation at the C-Level across 32 countries globally. The breakdown by region: 36% APAC, 29% Europe, 11% North America, 11% UK, 9% Middle East & Africa, and 4% LATAM.
Across 11 insights, get visibility into how your strategy and pain points compare with your peers in banking and payments. How do you measure up in meeting customer expectations and in terms of your digital payments modernization strategy?
This report is built on a peer-based, benchmarking survey to see 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.
"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 partway through implementation 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 and complexity of the migration.
"65% of respondents say digital transformation is the biggest focus for their business"
Nearly a quarter of banks and financial institutions 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 Financial institutions.
64% think that RegTech will become more important in the next 12 month
Financial institutions 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).
