The changing banking and payments landscape
The banking industry of today faces more competition than ever before. While the rise of Payment Service Providers (PSPs) has undeniably reshaped the payments sector, the impact extends far beyond mere transactional dynamics.
Historically, banks held sway over retail finance and payment sectors, serving as the cornerstone of financial operations. However, the rapid ascent of fintech, coupled with transformative advancements such as API integration and the surge in cross-border payments, has diversified the industry. The resulting paradigm shift has given rise to a range of challenges and opportunities that demand a nuanced exploration.
Bridging the gap: Banking beyond payments
The fintech and digital banking space, with its relentless pursuit of market share, poses a formidable challenge to traditional banking models. To keep pace, banks need to replace legacy systems, digitise outdated processes and address any efficiency gaps.
Added to the challenge is the growing volume of digital payments and transactions that characterise now characterise the global payments space, which creates direct pressure for those still reliant on legacy infrastructure.
Recognising this challenge, many of the world’s largest banks have acquired PSPs to expand their market share for payments processing. But, where acquisition isn’t an option, the answer is to modernise and streamline the underlying technological and operational capabilities within the back-office.
About this study
Banks will have a range of questions as they set out to transform their processes in 2024. To help firms plan, we surveyed 500 professionals across the UK and US banking industries to learn more about their digitisation objectives, challenges with data, plans for back-office optimisation and approaches to financial controls.
of respondents were senior managers
of respondents were directors
of respondents were business owners
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