To understand the role that retail banks will play in the evolution of the payments landscape, Ovum conducted a large-scale survey to examine the strategic priorities and technology investments that will drive change in 2018 and 2019.
- At a product level, investments in online payment capabilities on both the consumer and the merchant sides of the value chain remain a high priority.
- Attitudes to real-time payments have changed markedly in the past 12 months, with the majority of banks, merchants, and billing organizations expecting it to improve their customer experience.
- Attitudes around open banking have also changed dramatically in the past 12 months, driven by the rapid growth activity in Europe in particular.
Features and Benefits
- Learn how retail banks in different regions and segments plan to invest in new payment services to enhance their customer experience, and shape your own roadmaps accordingly.
- Understand how your peers and competitors are planning to take advantage of real-time payments infrastructure and avoid getting left behind.
- See where payments technology investments will grow most strongly, and take advantage of the opportunities this creates.
Key questions answered
- How do banks in different regions view the opportunities of both real-time payments and open banking?
- How quickly are these views changing, and where do different banks see the opportunities for service enhancement?
- At what rate are businesses planning to move their core payments applications to the cloud?
Table of contents
Recommendations for enterprises
Recommendations for vendors
Security, compliance, and operational efficiency top the IT agenda for retail banks in 2018
Retail banks will continue to invest in their payment capabilities to deliver greater security and compliance alongside innovation
The focus for many institutions will be balancing innovation against delivering greater security, compliance, and lower TCO
At product level, investments in enhancing online transactions, P2P, and services around real-time payments are the priority
Many banks are enjoying the benefits of lower operating costs as a result of deploying off-the-shelf vendor solutions
Real-time payments are at the heart of future product and service enhancements
There has been a step change in attitudes to immediate payments in the past year
The expected impact of real-time payments is largely matched by the experience of those in markets with live infrastructure
Open banking initiatives are set to reshape the value chain and competitive landscape
As with immediate payments, the industry is approaching alignment in its activity around open banking
While Europe is ahead of the rest of the world, open banking is now a global phenomenon
Despite the enthusiasm around open banking, banks need to ensure they are prepared for the potential security risks
Over time, banks and merchants expect the combination of RTP and open banking to eat into card volumes