Payments Data Strategy

What is it and why should you care?

The democratisation of Account to Account (A2A) payments, coupled with a wide range of global initiatives such as the movement to real-time payments, is resulting in an explosion of information volumes generated both internally and externally, moving at unprecedented speeds.

With increasing customer demands and competition pressures, banks need to re-assess their data strategy in alignment with their business strategy and realise the benefits of a data led organisation. Advancements in Analytics and wide range AI technologies that span Predictive / Generative, and Natural Language Processing, have created a compelling need to modernise the data landscape.

What do you need to do?

Banks need to adopt the three pillars of a modern data strategy:

Modernising legacy infrastructure and transitioning to a resilient, cost-efficient system that enables real-time integration, providing the foundation for a solid data platform
Centralising, standardising, and enriching payment data to create golden sources of information that can be easily accessed across the organisation
Leveraging data insights to provide value-added services and a better understanding of customers to offer personalised products and services

How can Icon help you?

Icon has in-depth specialist payments experience with a proven track record. Payments data strategy offers a proven and pragmatic plan that provides a clear path to implementation to help organisations manage, access, analyse, and act on data. In addition to our payment industry expertise, we leverage frameworks and blueprints that accelerate the delivery and increase the effectiveness of the engagement.

Icon supports banks in developing a data strategy that aligns with their business objectives, resulting in increased customer satisfaction and revenue, improved Straight Through Processing (STP), and ensure regulatory and risk compliance.