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.

CASE STUDY

Helping a Tier 1 UK bank enhance and scale its payments and customer data platforms


READ THE CASE STUDY

CASE STUDY

Payments data monetisation: unlocking the business value from payments data


READ THE CASE STUDY

News

Icon Solutions Publishes 2023-24 Annual Report

Icon Solutions has published its 2023-24 Annual Report, demonstrating how new strategic partnerships, product and service innovations, and an ongoing commitment to its people and customers have provided a foundation for the next phase of global growth.

Read more