The Race to Payments Transformation

Understanding the criteria for success

As a payments specialist working with a number of leading global financial services organisations, we’re often asked what the ‘right’ path for payments transformation is, what competitors are doing, and what the criteria is for success. To help deliver these insights, Icon Solutions commissioned research with Aite, a leading industry analyst, to assess the payments transformation progress of top global banks and provide recommendations for those on the journey

RESEARCH

The Payments Transformation Race: Criteria for Success

Insights include:

There is a clear link between the prioritisation of payments transformation and long-term ROI and benefits for banks.
Payments are struggling to maintain profitability hurdles as the totaL cost of operation (TCO) continues to rise and margins continue to thin.
Banks are struggling to implement a payments revenue model that moves away from thinning transactional fees, and instead leverages the value of payments data.
Banks will need to invest in new technologies and build collaborative partnerships to accelerate transformation and enable cost savings.
Banks that have a clear and robust payments transformation plan are more profitable than their competitors, widening the gap between the winners and losers in the transformation race.

DOWNLOAD THE REPORT

Tweet0

Share0

RESEARCH

The Payments Transformation Race: Criteria for Success

Insights include:

There is a clear link between the prioritisation of payments transformation and long-term ROI and benefits for banks.
Payments are struggling to maintain profitability hurdles as the totaL cost of operation (TCO) continues to rise and margins continue to thin.
Banks are struggling to implement a payments revenue model that moves away from thinning transactional fees, and instead leverages the value of payments data.
Banks will need to invest in new technologies and build collaborative partnerships to accelerate transformation and enable cost savings.
Banks that have a clear and robust payments transformation plan are more profitable than their competitors, widening the gap between the winners and losers in the transformation race.

DOWNLOAD THE REPORT

"Banks that are not prioritizing transformation, or modernization efforts around payments, are likely at risk in the coming years of losing valuable clients and revenue"

Want to find out more about the research?

GET IN TOUCH

Discussions on the research

Explore our featured insights on the payments transformation research and discover the criteria for success for transforming payments

Why making instant payments cheaper and easier is the key to pan-European adoption

At a recent payments forum hosted by the Bank of Finland, ECB board member Fabio Panetta signalled commercial banks must[...]

Recognising the hidden female pioneers in technology

How many people have heard of Kathleen Booth or Margaret Hamilton? Chances are not many. But why not? These two women[...]

Accelerating software engineering through the adoption of Domain-Specific Languages

In the fourth part of our series exploring the motivations, architecture and principles driving the development of IPF, Tom Beadman,[...]

Is monetising data the key to competing in payments?

As competition in payments has increased, data has long been touted as the cure-all for incumbent banks. If banks could[...]

5 ways banks can compete in payments

Remaining competitive in payments is the key to future relevance and profitability for incumbent banks. But with incumbents now competing[...]

Icon Solutions Expands Services Strategy to Help Banks Accelerate Digital Transformation

13 April 2021 - Icon Solutions, the specialist provider of world-class payment solutions and technology consultancy services for banks and[...]

Who are banks competing against in payments now?

For several decades, incumbent banks have held a comfortable leadership position in payments. But the rapid growth of digital payments[...]

The European Payments Initiative – Back to the Future

In July 2020, a group of sixteen major European banks from five Euro countries announced the launch of the European[...]

The clash of the frameworks

Setting the scene In the third part of our series exploring the motivations, architecture and principles driving the development of[...]

how CAN BANKS MAKE MONEY FROM PAYMENTS?

Payments transformation infographic

VIEW THE INFOGRAPHIC

how do you rate against others in the industry?

The race for payments transformation

COMPLETE THE SCORECARD

"Banks that have the highest level of priority of the payments transformation efforts at their institution, have the most forward-thinking views of the long-term ROI and benefits"

PAYMENTS TRANSFORMATION

Accelerating your payments transformation

LEARN MORE

Would you like advice on your payments transformation journey?

GET IN TOUCH