The modern challenges of banking
The payments industry has grown so rapidly that it’s easy to forget how different things were only a few years ago. Before the emergence of Payment Service Providers (PSPs), the retail finance and payments sectors were dominated by banks.
But control of this space has shifted today, where fintech advancements, API integration, the rise of cross-border payments and evolving customer preferences has allowed for the rise of payments companies.
Armed with an innovative and data-centric approach, these upstart firms continue to offer genuine competition to traditional banks operating within the payments sector – without nearly as much in overheads or operating costs. To keep pace, banks need to replace legacy systems, modernise data management processes and address efficiency gaps.
This paper
Investing in emerging digital technologies will allow banks to address evolving customer preferences, eliminate efficiency gaps across the back-office and get in control of their financial data. However, banks undergoing this transition will want to know what operational factors to prioritise, how to embrace automated technologies and how to remain compliant with an ever-evolving regulatory landscape.
To help firms plan, we surveyed 100 professionals across the banking industry to learn more about their data challenges, plans for digital transformation and investments in financial technology. Read the full report to learn:
- What technology and automation trends will define 2024
- Growth targets and impediments to growth in 2024
- How banks are choosing systems for handling payments data
- The risks of manual processes for banking and payments