The expansion of real-time schemes globally is driving a marked change in attitudes among financial institutions, with 85 percent of banks globally now viewing instant payments as the foundation for growth and new product enhancements, according to the “2018 Global Payments Insight Survey: Retail Banking,” from ACI Worldwide (NASDAQ: ACIW) and Ovum. The report reveals that 92 percent of
The expansion of real-time schemes globally is driving a marked change in attitudes among financial institutions, with 85 percent of banks globally now viewing instant payments as the foundation for growth and new product enhancements, according to the “2018 Global Payments Insight Survey: Retail Banking,” from ACI Worldwide (NASDAQ: ACIW) and Ovum. The report reveals that 92 percent of European banks (and 88 percent globally) are delivering enhanced retail customer propositions because of real-time infrastructure. The majority of banks also expect improved customer service, new services for SMEs and long-term cost savings.
Alongside real-time payments, open banking is a top issue on the agenda of financial institutions. European banks are at the forefront when it comes to implementing an open banking strategy, with 92 percent saying they have defined one, followed by 86 percent in Asia, and 82 percent in the Americas.
“The dramatic change in attitudes toward both open banking and real-time payments in just one year is telling,” said Craig Ramsey, head of real-time payments at ACI Worldwide. “The big takeaway here is that real-time payments and open banking are set to reshape the competitive landscape, and banks should stay open to the potential new revenue streams and deepened relationships that will be brought to both consumers and merchants.”
“The results of the study highlight important steps that all retail banks should consider to ensure that they are prepared for current challenges and future opportunities,” said Kieran Hines, head of industries, Ovum. “Real-time payments and open banking initiatives have the potential to bring fundamental change to the retail banking value chain and must be viewed as true opportunities for service enhancement and transformation.”
Other findings from the study include:
Open Banking
Security/Compliance
Online payment capabilities
Payment Cards
To read the full report visit: 2018 Global Payments Insight Survey: Retail Banking
Join ACI and Ovum for a further discussion on the findings of the report on May 24th in Europe and North America.