Payments modernisation - Priorities, challenges and opportunities
Payments modernization is critical to the success of financial institutions of all sizes around the globe. No financial institutions are immune to the changes happening in the industry and the pressure to adapt is only going to continue to increase.
The primary driver of modernization efforts is business end-user demand for faster, more automated, and more transparent payment capabilities.
This infographic summarises data from an Aite-Novarica Group Payments Modernization and Technology survey report sponsored by Finastra. The information will help financial institutions understand and prioritize payments modernization initiatives, recognize and overcome challenges, and seize the opportunities available. Some key findings include:
- Financial institutions increasingly need to be concerned about competition from fintech
- The urgency to invest in payments technology to overcome legacy limitations is critical
- Cloud implementations and Payments-as-a-Service (PaaS) solutions are levelling the playing field of accessibility
- Even the largest banks are using technology partners that enable and aid in modernization efforts
