Today’s banks and payments service providers can choose to become an Everyday Bank— trusted, indispensable, and integral to consumers’ everyday activities—or they can remain on the periphery, strictly limited to handling financing and fund transfers. This choice, between two contrasting futures, puts banks and payments service providers at a crossroads.
In Accenture’s view, those that choose the path of the Everyday Bank can expect to generate 50 percent higher operating income than those that do not.
As the Everyday Bank emerges, so too will the Everyday Payments Providers—driven by the rise of e-commerce and online retailing, and emergence of new technologies that are enabling new ways of paying, and empowering new entrants to bring new payment propositions to market.
To succeed in such an environment, issuers and acquirers cannot afford to stand still. They need to respond in ways that will turn risks into opportunities, and which will enable them to identify and secure their role in the emerging payments ecosystem—while simultaneously embedding themselves at the heart of customers’ lives.
Everyday issuing and acquiring is the future of card payments. It’s time to embrace that future.