Payments Pulse Survey: Two ways to win in payments
September 9, 2019
September 9, 2019
The 2019 Accenture Global Payments Pulse Survey polled 240 retail and corporate payments executives from the largest banks across 23 markets to gain their perspectives on priorities for banks in an instant, invisible and free (IIF) payments world.
A mix of powerful market drivers—from customers’ and merchants’ rising expectations for speed and convenience to new providers now taking market share—is creating a new world in which all payments are IIF. With some six percent annual growth occurring in global payments revenue, there is by our estimation, some US$500 billion in incremental payments revenue up for grabs.
Yet, capturing this growth opportunity will not be easy. Our survey gauged timings for payments becoming IIF and identified tactics and tools banks plan to use to add value and raise their game as IIF payments happen. Combining the survey findings with our experience, we see two key ways banks can extract more payments value and win:
Be able to develop a secure, fast, convenient and completely frictionless payments experience through low-cost digital services and capabilities.
Better differentiate your payments business in the eyes of customers to grow loyalty, revenue and profits.
The surveyed executives prioritized ways to adapt to an IIF payments world.
69%
Aspire to sell raw data within three years
18%
Say that building security into the retail payments transaction will be the main priority for banks
17%
See boosting innovation via internal, legacy-free, start-up incubation units as their main priority
Accenture helps banks and payments providers continuously reinvent their systems and operations to win in the digital ecosystem. Our services support the entire payments value chain to drive improvements in provider costs, offering innovation and customer experiences.
To protect their payments businesses, banks need to define innovation strategies around scaling technology and adding value to address IIF payments challenges.
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