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Introduction

Retail banking is an industry under pressure, and particularly so when it comes to payments. This report examines the findings from Ovum's Global Payments Insight survey and highlights the industry's challenges and priorities in 2016.

Highlights

  • At a global level, 53% of banks are increasing their spending in 2016, with 15% growing budgets by 5% or more. Asia will see the highest growth at 65%, compared to 51% in the Americas and 47% in Europe.
  • Consumers are expected to benefit most heavily from real-time 24x7 payments, with 61% of banks reporting this view. This perspective is particularly strong in Asia, with 72% of banks taking this position.
  • There is increasing acceptance of the need to form partnerships to deliver innovation. Online payment providers such as PayPal and Alipay are the most favorable potential partners, with over 75% of banks prepared to form partnerships in this space.

Features and Benefits

  • Refine your strategy by understanding the factors driving the payments IT investment plans of the global retail banking industry.
  • Benchmark your internal planning against your peer group, particularly around attitudes to immediate payments and partnership strategies.
  • Gain competitive advantage by delivering product and service enhancements in the areas your competitors are only considering today.

Key questions answered

  • What are the factors driving payments IT investment among retail banks?
  • What product areas are seeing the greatest growth, both today and in the near future?
  • Where are banks making the biggest investments in payments capabilities?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

The need for revenue growth has made payments a key focus area for retail banks

  • Retail banks face growing pressure to deliver innovation in their payment services
  • Investment in payments technology will grow strongly in 2016, with delivering innovation and lowering cost as central drivers
  • Investing in security and the underlying payments infrastructure remain top of mind for the industry

Immediate payments will deliver benefits to both banks and their customers

  • The rollout of immediate payment infrastructure is being viewed as an important enabler for banks
  • Enhanced account information and liquidity management services are the key opportunities from immediate payments

The ability to form partnerships will define the future role for retail banks in the value chain

  • Merchants are focused on new payment technologies and are interested in working with start-ups
  • Many banks are becoming open to the opportunities presented by working with third parties to deliver innovation

Appendix

  • Methodology
  • Further reading
  • Author

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