what does it take to Win the Payments Transformation Race?

As a payments specialist working with a number of leading global financial services organisations we’re often asked what the ‘right’ path for payments transformation is, what competitors are doing, and what the criteria is for success. To help deliver these insights, Icon Solutions commissioned research with Aite, a leading industry analyst, to assess the payments transformation progress of top global banks and provide recommendations for those on the journey


The report is now available to download and includes powerful insights, including a clear link between the prioritisation of payments transformation and long-term ROI and benefits for banks.

Early insights include:

  • Payments are struggling to maintain profitability hurdles as the total cost of operation (TCO) continues to rise and margins continue to thin.
  • Banks are struggling to implement a payments revenue model that moves away from thinning transactional fees, and instead leverages the value of payments data.
  • Banks will need to invest in new technologies and build collaborative partnerships to accelerate transformation and enable cost savings
  • Banks that have a clear and robust payments transformation plan are more profitable than their competitors, widening the gap between the winner and losers in the transformation race.

"Banks that are not prioritizing transformation, or modernization efforts around payments, are likely at risk in the coming years of losing valuable clients and revenue"

As a payments specialist working with a number of leading global financial services organisations we’re often asked what the ‘right’ path for payments transformation is, what competitors are doing, and what the criteria is for success. To help deliver these insights, Icon Solutions commissioned research with Aite, a leading industry analyst, to assess the payments transformation progress of top global banks and provide recommendations for those on the journey.


Download the Research Coming Soon

The report “The Payments Transformation Race: Criteria for Success” will be released in September and includes powerful insights, including a clear link between the prioritisation of payments transformation and long-term ROI and benefits for banks.

Early insights include:

  • Payments are struggling to maintain profitability hurdles as the total cost of operation (TCO) continues to rise and margins continue to thin.
  • Banks are struggling to implement a payments revenue model that moves away from thinning transactional fees, and instead leverages the value of payments data.
  • Banks will need to invest in new technologies and build collaborative partnerships to accelerate transformation and enable cost savings
  • Banks that have a clear and robust payments transformation plan are more profitable than their competitors, widening the gap between the winner and losers in the transformation race.

"Banks that are not prioritizing transformation, or modernization efforts around payments, are likely at risk in the coming years of losing valuable clients and revenue"

Have a question on the research?

How do you rate against others in the industry? 

How does your organisation compare when it comes to payments transformation? And what are the steps you need to address?

"Banks that report the highest level of priority of the payments transformation efforts at their institution, have the most forward-thinking views of the long-term ROI and benefits"

Would you like advice on your payments transformation journey?

Videos

Interview with Finextra on payments transformation within banks 

Simon Wilson, Global Payment Solutions Director at Icon Solutions, discusses some of the changes currently affecting the payments industry and outlines that although payments transformation is expensive, it is necessary for banks. He highlights the top priorities that banks should address when adopting a transformational approach within their organisation and discusses Icon’s research which explores how banks are approaching transformation in more detail.
 

"For some banks, the inability to be able to monetize the data offerings is of the biggest concern"

How can banks make money from payments?

Download our new infographic to discover the impact of diminishing payments profitability and the opportunities for banks to re-address the challenge.

"Banks that report the highest level of priority of the payments transformation efforts at their institution, have the most forward-thinking views of the long-term ROI and benefits"

How can banks make money from payments?

 

Download our new infographic to discover the impact of diminishing payments profitability and the opportunities for banks to re-address the challenge.

Videos

Interview with Finextra on payments transformation within banks and discusses some of the changes currently affecting the payments industry.




FinTech Futures sat with Simon Wilson, Director of Payment Solutions at Icon Solutions who spoke about the firm’s collaborative payments platform.

"For some banks, the inability to be able to monetize the data offerings is of the biggest concern"

Read the research?

Tell us what you think