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?

Join the discussion on the report

UPCOMING WEBINAR


The Payments Transformation Race - who's winning?

InstaPay are hosting a webinar with speakers from HSBC, Nordea and Icon Solutions on the drivers for payments transformation, some of the barriers and the benefits for corporates and retail customers. Key insights will be shared from the research as well as on-the-ground perspectives from banks undergoing their own payments transformation program. Register here.

INTERVIEW


How can banks prepare for a 'tsunami of payments'?

Interview with Toine van Beusekom, Head of Payments, Icon Solutions

InstaPay interviews Toine van Beusekom, Head of Payments, Icon Solutions, on why payments transformation is such a hot topic and what issues banks should be addressing when transforming their payment systems.


NEWS


65% of banks struggle with payment profitability according to Icon Solutions research

Aite Group, a global research and advisory firm have launched a new report 'The Payments Transformation Race: Criteria for Success' commissioned by Icon Solutions. Based on a survey of senior executives at the world's top-tier banks, it reveals that high costs, low margins and increasingly commoditised business models are eroding payment profits.


PODCAST


How can banks overcome payments profitablity hurdles?

InstaPay speaks to Aniruddha Maheshwari, Payments Consultant at Icon Solutions in a recent podcast at Sibos on the payments transformation challenges facing top global banks.


BLOG


What does it take to win the payments transformation race?

This new blog published on InstaPay discusses some of the key findings in the research and how banks can become one of the winners in the race to payments transformation.

"Actionable and insightful data analytics will be the new way to monetize payments"

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?

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