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For several decades, incumbent banks held a comfortable leadership position in the payments business and enjoyed high fees, healthy margins and limited competition.The rapid growth of digital payments has signalled opportunity. As the payments ecosystem has expanded, incumbent banks find themselves competing on multiple fronts as card networks, payment platforms, challenger banks and big tech have attacked the status quo. And the impact has been considerable, with increased competition reducing banks’ market share of the global banking and payments industry from 96% in 2010 to 72% today. And the reality is, the competition is only going to get fiercer.
But with payments representing 80% of all interactions for banks and providing critical customer touchpoints, data and service opportunities, remaining competitive is critical to ensuring future relevance and profitability across all banking operations.
As banks look to develop strategies to counter the competition, this ebook explores the key battlegrounds. Discover how the ability to improve data-driven propositions, promote trust, reduce costs, realise scale advantages, drive innovation and support alternative payment rails will prove the difference between staying ahead or falling behind.
