It’s right in the middle of the Thanksgiving holiday here in the United States. After this, it’s time to think about wrapping up the year and making predictions for next year. In this post, you will find just what you were looking to read over the weekend: the five payments reports that will give you the information you need for those year-end decks.
There’s a lot to digest, so dig in and enjoy!
business continues to become commoditized due to competition and improved standardization, the cross-border payments world gives many opportunities for banks to tailor offerings and balance risk and convenience in their product mix.”
As expected, the question arises whether banks will rise to the digital challenge or will the digitally savvy technology companies get their customers. Banks of all sizes do have a strategic advantage, noted Stefan Dab, in presenting Boston Consulting Group’s annual report at Sibos. Disruptions are numberous while regulation and competition intensigy. Yet banks of all sizes have the advantage that they always have had: relationships and receivables. “It’s still back to what it’s always about,” Dab said. Own the household. Get them a credit card. Make the mortgage.
“Banking is digitizing, and payments are the first to move,” reported McKinsey & Company Marc Niederkorn, in presenting the firm’s 2014 global payments report at Sibos 2014. Markets for other financial services may matter more in terms of profitability, but payments anchors the digital banking relationship to capture the customer. McKinsey’s latest Global Payments Map paints the picture of an industry’s return to sustainable growth, robust in some markets and products, solid in others.