The retail payments industry is an increasingly competitive space, and banks face mounting pressure. They need to deliver on growing expectations for enhanced payment experiences while, in many cases, also managing legacy IT and operating under tight budget constraints is a significant challenge.
This report examines these issues, drawing on the results of Ovum’s Payment Insights Survey for 2016.
- 51% of banks globally are growing their investments in payments IT in 2016.
- 78% of banks believe customers want a broader choice of payment tools.
- 66% of banks are investing to deliver new payment and value added services. Cost efficiencies are a priority for 60%.