Payments Modernization in Retail Banking

Banks foresee a significant impact on revenue if they do not adapt and invest in payments modernization.

Boston, December 2, 2020 – Financial institutions are faced with increasing competition from new entrants, and banks are investing in their payments infrastructure to maintain their current clients and compete for new business while reducing costs and maintaining compliance obligations. What are the priorities for payments modernization, and how are banks managing the changes within an already challenging environment?

This report describes market trends for retail payments and assesses the urgency around modernization of the payment infrastructure. It is based on Aite Group’s interview-based study of 21 Tier-1 retail banks around the world.

This 33-page Impact Report contains 18 figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Adyen, AfterPay, Alipay, Amazon, American Express, Apple, Braintree, Chime, Facebook, FIS, Fiserv, Global Payments, Google, Ingenico, Klarna, Mastercard, McKinsey, N26, Nexi, PayPal, Plaid, Revolut, SIA, Square, Starbucks, Stripe, Uber, Visa, WeChat, and Worldline.

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