Small-Business Readiness for Intelligent Payment Processing

By incorporating intelligent technologies into their payment processes, banks will achieve high levels of customer satisfaction.

Boston, November 12, 2019 – Banks recognize that new payment types and channels increase the complexity of the overall payments ecosystem, but they often hesitate to implement technology-driven processes that better align with the changing environment and make transactions more seamless. But a payment strategy without the right process strategy is doomed to face commoditization and forgoes opportunities to improve customers’ effectiveness, lessen administrative headcount, and position banks as their customers’ primary source of payments and business financial knowledge.

This report examines payment processes leveraging “intelligent” technologies powered by artificial intelligence and machine learning, highlights key pitfalls within current bank processes, and explores small businesses’ willingness to trust technology to play a greater role in payment decisioning and automation. It is based primarily on the results of a July 2019 Aite Group online survey of 1,008 U.S.-based small businesses.

This 21-page Impact Report contains 15 figures. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

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