Download an analysis of where the industry is headed
To the say the payments landscape is rapidly evolving would be an understatement. The payments landscape is undergoing a major transformation and will look and act very differently in a relatively short space of time.
This is the message from the third and final Sibos 2018 report from Celent, which Swift commissioned to summarise and analyse the key takeaways from the event.
The report, ‘Sibos 2018: Payments – A catalyst for change,’ takes a closer look at three trends that dominated discussions: new entrants and the challenges and opportunities for incumbents; shifting bank thinking in order to leverage these new opportunities; and the emerging technologies enabling banks to reduce costs and create more flexible, tailored solutions.
Be it through acting as incubators for start-ups or exploring how initiatives like the UK’s Open Banking directive or Swift GPI can help them deliver new and/or significantly improved services to their clients, banks have been active in their responses to the new contexts innovation has created.
For example, the industry is seeing a shift from product management to product curation as cloud computing and APIs facilitate an à la carte approach to technical solutions. A hybrid approach is increasingly popular, where a solution is constructed from standardised components developed both in-house and by external vendors.
Developments such as these are logical, as the costs of inaction and failing to move beyond traditional thinking can be high. The expansion of the banking marketplace has meant that competition is coming from new quarters, and banks will need to lift their game to meet the changing needs of their clients and compete on the critical differentiating factor of customer experience.
Despite the twin challenges of new entrants and the complexities of adopting new technologies, incumbent banks are strongly positioned and payments is an ideal area for them to refresh and reform their offerings. There is more change to come and banks that embrace it and seek the opportunities will be at an advantage.
Download the report, ‘Sibos 2018: Payments – A catalyst for change,’ to read the full analysis.