Today’s financial landscape, driven by consumer demand and enabled by innovative technology, makes payments modernization a priority. Banks understand that investment in payment capabilities results in continued and significant growth and view payments as a strategic differentiator, driving momentum in the industry.
Electronic payment volumes have continued to rise, driven by increasing adoption of digital and mobile technology. As such, the industry will continue to see cash and card displacement opportunities emerge. Meanwhile, and inevitably, payments disruptors continue to enter the market, aiming to capitalize on a globalized payments market, where limitless growth goes hand in hand with rapid transformation. To take advantage of the opportunities, banks need to move quickly in response or run the risk of losing out to agile newcomers.
Technology drivers for the modernization and transformation of payments include near-field communication (NFC), digital wallets and blockchain. They have created a new digital payments reality that combines flexibility with speed. Powerful though it is, advancing technology is only one part of the story: Initiatives such as the EMV requirements, ISO 20022 standard and Basel III are contributing to a regulatory environment where payments change is inevitable.
Discerning consumers and adaptable financial institutions are winning in today’s evolving payments climate. Consumers reap the rewards of disruption, benefitting from increased payment speeds, improved data privacy, competitive charges and tailored services. Banks agile enough to exploit change benefit from operating cost savings and - a major advantage and differentiator - achieving and increasing customer relevance through new opportunities offered by data analytics.
To help banks, we draw directly on our deep financial industry expertise, our technology capabilities and extensive transformation experience. Capco’s proven methodology identifies strategic investments that contribute most strongly to realizing business objectives.
Through our advanced capabilities in program management, analysis, software and architecture engineering and change management, we have the capabilities to execute an effective payments strategy transformation for our clients. “Effective” here means exactly this: profitably navigating the new global payments landscape.