Lauren Jones, Editor, InstaPay
The world of payments is going to be fundamentally transformed within the next 5 years. McKinsey & Co. have reported that payments will become a $2 trillion business by 2020 and potentially $3 trillion by 2025. Payments will be reshaped by technology and redefined by regulation, and most importantly, payments will be refocused from a commoditised proposition to a strategic, value-adding solution.
There is no doubt that banks who have a clear and robust payments transformation plan will be more profitable than their competitors, widening the gap between the winner and losers in the transformation race. However, according to recent research by financial technology company Icon Solutions and consultancy firm Aite Group, The Payments Transformation Race: Criteria for Success 63% of top tier banks are reporting that they are either close to or below profitability hurdles for payments. So how can banks may sure they have a slice of the pie?
The true success of a payments transformation effort is not immediately measurable so how do institutions reconcile themselves with a longer term pay off? Are there any quick wins that can help showcase return on investment?
During this webinar we will take stock of the state of play today, paint a picture of the future of payments, identify key developments already underway and examine what is needed from market participants. Key insights will be shared from the research as well as on-the-ground perspectives from banks undergoing their own payments transformation program.
Mark Evans, Global Head of Payments Advisory, HSBC
Marta Stensheim Haugen, Head of Payments, Nordea
Simon Wilson, Director, Global Payment Solutions, Icon Solutions