The report notes that although open APIs will benefit from customer satisfaction for 65% of banks, nearly half of the respondents (45%) are taking a ‘wait and see’ approach to an open API strategy. Regardless of strategic focus, 57% of all banks are growing their IT investments in 2017, with a distinct emphasis on operational efficiency (91%) and fraud prevention (68%).
Other key findings of the report are:
Immediate payments driving revenue
• 61% of banks believe that immediate payments will enhance their service and proposition to customers;
• 60% of banks expect immediate payments to reduce costs;
Open APIs - benefits for customers
• 65% of institutions believe that open APIs will benefit their customer-facing proposition;
• 59% of banks have a clear strategy for creating open APIs and interfaces for developers;
• 45% of respondents report that they are taking a ‘wait and see’ approach;
IT Investment is up and fraud prevention remains a priority
• 57% of all banks are growing their IT investments in 2017, up from 53% in 2016;
• 68% of banks carry out investigations on fraud detection and prevention;
• Delivering increased operational efficiency is a top three IT priority for 91% of banks;
• 42% of banks are concerned about security issues.
The study, entitled “2017 Global Payments Insight Survey: Retail Banking”, is based on input from executives in retail banking and merchant acquiring organisations, from countries like the Americas, Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).
