Report: immediate payments are a key revenue driver for banks

Wednesday 2 August 2017 00:39 CET | News

ACI Worldwide and Ovum’s latest benchmark report shows that immediate payments is a key revenue driver for 66% of banks in markets with IP schemes.

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).

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Keywords: ACI Worldwide, Ovum, payments, bank, retail banking, APIs, online fraud, digital security, ecommerce
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech