Reinventing banking experience via digitization and new tech - BNY Mellon

Monday 23 October 2017 00:18 CET | News

Banks are “cautiously optimistic” that emerging technologies will have a significant impact on banking models, according to a BNY Mellon survey.

According to the research, Rethinking the Client Payment Experience, security and reliability are viewed as instrumental in creating the ideal payment experience.

The research also reveales that just over 25% of respondents think that blockchain technology will “substantially change the global payments experience”.

Despite this, 60% of respondents said it was too early to tell if application programme interfaces will have an impact on internal correspondence.

As for impediments surrounding the use of technology, 25% of respondents said that compliance screening is the largest impediment to straight-through processing success, while 20% believe payment formatting error is the second greatest impediment.

The white paper also found that banks need to merge their internal legacy infrastructure with components of third party providers.

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Keywords: BNY Mellon, banks, survey, payments, blockchain, security
Categories: Payments & Commerce | Payments General
Countries: World
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