Research shows payments data monetisation as a priority for banks

Thursday 10 June 2021 13:15 CET | News

A research conducted by Celent on behalf of Icon Solutions and MongoDB has revealed the bank data services that corporates will pay for, and the ones they consider table stakes.
Findings show that payments data monetisation is a priority for banks, with 38% reporting it as an objective of technology transformation investments. This is being driven by pressure and competition, evolving customer expectations, and migration to real-time payment infrastructures and ISO 20022.

Moreover, the research shows that the services that corporate clients would be most willing to pay for are real-time cash balances (84%), security and fraud prevention (74%) and a single real-time balance dashboard across multiple bank partners (70%). The report also highlights the risk of customer churn as corporates do not expect to pay for services such as virtual accounts and ISO 20022 compliance support and would switch providers to access them.

‘Expectation versus Reality for Payments Data Monetisation’ surveys 217 corporate treasurers and CFOs and 168 senior bank executives globally, providing insight into the business challenges facing corporates and their expectations for data-driven services, along with banks’ plans to address customer requirements through payments data monetisation initiatives. 

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Keywords: data, research, survey, fraud prevention, banks, ISO 20022
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech