The Amazing Race – Payments Edition 2020

8 Jun 2020
by Robin Jain, Rohit Sharma, Akansha Tomar, Deepjyoti Mili

The payments industry is grappling with widespread disruption on account of new technologies, emerging players, value-added services, new regulations, and increasing frauds. In addition, the COVID-19 pandemic has significantly impacted non-cash transactions. In this dynamic environment, it is vital to look at local trends, especially for non-cash payments, they can vary significantly among different geographies. Banks need to act fast to retain and grow their customer base in this market.

In this paper, we recommend banks to improve Customer Experience (CX), adopt new technologies, and provide value-added services to attract and retain customers. Outsourcing service providers can help banks by developing an ecosystem with FinTech players and rapidly deploying new innovations in this evolving market.

Scope

Industry: Banking and Financial Services (BFS)

Geography: global

Contents

In this paper, we:

  • Analyze non-cash transaction volumes for the US and the UK
  • Outline factors resulting in payment disruptions
  • Analyze the impact of COVID-19 on the payments market
  • Suggest the way forward for banks
  • Introduce a outsourcing service provider-led ecosystem

Membership(s)

Banking and Financial Services (BFS) - Business Process Outsourcing (BPO)

 

Page Count: 39