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
Web 3.0 technologies are revolutionizing the payments industry and driving a major restructuring. As new payment market participants expand their operations, the demand for Business Process Services (BPS) is expected to soar. This shift is fueled by…
