The position of banks in the transaction space – Payments as a commodity? No way!
From Boardroom to Execution: Capitalizing, optimizing and translating value of investments made in innovation
Now more than ever before, the correct investments made in technology and innovation have serious and material implications to the long-term success of a business. Missing opportunities to capitalize on new technology to enhance capabilities, product and services could result in lost market share, reduced ability to participate in upside gains of new business models, and in worst case extinction altogether.
In the case for banks, who are on the front lines of digital disruption, the move towards a distributed economy has introduced innovative 3rd parties and Fintech that are providing superior experiences, products and services for customers. The transaction space which has traditionally been a staple revenue stream is now being threatened by players in the P2P and distributed ecosystem where efficiencies have the potential to reduce payments to a commodity. Institutions who are able to reimagine their business models, maximize investments in technology, and evolve their business effectively to harness the current innovation cycle will determine the next generation’s winners and losers.
- Customer adoption trends of digital payments and viewpoints on movement towards a cashless society
- What critical investments need to be made to remain competitive in the transaction space (Technology, Processes, People, & Partnerships)
- How to effectively drive and translate the expected value (top and bottom line) of innovation projects – who is doing this well
- Vision of the future and how the Payments space will evolve (e.g., banks, near banks, and non banks)