Bottomline’s The Future of Competitive Advantage in Banking and Payments global report represents the 4th iteration of an annual benchmarking survey on digital payments transformation and how financial institutions worldwide are adapting to customer expectations and industry changes. With responses from banking and non-banking leaders across APAC, Europe, North America and beyond, the survey highlights top challenges such as legacy infrastructure and compliance difficulties. The survey also includes key enablers that banking and non-banking leaders are increasingly adopting such as SaaS for greater operational efficiency, scalability and faster speed-to-market times. Strategic priorities include payment fraud mitigation, new payment rails and improving service accessibility. In addition, the survey found that real-time cash visibility is considered a critical cash management need and that ISO 20022 adoption is expected to greatly help improve transparency and fraud monitoring. Cross-border payment delays and the need for enhanced customer services remain top concerns among the respondents.
