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Last Updated : Sep 12, 2019 02:11 PM IST | Source: Moneycontrol.com

Banks and Fintechs are global leaders in payments innovation: ACI Worldwide and Ovum report

96 percent of retail banks, 94 percent of corporate banks globally report that they will develop new and innovative services

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Representative image: Pexels
Representative image: Pexels

ACI Worldwide, a global provider of real-time electronic payment and banking solutions, and global research firm Ovum launched the Culture of Innovation Index.

The index is a global cross value chain view of the factors that drive success across the banking, intermediary, merchant and corporate sectors.

The research, based on a global survey of almost 1,200 enterprises, reveals that retail banking and FinTechs are the leading sectors when it comes to payments innovation, with regulation playing a key part in forcing industry change.

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The merchants and corporates that are their customers are less successful in balancing cultural, organizational and technology drivers to achieve digital transformation.

According to the Index, real-time payments are a significant driver of innovation among financial institutions, while merchants and corporates are focused on new payment options (especially mobile), with payment security a continuing concern.

Besides, trailblazers across the sectors plan to move mission-critical workloads into public cloud infrastructure either this year or into 2020.

"The pace of change in the payments ecosystem continues to be relentless," said Mike Braatz, chief product and marketing officer, ACI Worldwide.

"More than ever before, innovation will be a significant driver of business success. While technology is – and will remain – an important part of the answer, it is people who truly change organizations. Businesses that align cultural change with technology leadership place themselves in the best position to thrive in the future," Braatz added

Some key findings include –

  • 96 percent of retail banks, 94 percent of corporate banks and 92 percent of intermediaries globally report that they will develop new and innovative services on top of their investment in RTP in 2019/20.

  • 82 percent of corporate banks, 74 percent of retail banks and 79 percent of intermediaries (84 percent of fintechs) globally plan to move mission-critical workloads into public cloud infrastructure in 2019-20.

  • 91 percent state that the move to open banking has helped change the way they approach delivering new products and services, with 89 percent actively exploring a platform strategy.



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First Published on Sep 12, 2019 02:11 pm
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