Summary of Global Payments 2015

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Rating

7 Overall

7 Importance

7 Innovation

8 Style


Recommendation

Payment and transaction banking services have undergone an enormous transformation since 2005, and changes on the horizon appear even more profound. As these services’ importance to banking revenue and customer relationships continues to grow, competition will intensify. Professionals at the Boston Consulting Group surveyed nearly 5,500 consumers and 500 corporate treasurers and chief financial officers to reveal retail and wholesale clients’ needs, the factors behind slow digital payment adoption, and what banks can do to facilitate the transition to mobile money. getAbstract recommends this timely and comprehensive study to executives in the consumer and institutional payments and transaction banking sectors.

In this summary, you will learn

  • How digital options are transforming payment and transaction banking services,
  • Why banks should partner with technology providers in retail digital payments, and
  • What treasurers and chief financial officers expect of their banks in the wholesale banking sector.
 

About the Authors

Stefan Dab et al. are professionals with the Boston Consulting Group.

 

Summary

The stakes in payment and transaction services are high, with a projected $900 billion in revenue growth through 2024. Venture capitalists and technology companies are upping the ante by investing billions of dollars to create new products for instant payments in physical stores, at websites and on smartphones. But despite the increase in these digital options, many consumers remain stubbornly mired in old payment methods. They don’t see much value in adopting new technologies and have little incentive to change. Concerns about digital security and privacy linger and, in...


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