As digital technology advances, established banks face competition from both upstart fintechs and giant companies seeking to eat into banks’ lucrative payments business. While these newcomers may have the edge on technology, they lack the prized client relationships that banks enjoy. This informative article from Boston Consulting Group professionals lays out the global payment system landscape and offers broad suggestions for banks seeking to remain competitive. getAbstract recommends this report’s authoritative insights to bank executives and technology professionals interested in the evolving global payment system environment.
In this summary, you will learn
- How competition from fintechs and digital giants could affect banks’ payments business in the future;
- Where cashless payment systems are growing rapidly, and where they are stalling; and
- What banks can do to grow in the increasingly competitive payment system environment.
About the Authors
Mohammed Badi et al. are professionals with the Boston Consulting Group.