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Global Payments 2017

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Global Payments 2017

Deepening the Customer Relationship

Boston Consulting Group,

5 min read
5 take-aways
Audio & text

What's inside?

Global payment systems are evolving as new competitors challenge mainstream banks.


Editorial Rating

8

Qualities

  • Analytical
  • Well Structured
  • For Experts

Recommendation

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.

Summary

While banks’ traditional strengths in the global corporate and retail payments business, such as trusted client relationships, remain intact, digital technology is now firmly entrenched in those payment systems. It is no longer necessary for digital upstarts to maintain a bricks-and-mortar presence or product assortment to eat into banks’ turf. The stakes here are high: In 2016, global payments activity reached $1.2 trillion, a figure poised to grow by $900 billion by 2026, as digital payment systems expand and developing countries become more active in payments. But challenges also await as ...

About the Authors

Mohammed Badi et al. are professionals with the Boston Consulting Group.


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