Join us for our second vlog on payments modernisation, where we explore how banks and building societies can rise to the technology challenge. Missed the first vlog? Imran Ali and Mina Tezcan explore how organisations can recruit, develop and retain key resources for their payments modernisation programmes.
According to our recently published Payments Modernisation report, we know that 26% of banks and building societies have technology-related concerns about their payments modernisation programmes. Some of the recurring themes that we observe include worries about integrating new technology into existing payment stacks and ensuring systems are resilient enough to handle high transaction volumes without problems arising.
The ability of banks and building societies to secure competitive advantage is closely linked to the extent to which they are early adopters of new tools and technologies. That requires a strong technical change capability that is resilience-led and able to deliver at speed.
The institutions who lead the way from a technology perspective will be those who have invested in their architectures and their change delivery capabilities. Those who can be agile without jeopardising resilience will be able to deliver on their core capabilities while launching new products and services. Those with legacy systems who find change challenging to deliver may end up only achieving compliance.
Rajesh explores the main challenges and benefits within payments technology in the vlog, and explains how banks and building societies can secure competitive advantage in their payments modernisation programmes.
Here at KPMG, we can offer a wide range of solutions to support banks and building societies on their payments journey - from initial scoping through to the delivery and realisation of change. If you would like to discuss what it means for your organisation, please get in touch.
