Payments modernisation is now imperative. It is not just that the regulatory landscape continues to evolve at pace, requiring organisations to update their systems and processes to remain compliant, important though this clearly is. The bigger picture is that customers are demanding change. Both organisations and consumers now expect a seamless payments experience that is secure, reliable and high-speed – and they want more choices than ever before about how to pay.
Over the spring and summer months, we surveyed 1,500 Financial Institutions and Retailers worldwide to explore the sheer volume of modernisation, the investment capital, the key drivers and benefits and the challenges they face. We augmented that quantitative survey with a series of qualitative interviews conducted with our own regional subject matter experts, who are on the ground and understand the context of the market.
We are proud to share the results of this in our 2024 Payments Modernisation Report.
Key findings
Overall, 93% of Financial Institutions plan to initiate a payments modernisation programme, or have one underway already. That includes 74% of Financial Institutions intending to begin work in the near future (48% of this group expect to get started within three to six months). A further 19% have already begun work on delivering their payments modernisation initiatives.
The appetite for payments modernisation is also very strong in the retail sector. Here, 87% plan to initiate a payments modernisation programme, or have already done so. That includes 63% planning to get started imminently (42% of this group will begin work within three to six months), and 24% that have payments modernisation programmes already underway.
How KPMG can help
The payments landscape is constantly evolving. Regulatory changes, increased competition and innovation, changing customer behaviour and new technology are shifting the payments industry and banks, corporates, and payments processors need to react.
We offer a wide range of solutions and services to support our financial services, corporate and government clients to drive their payments transformation.
