As banks complete their ISO 20022 conversion, they're now focusing on broader payments modernization initiatives to stay competitive.
Accelerating Payments Modernization: Strategies for Banks to Stay Ahead
Discover how to enhance customer experience, operational efficiency, and revenue growth.
Banks are at a critical stage and must adapt to new formats, standards, changing customer expectations, emerging technologies, and competitors. Investing in payments modernization is essential for continued service viability and customer satisfaction.
ISO 20022 and the move to instant payments have been the catalyst for payments modernization in banking. As banks complete their ISO 20022 conversion efforts, they are now shifting focus to their next set of payments modernization priorities to drive scalable growth and innovation and are also exploring opportunities to leverage the incremental ISO 20022 data to drive new value-added services for their customers.
Courtney Trimble
Global and US Head of Payments, KPMG LLP
77% of respondents from the Banking Tech Survey acknowledge ISO 20022 potential to create strategic differentiation, drive new value to customers, and generate new revenue. The rich structured data from ISO 20022 enables banks to offer value-added services.
Steps you can take to establish a standout ESG M&A due diligence program:
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To accelerate payments modernization, banks should consider the following strategies:
1 | Develop a Clear Strategic Vision:
Use data-supported decision-making and agile processes to execute a well-defined roadmap.
2 | Invest in Technology and Partnerships:
Enhance efficiency, scalability, and security through strategic investments and collaborations.
3 | Focus on Customer Experience:
Offer the fastest, most convenient, and personalized payments solutions to meet evolving customer needs.
4 | Embrace Innovation:
Stay on the cutting edge of payments innovation, leveraging technologies like AI and digital assets.
5 | Ensure Security and Compliance:
Maintain the trust of customers and the integrity of operations by focusing on new regulations and security measures.
Banks are at a critical stage and must adapt to new formats, standards, changing customer expectations, emerging technologies, and competitors. Investing in payments modernization is essential for continued service viability and customer satisfaction. KPMG can assist your organization with tailored, future-ready approaches to payments modernization, leveraging our expertise in technology, partnerships, and security.
Banks must adapt to changing customer expectations, emerging technologies, and new competitors to remain competitive. Investing in technology, partnerships, and a clear strategic vision is essential for scalable growth and innovation.
By adopting these strategies, banks can accelerate their payments modernization journey and remain competitive in a rapidly changing landscape.
