The State of the Nations for Payments Modernization: The New Normal is Constant Change
In mid 2021, Celent undertook a large, global survey of banks to create a worldwide State of the Nation for payments modernization for non-card payments. The industry gave us insights as to where they were in terms of modernizing before the pandemic hit, how COVID-19 changed - and continues to change - their plans, and perhaps more importantly, where the industry is headed now. What the industry told us was insightful, fascinating, and in some cases, worrying, but with some very clear views on the future of payments. Looking at the responses by region, and size of bank highlights both what is possible but where their are challenges ahead.
It is clear the industry understands that it needs to change, and rapidly - 83% of banks agreed that the next 5 to 7 years would see even greater than than the last decade. Yet the need to cut costs, respond to industry changes make this challenging unless the bank acts, and acts now.