The payments industry is undergoing sustained and unprecedented changes driven by increasing customer expectations , expansive competition from non-FS players like BigTechs and FinTechs and emergence of new technologies including GenAI . The combined effect of this , is increasingly innovative payments propositions .

Accenture has identified five main trends that require payments executive attention in this complex ecosystem :

Evolving customers Customers ‘ needs are constantly changing and there is a significant revenue risk of not responding to the market changes ( see our recent report Payment Gets Personal ). The latest expectations from GenZ are driving even more towards innovative and seamless payments solutions like Digital Wallets and Embedded Finance . It is critical for Banks like NatWest to support their customers during this transformation .

Payments Gets Personal

Growing competition BigTechs and FinTechs are driving innovation and creating new opportunities in payments by leveraging Open Banking and propositions powered by Embedded Finance . Established banks must adapt quickly to stay relevant and grow . For example , NatWest ’ s PayIt proposition pioneered simple and secure direct bank-to-bank payments .

To find our more , please contact us :

Sulabh Agarwal Global Payments Lead , Accenture

Ewa Wojcik Payments Senior Manager , Accenture

Platform modernization Banks seeking to future-proof payments need to increase agility at the same time as ensuring 24 / 7 availability , regulatory compliance and the highest security standards . A critical enabler for this , is migrating payments systems from legacy technology to modern , modular , microservice-based architecture hosted within data centre and / or the cloud .

Enriched data Banks as well as Big Techs and FinTechs can access more customer data than ever before . It is their responsibility to ensure the right data protection procedures as well as ensure data can be used for customer benefit to create tailored and efficient solutions .

Talent New Technologies constantly present new tooling , languages , and engineering challenges but legacy ecosystems at enterprise scale can hamper productivity . Forward-thinking organisations are reshaping their Developer Experience ( DevEx ) to boost software quality and productivity , in turn driving engagement , retention and a better ROI . However , this is not just about Technology , it is also about attracting new talent and strong partnerships to share lessons learned and shape new strategies .

We are proud to partner with NatWest Group to help their customers benefit from these latest payments trends at the earliest opportunity .

Disclaimer : This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors . Copyright © 2024 Accenture . All rights reserved . Accenture and its logo are registered trademarks of Accenture .