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Global Payments 2015: Listening to the Customer's Voice Summary

Core Content

The Global Payments 2015: Listening to the Customer's Voice report by the Boston Consulting Group (BCG) provides an in-depth analysis of the evolving payments and transaction-banking landscape. It outlines the key challenges and opportunities facing the industry, with a focus on consumer digital payments and wholesale transaction banking. The report is part of the BCG Global Payments Model Interactive, a tool that offers detailed projections of market shifts from 2014 to 2024.

Main Viewpoints

1. Industry Disruption and Opportunity

• The payments and transaction-banking sector is undergoing significant transformation, with potential for $900 billion in revenue growth by 2024.
• Disruption comes from multiple sources:
  • Regulatory measures affecting pricing and customer experience.
  • New market entrants using advanced technology to offer innovative solutions.
• Opportunities include:
  • Migration from cash to electronic payments.
  • Adapting to the digital world.
  • Delivering value-added services.
  • Serving the unbanked and underbanked populations.

2. The Role of Digital Payments

• Digital payments are becoming a major revenue driver, especially in retail and wholesale segments.
• The report highlights that retail payments account for 73% of total revenue growth through 2024, despite a shift toward account revenues.
• Wholesale payments are expected to grow at a 7% CAGR, outpacing retail’s 6% growth.

3. Strategic Recommendations

• Banks must differentiate themselves through digital innovation and customer-centric strategies.
• Customer engagement is critical, with a focus on understanding pain points, expectations, and behavior.
• Collaboration with nontraditional players is recommended to stay competitive and leverage new technologies.

Key Information

Global Payments Revenue Projections

• 2014 Global Transaction-Banking Revenues: ~$1.1 trillion (27% of total global banking revenue).
• 2024 Projected Revenue: ~$2 trillion.
• Revenue Drivers:
  • Account Revenues: 40% of growth.
  • Transaction Revenues: 34% of growth.
  • Non-Transaction Card Revenues: 26% of growth (including fees, net interest income, and others).

Regional Retail Trends

• North America:

  • Largest payments market, with $238 billion in retail payment revenue in 2014.
  • Credit cards are the dominant revenue source (60% of U.S. retail payment revenue).
  • Expected CAGR of 4% through 2024.
  • Challenges include regulatory pressure, declining interchange income, and competition from digital wallets.
  • Banks need to focus on core DDA customers, improve digital interfaces, and develop new payment strategies.

• Western Europe:

  • Payments face structural pressures due to interchange regulations and low interest rates.
  • PSD 2 will introduce competition from third-party providers and affect pricing and security.
  • Digital payment solutions at the point of sale are a key battleground.
  • Banks must rethink daily banking offerings and invest in digital innovation.

• Asia-Pacific (RDEs):

  • Rapidly developing economies (RDEs) are experiencing stronger growth due to financial inclusion and cash migration.
  • India is a standout with government-led initiatives that have driven significant account growth and digital adoption.
  • China continues to boom, with mobile payments growing rapidly and nonbank players like Alibaba and Tencent gaining traction.

• Latin America:

  • Incumbent banks are increasingly investing in payment electronification and cash substitution.
  • m-wallets and local payment schemes are being adopted, supported by government incentives and regulatory changes.

• Central Europe:

  • Poland leads in NFC adoption and digital innovation.
  • mBank has set a benchmark with its superior digital customer experience and reward programs.

Technology and Innovation

• Digital solutions such as instant payments, blockchain, and cryptocurrencies are expected to play a growing role.
• Mobile wallets are becoming more popular, especially in markets with high smartphone adoption.
• Tokenization and biometrics are improving security and reducing fraud, which may lead to lower interchange rates.

Collaboration and Partnerships

• Banks should consider partnerships with nontraditional players and global card networks to enhance their digital offerings.
• Co-brand partnerships are gaining more influence, with partners taking a larger share of revenue and reducing discount rates.
• Standardization is essential for scaling digital payment solutions and ensuring wider adoption.

Conclusion

The report emphasizes that no institution can afford to stand pat in the face of rapid digital transformation. To remain competitive, banks must:

• Listen to the customer’s voice and tailor their strategies accordingly.
• Invest in digital innovation and customer-centric approaches.
• Adapt to new technologies and market dynamics.
• Collaborate with both traditional and nontraditional players to build a sustainable future in payments and transaction banking.

The BCG Global Payments Model Interactive is a key tool for institutions to visualize and understand future market trends and revenue shifts.