2017支付策略调查（英文版）_36页

2017 Payments Strategy Survey Summary

Core Content

The 2017 Payments Strategy Survey highlights the significant transformation in the payments industry, driven by new technologies, evolving customer expectations, and the rise of nonbank competitors. The banking sector, which has traditionally dominated the payments space, is now facing unprecedented challenges in maintaining its leadership. The report emphasizes the need for banks to adopt formalized strategies, invest in technology, and enhance customer experience in order to stay competitive.

Main Points

• Payments are a dynamic and evolving sector: The industry is undergoing rapid change due to the increasing use of digital and electronic payment methods, shifting customer behavior, and the emergence of fintechs and other nonbank players.
• Consumer payments trends:
  • There has been a long-term shift from cash and checks to electronic payments.
  • Debit and credit card payments are the dominant payment types, with card payments growing at the fastest rate.
  • ACH transfers are the most valuable form of payment, and check usage continues to decline.
  • Mobile payments are growing, especially among younger, more educated, and affluent consumers, and are expected to more than double in value by 2020.
• Commercial payments trends:
  • There is a growing demand for faster, more convenient, and more transparent payment services in B2B transactions.
  • Many businesses still rely on checks and manual processes, but there is a push toward electronic remittance information and real-time payments.
• Challenges for banks:
  • Lack of formalized strategic plans and governance structures for payments.
  • Reliance on third-party system providers limits innovation and control.
  • Inefficient decision-making processes and limited understanding of payments technologies among senior management.
  • Many banks are not adequately prepared to address the convergence of payment operations or to fully leverage data analytics for competitive advantage.
• Opportunities for innovation:
  • Open APIs and fintech partnerships are enabling banks to offer new digital payment solutions.
  • Integration of information with payments services is becoming a key differentiator.
  • Mobile wallets, biometric authentication, and tokenization are improving security and convenience.

Key Findings

Strategic Approach

• Formalized payments strategy: Only 13% of banks have a formalized payments strategy, with 87% lacking one.
• Strategic focus:
  • 60% of banks have a mix of consumer and commercial focus.
  • 26% focus primarily on commercial payments.
  • 14% focus primarily on consumer payments.
• Approach to strategy:
  • 40% of banks are either "Fast Follower" or "First Mover/Experimenter".
  • 57% of banks take a "Wait and See" approach, which risks competitive obsolescence.

Investment Priorities

Consumer Payments

• High-priority investments:
  • Remote deposit capture
  • Debit cards
  • Mobile payments
  • Mobile P2P payments
• Low-priority investments:
  • Paper checks
  • Digital currency
  • Cross-border payments
  • E-wallets
  • Credit cards (despite their importance in e-commerce)

Commercial Payments

• High-priority investments:
  • ACH capabilities
  • Wires
  • Debit cards
  • Real-time payments
  • Web-based cash management solutions
• Low-priority investments:
  • Paper checks
  • Digital currency
  • Mobile B2B and B2P payments

Fintech Partnerships

• Partnerships: Only 30% of banks are actively partnering with fintech companies (excluding core system providers) to implement payments solutions.
• Sources of information: Core system vendors and industry trade associations are the primary sources for identifying potential fintech partners.

Governance and Management

• Strategy responsibility:
  • A minority of banks assign responsibility for payments strategy to a specialized function.
  • Most banks involve multiple departments, including risk management, compliance, operations, and IT.
• Decision-making process:
  • Banks face challenges due to slow decision-making and limited understanding of payments technologies.
  • Reliance on third-party providers is widespread, affecting the bank's ability to innovate and respond to market changes.

Recommendations

• Develop formalized payments strategies: Banks must create structured plans to guide their payments initiatives.
• Invest in technology and innovation: Embrace open APIs, cloud services, and real-time payment capabilities.
• Enhance customer experience: Focus on mobile payments, digital wallets, and data-driven insights to improve convenience and loyalty.
• Improve governance and decision-making: Streamline internal processes and ensure that payments strategy is integrated across the organization.
• Foster fintech partnerships: Collaborate with fintechs to access new capabilities and better serve customer needs.
• Enhance data analytics capabilities: Leverage payments data to gain insights into customer behavior and improve business performance.

Conclusion

The payments landscape is changing rapidly, and banks must adapt to maintain their competitive edge. While the industry has made progress, many institutions remain unprepared for the future. Formalized strategies, investment in new technologies, and improved governance are essential for banks to remain relevant and successful in the digital payments era.