"The coming years will show an acceleration in the pace of innovation, particularly in the banking sector, where collaboration, digitalisation and a services-centric approach will continue to drive change throughout the industry." - Mark Buitenhek, global head Transaction Services, ING
Trends in payments
Collaboration: An increasingly open and collaborative industry is being built through partnerships between financial institutions and FinTechs, as the opportunity for growth through shared learnings across sectors and disciplines fosters significant advantages. Collaboration is the new competition as the adoption of new technologies for the purpose of creating a differentiating customer experience becomes more important than speed.
Digitalisation: Digitalisation will continue its expansion into new services and sectors. In particular, digitalisation of commodity activities will take place through the creation of new marketplaces and platforms. Here, institutions are investing heavily in digital services to optimise efficiency and enhance user experience. A combination of technological enablers like data analytics, artificial intelligence and distributed ledger technology will soon start seeing some breakthroughs as we learn about new ways these technologies can be applied most effectively.
Services: The complex regulatory landscape and ever-growing compliance pressures are pushing banks towards selling services rather than products, as customers gradually look for an omni-channel approach from their service provider. This is particularly evident in corporate banking, where customers are increasingly demanding the services and solutions available for retail customers.
Putting the links together: making sense of blockchain
While blockchain may have been a buzzword in 2015, it is now time for the industry to unpick the hype. Mark Buitenhek, ING, shares his insights on the tangible benefits of this technology and how to fully realise them.Read the article
From virtual bank accounts to virtual cash management
Virtual bank accounts have already been deployed to great effect for streamlining collections. But according to Dick Oskam, ING, they have the potential to do much more – not least for time-pressed and resource-strapped treasurers.Read the article
Real time payments: the next frontier
With customers increasingly requiring ease, speed, convenience, security and always-on processing for their payments, the momentum behind instant payments is building. But the road towards truly real-time payments will not be without its twists and turns, warns Jurgen Vroegh, ING.Read the article
Payments: why banks must collaborate to stay ahead
Increasing regulation and new technologies are changing the face of the payments industry as we know it. From hybrid projects with FinTechs to blockchain consortiums, Jurgen Vroegh, ING, explains why banks’ collaboration strategies must also move with the times.Read the article
A world disrupted: how to embrace the tech revolution
While some banks consider technology ‘innovation’ to be synonymous with ‘disruption’, Mark Buitenhek believes there are big opportunities for banks and their customers within this change. Tapping into those opportunities will not only require a re-wiring of infrastructures, but a shift in mindsets too.Read the article
Next generation cross-border cash management
Despite rapid digital advances in cash management, many treasurers still struggle to achieve full cross-border cash visibility. But all that is about to change, says Dick Oskam, ING.Read the article
Shaping the cash management landscape
As corporates become more global and operate according to faster and faster timelines, new cash management solutions are being sought to help deliver greater efficiencies and insights. Dick Oskam, ING, explains all.Read the article
With change comes opportunity
With change comes opportunity, and the world of payments is living proof of that, says Jurgen Vroegh, ING.Read the article
Blockchain: be ready to ‘fail fast and fail cheap’
During the 'Blockchain and correspondent banking – The way to go?' session on Sibos, a panel explored the possible use cases and barriers to adoption of blockchain technology – one of the most talked about technologies at this year’s event.Read the article in BankTech