Payment platforms will evolve from being commoditised propositions to strategic solutions that complement and add value to people’s lifestyles. While banks can often have a limited understanding of their customers and operate a vastly complex product set, the winners of 2030 will turn this on its head. They will develop a much more comprehensive understanding of their customers and dramatically simplify their product range. The result will be a significantly enhanced customer experience, with lower levels of operational risk and much more customer-centric business models.
The key factors shaping this transformation will be the impact of technology, shifting customer expectations, changing global demographics, the rise of e-commerce and the growing impact of regulation.