Banks to upgrade their payments systems

Banks across the world are overhauling their IT to reduce costs and simplify their payments systems

Banks across the world are overhauling their IT to reduce costs and simplify their payments systems

In a survey of 100 banks around the world by the Economist Intelligence Unit - carried out in co-operation with Oracle - almost two-thirds (63%) of bankers said they have completed or plan to complete upgrades to their payments systems.

The survey found that 70% of these bankers wanted to reduce payments processing costs.

Emily Fleckner, senior project manager at the Economist Intelligence Unit, said, "The study's finding that most banks are evaluating their payments strategy, and that many have started to re-engineer their infrastructure, underscores the economic and regulatory pressures facing the payments function worldwide.”

She said, “The Single European Payments Area, changes in customer behaviour and pressure to reduce costs, are among the factors driving change.

“In this environment, banks should take a holistic approach to payments-driven revenue to lower their cost base and retain customers." 

In addition to reducing costs, respondents said they were changing their payments systems to improve customer experiences (22%), simplify workflows (26%) and reduce operational risk (23%).

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