The Future of Payments 2015: Financial Institutions. The Payments Value Chain is Driven by Customers

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1 The Future of Payments 2015: Financial Institutions The Payments Value Chain is Driven by Customers 1

2 Catalyst Payments Are at a Crossroads The payments market is changing. From cash to checks, to charge and credit cards, payments have traditionally been an aspect of financial services where little attention has been given to this important step, and payments were largely taken as a given. Changes were measured in years if not decades, and there was little element of surprise to what to expect with payments. Payments are now evolving at a pace of weeks, instead of the decades it used to be. New providers, new platforms and new payment tools are launching on a near daily basis. The seismic shifts now happening in the payments markets mark an unprecedented period of potential disintermediation for some, and long term advantages for others, and it is unclear exactly how the dust will settle in the coming years ahead. Since there is so much at stake, it s perhaps surprising that the voice of many key players in payments remains relatively unheard and even less well understood. Much of the media hype around the revolution in payments remains fixed on either consumers or individual payment segments with little context or real consideration to how these technologies will play out across the global payments value chain, including among Financial Institutions. As payments become smarter, this evolution has the power to transform the payments experience, and as such the needs, experiences and expectations of all of the players in the payments value chain are more critical than ever. Late last year, technology analyst house Ovum, in conjunction with ACI conducted the Ovum Global Payments Insight Survey. This global survey of retailers, acquirers, retail banks, and payment taking organizations, asked respondents about their experiences, perceptions and expectations of payments and how this is shaping their behavior. As payments go from a market of incremental innovation to a transformational market, it is essential that the views of all those involved in the value chain are understood. The following analysis highlights some of the key findings of this research and provides an explanation of what this means for payments today in terms of global payment strategies and investment priorities. This report is focused on the views and experiences of financial institutions and is one part of a fourpart series based on ACI and OVUM s 2015 survey. Those interested should visit for further information.

3 Methodology For the 2015 Global Payments Insight Survey, Ovum created a nineteen point questionnaire, looking at key aspects of Financial Institutions existing infrastructure, their forecasts for spending, areas for investment, and their perceptions on where payments fit within their broader strategic objectives. This digital survey was then sent to payment decision makers globally from October to November 2014, to provide a snapshot of their payment perceptions. The survey included Respondent Breakdown Total Financial Institution Respondents 277 Financial Institution Respondents by Region Americas 36.8% EMEA 36.5% Asia Pacific 26.7% Respondents by asset size (US$) Under $250 million 9.0% 1,119 executive respondents; across 15 industry sub verticals; in 25 key global markets; for over 144,000 separate data points on perceptions and expectations of payments among critical payment enablers globally. $250 million - $500 million 16.9% $500 million - $1billion 18.3% $1 Billion - $9 Billion 20.5% $10 Billion - $49 Billion 13.7% $50 Billion - $99 Billion 11.5% $100 Billion+ 10.1% Example Respondent Titles Chief Operations Officer, Finance Director, Head of Capital and Payment Operations

4 Summary The Customer is King When it Comes to Payments Financial Institutions understand they are facing a changing market. While the shift in expectations and the growing levels of competition from new market entrants all have a strong role to play, ultimately this is underpinned by the growing importance of the customer and the centrality of enabling an enhanced customer experience. For banks in particular, the window of opportunity is likely time restricted. Although they remain, for the time being, perceived as the most capable providers of a range of payment technologies and tools, they risk losing this incumbency if they do not adapt to rapidly shifting market demands for better, more varied payment services. One potentially critical strategy is through the implementation of real-time payment capabilities. Financial Institutions have a natural incumbency, and by forming direct connections and introducing real time capabilities, this has the potential to solidify their positioning long term. Accomplishing this however requires a solid infrastructure enabling a variety of payment services. Key survey highlights: Up to 85% of Financial Institutions believe consumers want a broader choice of payment tools. 55% cite that the customer experience is their key expected ROI on any increase to their payments investment. 76% believe their payment services face growing competition. 60% of retailers report their payments provider does not offer the variety of services required to satisfy customer demand. These factors combined suggests that for Financial Institutions, the customer must now be their top priority, and this means investing in their payments capabilities. Older legacy payment infrastructure will become more expensive over time and become increasingly less capable of introducing new payment options and capabilities to customers, while competing payment providers will quickly fill the gap of those left behind..

5 The Customer Experience is Paramount for Financial Institutions Consumers Demand a Broader Choice of Payment Tools Growing levels of competition amidst a plethora of new payment tools and services mean that consumers now expect to be able to pay anytime, anywhere, using any method. Consumers are subsequently becoming more fickle and less loyal in their choice of providers and Financial Institutions must adapt or succumb to growing competition. Although payments remains an industry that is highly idiosyncratic on a country-by-country basis, this perception of rising consumer demand is near universal across geographies, underlining how systemic these changes are. Over three quarters of Financial Institutions surveyed agreed that consumers wanted a broader choice of payment tools. This ranges from as high as 85% in the Americas, 79% across EMEA and 76% in Asia Pacific. This perceived demand for broader choice in payments by consumers is in large part borne out by the very high growth in electronic payments of all types, across all markets. From the growth of payment cards for low value day-to-day use, the development of online and now mobile commerce channels, to the growing rates of financial inclusion in all markets, consumers now have more choice in their payment tools than ever before, and increasingly expect a variety of options. As a result, Financial Institutions have little choice but to adapt and offer a growing range of payment tools to their customers. Figure 1: Over three quarters of Financial Institutions believe consumers want a broader choice of payment tools than they currently provide Consumers want a broader choice of payment tools 90% 80% 70% Strongly agree Somewhat Agree 60% 50% 45% 50% 41% 40% 30% 20% 40% 29% 35% 0% Americas EMEA Asia Pacific 5

6 An Enhanced Customer Experience is the Top Expected ROI from Increased Payment Investment This perception of growing consumer demand and the threat they are facing from new entrants is now being felt in investment strategies and remains a key component in Financial Institutions underlying payment roadmaps. Although they must balance a variety of considerations in any investment and development of their broader payment infrastructure, enhancing the customer experience is now, by a considerable margin, their top priority and stands out as the primary expected return on investment when it comes to payments. Overall 55% of Financial Institutions report that they would expect an enhanced customer experience as a return on any increase in payments investment. While the customer experience would be expected to come up as some level of priority, it scored significantly higher than gaining a competitive advantage (41%), reducing business costs (40%) and introducing new payment services/tools (38%). Figure 2: 55% of Financial Institutions expect an enhanced customer experience as an ROI on payments investment What ROI would you expect if you increased investment in payments? Enhanced customer experience 55% Introduce new payment services/tools Launch value added services (eg. Loyalty) Increased range of payment options Reduced business costs Improved speed of clearance and settlement Reduced payment frictions Accelerated authorization and payment processing Reduced PCI-DSS liabilities Gain competitive advantage Increased number of consumer touch points Enable monetized services (eg. Remittances, bill pay) 38% 36% 34% 40% 38% 34% 29% 29% 41% 34% 27%

7 Improving the Customer Experience Requires Building Services on a Secure Foundation Although the customer experience is now king, this cannot come at the cost of securing the customers and their assets. This is perhaps even more amplified by the many high profile data breaches of major retailers in recent times. The fallout on a firm s reputation and perception among customers can cause significantly more damage than the value of the initial fraud itself. The need for security remains the biggest impediment to payments innovation with 53% of Financial Institutions reporting security considerations are preventing them from increasing their investment in their payments infrastructure. This compares to 41% who cite the high cost of maintaining their existing legacy systems and 37% who cite customer protection requirements. The focus on security considerations is integral to Financial Institutions service offerings, however it may in turn increase overall exposure to risk by limiting use of the latest fraud prevention technologies and strategies. Most organizations prefer to use technologies and products that have been tried and tested by others before considering new platforms. Figure 3: 53% of Financial Institutions say security considerations are holding back investment in their payments infrastructure What prevents you from investing more in your payments infrastructure today? Security considerations 53% High cost of maintaining existing legacy systems Customer protection requirements Unclear benefit to my organization Complexity of existing payment infrastructure makes investment difficult Escalating complexity in new payments technology Time to market for new products e.g. slow and costly developme Expected investment in future (eg. Switch to EMV) Other priorities limit budget availability Competitive threats draining resources Payments lack visibility at the senior management level in my organization 41% 37% 36% 32% 31% 24% 24% 24% 22% 18%

8 By Leveraging their Assets Financial Institutions can Gain an Advantage in Increasingly Competitive Markets Competition is Rising for all Financial Service Providers With the rapid growth in payment tools and the steady growth of new players entering the payments space, Financial Institutions are facing growing competition. As a result of this competition, there is a need to find new ways to maintain market positioning and offset the threat of new emerging players. Seventy-six percent of Financial Institutions report they believe that their payment services face a growing level of competition with larger organizations in particular under pressure from new, smaller and more nimble players chipping away at their positioning. This was most strongly felt by retail banks with assets of between $50 billion to $99 billion (86%), but this perception of growing competition was still nonetheless felt by smaller players, including 68% of those with assets of under $250m. Figure 4: 76% of Financial Institutions believe their payment services face growing competition My organization's payment services face growing competition Strongly agree Somewhat agree 100% 90% 80% 70% 60% 50% 40% 44% 30% 49% 44% 32% 56% 32% 30% 20% 24% 38% 31% 33% 42% 31% 46% 0% Under $250 million $250 million - $500 million $500 million - $1billion $1 Billion - $9 Billion $10 Billion - $49 Billion $50 Billion - $99 Billion $100 Billion+

9 Existing Banks Hold a Strong Advantage as the Perceived Go-to Partners for Payments Banks hold a strong advantage, as they are seen as the primary providers of payment services globally. Across all of the regions and sub-verticals, banks came up as the bestplaced provider across all categories of payment-related services included in the survey. In many payment product categories, such as contactless cards and real time clearing and settlement, banks naturally hold an advantage, with 68% and 66% respectively agreeing that existing Financial Institutions are the most capable providers. However, even in less obviously banking-related fields, such as mobile apps (46%) and mobile QR codes (48%), banks are still regarded as the most capable providers of these payment services. Figure 5: Banks are viewed as the most capable providers across all payment technologies Which provider do you perceive is most capable of helping you offer the following payment technologies My existing bank or payment acquirer A telecoms provider A third party payment specialist (e.g. PayPal) A startup Contactless cards 68% 17% 9% 7% Real time clearing & settlement 66% 20% 7% 7% EMV 59% 25% 6% Direct connection between retailers or billers with banks 56% 25% 9% Non network or branded card 55% 26% 9% Location specific payment services 52% 24% 15% 9% Mobile NFC 51% 25% 13% Tokenization 51% 23% 12% 14% Smart card based loyalty program 51% 32% 7% Mobile QR codes 48% 27% 15% Dedicated App 46% 29% 11% 14%

10 Through Real-Time Direct Connections, Financial Institutions Can Drive Innovation and Strengthen Partner Relationships There is a high level of interest with Financial Institutions in enabling real-time payment capabilities. Introducing these services can help maintain their competitive positioning against new market entrants while also enhancing the overall customer experience. Real-time commerce, here defined as realtime balance checking, clearing and settlement of funds, is viewed positively. Among all respondents, 39% felt real-time commerce would lower their payment costs, and over one in three respondents report they d be willing to invest in their infrastructure to enable real-time commerce. Ovum notes that these figures will, in many instances, reflect a first impression of real-time commerce among respondents and have the potential to grow over time. Banks today hold an advantage, and by enabling new types of payment capabilities they can entrench their positioning against emerging competitive threats. Figure 6: Organizations are positive about the benefits of real-time commerce Please select which statements best reflect your perceptions of real-time commerce. Real-time commerce is likely to lower my payment costs 39% I would be willing to invest in my infrastructure to enable real-time commerce 36% Real-time commerce would be a benefit for my organization 29% I hope real-time commerce is introduced in my country soon 31%

11 Evolving Infrastructure is Key to Enabling Payments Innovation Financial Institutions are Already Updating their Payments Infrastructure and This Won t Stop Anytime Soon With a growing focus on the customer experience and an increasingly competitive payments environment, it is understandable that investment in payments infrastructure remains high. This is unlikely to change in the near term and is critical in enabling the latest wave of payments innovation. The high rate of development means that Financial Institutions who have not recently or are not currently investing in payments infrastructure will quickly fall behind their competitors. Interestingly a mixture of both core payment technologies and newer payment channels are key areas for investment. This should come as no surprise as new platforms can easily integrate and enable payments innovation over older legacy platforms and infrastructure, while new channels are critical in offering an enhanced customer experience and broader choice of payment tools. Payment switch architecture and mobile payment capabilities top the list of upcoming investment priorities, with 31% reporting they plan to invest over the next 18 to 24 months. This is followed by omni-channel capabilities at 27% and payment processing at 26%. Figure 7: Financial Institutions are investing all aspects of payments infrastructure Have you invested in or are planning on investing in the next months in the following payment technologies Plan to invest in future Payment switch architecture Mobile payment capabilities 31% 31% Recently or currently investing 38% 54% Omni-channel Processing Online payment capabilities Card and account management system Anti-money laundering (AML) Payment hubs Fraud prevention Testing monitoring & integration 27% 26% 24% 24% 22% 22% 19% 19% 42% 54% 62% 52% 56% 51% 66% 58% 0% 20% 30% 40% 50% 60% 70% 80% 90% 100%

12 This Investment is Critical as Retailers Begin to Demand More Than Basic Payment Services The high level of investment in payments infrastructure is now creating new competitive pressure for Financial Institutions. Those who have already invested in critical infrastructure technologies will gain an advantage being able to quickly go to market with a broader range of services and improved payment services. This could ultimately prove decisive from a competitive viewpoint as retailers today largely feel their current payment providers are not innovative. Over half of all retailers surveyed reported their payment providers do not offer the variety of services they need to meet the demands of their customers: 55% in the Americas and EMEA, and even more strongly in Asia Pacific at 60%. Investment in payment infrastructure is now time critical. The high levels of investment in payments in recent years have not yet trickled down and been seen by a majority of retailers, but this is likely to change in the near term. Financial Institutions who do not keep up with this investment are likely to fall behind their competitors, weaken their overall customer experience and ultimately weaken their market positioning. Figure 8: Up to 60% of retailers report their providers do not offer the services needed to meet the demands of their customers My provider doesn't go beyond basic payment services 70% Strongly Agree Somewhat Agree 60% 50% 40% 30% 40% 40% 42% 20% 15% 15% 18% 0% Americas EMEA Asia Pacific

13 Appendix Author Gilles Ubaghs, Senior Analyst, Financial Services Technology Ovum Consulting We hope that this analysis will help you make informed and imaginative business decisions. If you have further requirements, Ovum s consulting team may be able to help you. For more information about Ovum s consulting capabilities, please contact us directly at Copyright notice and disclaimer The contents of this product are protected by international copyright laws, database rights and other intellectual property rights. The owner of these rights is Informa Telecoms and Media Limited, our affiliates or other third party licensors. All product and company names and logos contained within or appearing on this product are the trademarks, service marks or trading names of their respective owners, including Informa Telecoms and Media Limited. This product may not be copied, reproduced, distributed or transmitted in any form or by any means without the prior permission of Informa Telecoms and Media Limited. Whilst reasonable efforts have been made to ensure that the information and content of this product was correct as at the date of first publication, neither Informa Telecoms and Media Limited nor any person engaged or employed by Informa Telecoms and Media Limited accepts any liability for any errors, omissions or other inaccuracies. Readers should independently verify any facts and figures as no liability can be accepted in this regard - readers assume full responsibility and risk accordingly for their use of such information and content. Any views and/or opinions expressed in this product by individual authors or contributors are their personal views and/or opinions and do not necessarily reflect the views and/or opinions of Informa Telecoms and Media Limited.

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