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Payments Transformation: Immediate, Intelligent and Inclusive

Payments Transformation: Immediate, Intelligent and Inclusive

The Finextra Annual Payments Survey Report 2020 in association with Fiserv.

The pandemic has changed how we think about payments and the way people move and manage money. Not surprisingly, you see its influence in our payment trends this year.

This year's Payments Industry Survey shows a change in focus, from the implementation of large infrastructure changes, such as instant payment systems, ISO 20022 adoption and open banking, to an emphasis on how those changes can drive value for payment users.

The payment experience has become the focal point. Understanding how financial institutions can improve the services they deliver is central to the current direction of the payment industry. While COVID-19 has added impetus, the customer-centric, payment-user-first trend has been gaining prominence.

Financial institutions are moving the discussion on from the provision of instant payments to focus on how they can bring value to the payment users as they interact.

While the move to instant (real time) payments was a key trend identified in previous Fiserv payments surveys, as they become a reality, the attention is moving towards how they can be utilised to address the evolving needs of payment users and support payment users who traditionally use nonelectronic forms of payment. This year, the survey focused on two areas:

  • The role that overlay services have in addressing the needs of payment users.
  • Inclusion of all payment users in electronic payments.

Download the report of the results from the recent Finextra Annual Payments Survey 2020, by Finextra & Fiserv, below to learn more.

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