Facing tough challenges both from small fintech startups and from global digital giants, incumbent transaction-banking leaders must improve customer journeys, maximise security, minimise complexity, and add value beyond pure payments if they hope to survive and thrive.
This is according to a new report by The Boston Consulting Group (BCG). The report, Global Payments 2016: Competing in Open Seas, is being released today. The report, BCG’s fourteenth annual study of the global payments business, offers a comprehensive overview of the industry, including detailed looks at revenue trends, retail payments by region, and shifting dynamics in wholesale transaction banking. In conjunction with the report, BCG is launching the third edition of its Global Payments Model Interactive, available on bcgperspectives.com, which explores how regions and segments of the payments market will shift from year-end 2015 through 2025. This feature provides interactive charts on the volume and value of noncash transactions worldwide.
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