Reducing the number of intermediaries, such as card networks, in the payments value chain is the top desire among executives, according to a new report from ACI Worldwide and Ovum.
As the customer experience and cost structure of payments shifts, organizations are realizing the deeper implications that these dramatic shifts are having on their businesses.
The study provides insight into payment strategies and investment priorities to take advantage of these changes.
Details from respondents
Principle findings of this study include:
• Cut middlemen, cut fees. Reducing the number of fee collectors in the payments value chain is the top opportunity cited by nearly half (44%) of the respondents, ranking higher than both targeted offers (41%) and mobile (39%).
• Bypassing Mr. In-Between. 59% of respondents are evaluating direct connections with banks to eliminate or reduce reliance on card networks—illustrating how organizations may reduce fee collectors.
• Meeting banks halfway. 85% of banks report wanting to work more closely with organizations to reduce costs.
• Giving consumers more choice. 75% of organizations believe consumers expect more payment options.
• The choosing begins … In response, 50% of organizations are evaluating at least eight new payment methods.
- Customer and Employee Experience Should Top Banks Priority List in 2021
- The Role of Local Payments in Higher Education’s Bottom Line
- Onespan Publishes Top Ten Predictions for 2021 Focused on Financial Technology
- Bank Apps Being Used More Than Ever, ABA Finds
- SoFi Receives Preliminary Approval for US Bank Charter