Globalisation continues to shape the market as money moves between banks, businesses and even countries quicker and in higher numbers than ever before. Both debit and credit cards remain vital in today’s payment experience but changing consumer demands and the surging popularity of neobanks leave traditional banks fighting for top-of-wallet status.
On one hand, traditional banks are battling surging operational costs. From a functionality point of view, the world is getting smaller. Today, there is not much perceived difference to the consumer between debit cards, credit cards, and prepaid cards. Yet behind the scenes, many banks run each of these products in different platforms and set-ups, each racking up its own costs.
Add to this mix services like personal loans/buy now, pay later (BNPL) schemes and increasing regulatory demands, you have created the perfect storm: Having to bolt on a new, disparate system every time the services are extended – which
costs time, money, and adds high regulatory burden.
On the other hand, the consumer expectations of a new generations are shaping the market. Gen Z’s preference for digital, seamless payment methods is changing the financial landscape and traditional banks need to adapt their service offerings in order to match these new demands.
This impact study, produced in association with FIS, explores:
- Increasing cost pressures: Why operational costs are soaring
- How a new generation is shaping the payments landscape
- Tackling change: The benefits of a unified card programme
- Case studies: A practical approach to change
Watch the on-demand Finextra webinar with FIS - Unifying card programmes: The cost-reduction imperative