The payment providers’ playbook for practical, innovation-led transformation
The pandemic has transformed the payments market forever. The essential requirement for touchless and remote payments sparked enormous demand, subsequent adoption and a significant push for increasing payment capabilities. Payment providers of all stripes have a clear North Star focus on expanding their payment capabilities to meet the unbridled demand for digital payments in all forms.
BFS firms are turning to full-service firms and fintechs for capability enablement as they transition through the Horizons. To better understand where payments are headed, HFS Research and Infosys conducted a study of 150 payment providers in North America and Europe. The results are eye-opening as we watch payments providers perform a difficult balancing act between investing in crucial modernization projects while attempting to drive growth with new and innovative solutions.
Key findings
- Using ecosystem partners as a source of new value rates is important
- The Horizons framework offers payment providers a paced approach to innovation-led transformation
- Payment providers hell-bent on growth through new offerings must prioritize modernization or risk failure
- Sixty-three percent (63%) of payment providers favor full-services firms with a growing need for fintechs (62%) and consultants (55%) to help them grapple with roadblocks and drive progress
- Payments providers work with 11 strategic partners on average today, and 73% indicate they expect this number to grow. Strategic partners need to offer much more than cost savings
This report is the second in a four-part series examining the growing importance of ecosystems in the BFS market through the lens of making practical progress across the Horizons. Read the first part of the report.
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