Icon Solutions: Biggest Revenue Opportunities From Payments Data Monetisation Revealed in New Research Surveying Global Corporates
Research conducted by Celent on behalf of Icon Solutions and MongoDB has revealed the bank data services that corporates will pay for, and the ones they consider table stakes. Findings show the services that corporate clients would be most willing to pay for are real-time cash balances (84%), enhanced security and fraud prevention (74%) and a single real-time balance dashboard across multiple bank partners (70%). The report also highlights the risk of customer churn as corporates do not expect to pay for services such as virtual accounts and ISO 20022 compliance support and would switch providers to access them.
‘Expectation versus Reality for Payments Data Monetisation’ surveys 217 corporate treasurers and CFOs and 168 senior bank executives globally, providing unique insight into the business challenges facing corporates and their expectations for data-driven services, along with banks’ plans to address emerging customer requirements through payments data monetisation initiatives.
Payments data monetisation is an increasingly key strategic priority for banks, with 38% reporting it as an objective of technology transformation investments. This is being driven by growing margin pressure and competition, evolving customer expectations and migration to real-time payment infrastructures and ISO 20022.
“Corporate clients are increasingly looking to their bank partners to help them run more efficiently, and this creates a number of opportunities for new revenue-generating services,” explains Kieran Hines, Senior Analyst at Celent. “Greater access to real-time data, including real-time forecasts, are high on the wish lists of clients, alongside enhanced security and analytics-driven tools to support decision making. However this is not the whole story, and there are several services that corporates want to access but are unwilling to pay for – in other words becoming ‘table stakes’. With many corporate clients looking to rationalise their bank relationships, banks should consider investing in new data-led services to both support client retention as much as to drive the top line.”
Toine van Beusekom, Strategy Director, Payments at Icon, comments: “The implications of this report for banks are clear. Inaction is not an option and investment is urgently needed just to retain existing business and relevancy, let alone generate new revenues. But payments data monetisation is not a one-off product initiative, it is a strategy that must span the entire organisation. This means that technology spend and transformation strategies must be directed towards doing the fundamentals extremely well and lowering the cost of delivering standardised, accurate and complete payments data in real-time. By doing this, banks can build the foundations that deliver the flexibility and agility to respond to the evolving needs of corporate clients.”
Ultimately, the report highlights that payments data monetisation is about more than revenue. The real opportunity is to move the relationship with corporate clients away from banking being about consumption of products, towards acting as true partners for customers. This shift in perception holds the key to long term revenue and margin growth.
To learn more, download the full report here.
About Icon Solutions
Icon Solutions empowers banks and payment service providers to realise the potential of payments. It combines unique IT and engineering expertise with deep payments knowledge to accelerate payments transformation, dramatically reducing costs while delivering innovative new customer experiences, increased agility, and resilience. Its leading-edge cloud-native payments solution, IPF, provides the foundation for banks looking to transform payments environment for a real-time, digitalised, data-driven world.
Clients include leading international institutions such as BNP Paribas, HSBC and Lloyds Banking Group.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Proteintech Group Celebrates 20-Year Anniversary15.6.2021 18:09:00 EEST | Press release
Proteintech Group, a leading manufacturer of antibodies and related products, is celebrating the 20th anniversary of its founding. To celebrate the achievements and challenges of the past years, Proteintech will host special events throughout the year with its customers, collaborators, and employees while still looking forward to future opportunities. “Over the years we have witnessed countless discoveries and we couldn’t be prouder of everything our customers have achieved. We want to thank all of our customer for their tireless efforts and sacrifices to advance scientific discovery,” Dr. Jason Li, CEO Proteintech Group was founded in early 2001 by a small group of scientists including its current CEO, Dr. Jason Li. The founders set out with a vision to produce an antibody for every single protein coded in the human genome. Comprehensive coverage of all human gene products is a massive undertaking, but critical because it is difficult for researchers to predict which targets may be re
Norsk Titanium Expands into the Industrial Application Market in Collaboration with Hittech Group15.6.2021 18:00:00 EEST | Press release
Norsk Titanium AS (Norsk Titanium; Euronext: NTI), a global leader in additive manufacturing of aerospace-grade titanium components, announced an expansion of its customer base into the industrial application market sector in collaboration with the Hittech Group, based in Den Haag, Netherlands. The production of the first industrial component in this development supports a Hittech end customer in the growing semiconductor equipment market. Norsk expects significant near-term investment by manufacturers in the semiconductor market as they seek to modernize their supply chains. This effort represents Norsk’s first step to support these modernization efforts with a faster, more cost efficient and environmentally friendly approach. Using Norsk’s revolutionary Rapid Plasma Deposition™ (RPD™) process, Norsk engineers have designed a titanium alloy preform that will reduce Hittech’s raw material needs by over 45 percent as compared to legacy wrought product used to fabricate the end component
i2c Becomes First Company to be a Visa Fintech Fast Track Member in Four Regions15.6.2021 17:15:00 EEST | Press release
i2c, a leading provider of digital payment and banking technology, today announced the extension of its membership in Visa’s Fintech Fast Track program to the Asia-Pacific region (AP), making it the first company to become an enablement partner in all four regions of the acclaimed program. As an enablement partner, i2c helps lay the foundation for fintechs to build and expand their products locally, regionally or globally over its single stack, modular platform. Designed to accelerate the process of integrating with Visa, the Fintech Fast Track program brings together services and expertise to support fintech companies in their efforts to launch payments solutions. Partners leverage the payment network’s reach, capabilities, and security to realize faster onboarding times, and allow fintechs to scale more quickly. “We are excited to be able to simplify the process of launching a card program in 10 more countries, as an extension of our commitment to being a truly global partner for our
Viking Malt: Foundation Stone Laid: Construction of the New Production Plant in Lahti, Finland, is Progressing as Planned15.6.2021 17:04:00 EEST | Press release
Viking Malt has laid the foundation stone for its new production plant in Lahti. The plan is that the new malting house will start its operations in 2023. It is about 90 million euro project in size and the production capacity will be ca. 85 000 tons per year. Owner Pär-Gustaf Relander and CEO Kasper Madsen hosted the ceremony at the construction site on Pippo-Kujala industrial area. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210615005825/en/ The time capsule and the representants from Construction Consultant Afry, Viking Malt and the Mayor of Lahti, Pekka Timonen. Photo by Viking Malt. The company is already over 130 years old and the key to success has always been to focus on high quality and to be open to innovation and new technology. The new plant is a continuation of this tradition. Building a new plant gives a unique opportunity to utilize the newest technology to both increase efficiency and to become more enviro
New Data Shows $30 Billion Streaming Advertising Disconnect Among Publishers, Brands and Consumers15.6.2021 17:00:00 EEST | Press release
Conviva, the intelligence cloud for streaming media, released its inaugural State of Streaming Advertising report today, revealing big gaps in how publishers, buyers and consumers perceive streaming ads, and what this means for the future of the multibillion dollar streaming ad industry. For example, while 69% of sellers believe ad quality on streaming is as good as on linear television, just over half of buyers feel similarly (55%) and only about a third of consumers agree (35%). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210615005329/en/ Conviva's State of Streaming Advertising 2021 (Graphic: Business Wire) “With streaming, there is an opportunity to provide high-quality creative to consumers, but we need to evaluate how and when we reach them,” said Scott McDonald, President & CEO, Advertising Research Foundation (ARF). “It’s time to move on from 1:1 targeting, with growing concerns over privacy and the challenge of s
LiveRamp and Carrefour Partner to Deliver Next-Generation Retail Offerings15.6.2021 16:30:00 EEST | Press release
LiveRamp® (NYSE: RAMP) today announced an expanded global partnership with Carrefour (OTCMKTS: CRERF) to enable robust data collaboration, analytics and innovation capabilities through LiveRamp’s Safe Haven. Using LiveRamp’s best-in-class privacy-preserving technologies, retailers, consumer packaged goods (CPGs) brands and Carrefour partners can execute safe, simple and productive data collaboration on an unprecedented global scale. Safe Haven is currently available in the U.S., UK, France, China, Japan and Australia, and, with Carrefour, is expanding to Spain, Italy, Belgium, Poland, Romania, Argentina, Brazil and Taiwan. LiveRamp’s Safe Haven is part of a new business unit that Carrefour is launching on this occasion: “Carrefour Links.” The partnership was announced at a press conference in Paris today. “LiveRamp will be a critical accelerator of Carrefour’s transformation into an industry-leading data-driven retailer,” said Elodie Perthuisot, Executive Director E-Commerce, Data and
Andersen Global Extends Coverage With Law Firm in Antigua and Barbuda15.6.2021 16:30:00 EEST | Press release
Andersen Global strengthens its Caribbean foothold with collaborating firm Richards & Company in Antigua and Barbuda, adding coverage to the region’s southern edge. Founded in 1999 by Managing Partner Stacy Richards-Roach, the full-service law firm is located in St. John’s and provides a broad range of legal services to individuals, businesses and corporations in various industries. The firm’s capabilities include intellectual property, civil litigation, company formation and business set up, commercial law, banking and real estate. “Our primary objectives are to provide our clients with effective and innovative solutions,” said Stacy. “Collaborating with Andersen Global will continue to drive our firm’s objectives forward and provide us with the ability to deliver best-in-class, independent solutions regardless of borders.” Andersen Global Chairman and Andersen CEO Mark Vorsatz added, “The addition of Richards & Company to our Caribbean platform represents our ambitious strategy to be
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom