Latest News

Banks must follow an enterprise approach to payments to compete & lead 5/8 Celent The catalysts for moving toward an enterprise approach to payments management & the industry’s response to these catalysts will reshape the US banking industry. There will be a transformation in how payments are processed & distributed, how operations & organizations are managed, & the roles of providers. Having survived the retail movement of deposits to the stock market, explosive mergers & acquisitions, Y2K, & the Internet bubble, payment operations seem invincible. The fact is that these systems were not designed for the rate of change they have seen, but have survived because of difficult decisions, brute force, & extreme effort. These aging systems & overly complex operations are not set to support banks’ needs in the future. It is imperative that banks reevaluate their payments strategy from an enterprise perspective & thoughtfully assess their ability to execute in order to maximize stakeholder value into the future. Although a great deal of effort has been put into the enterprise concept, the US is only at the beginning of what will be a great evolution in the banking & business community. Enterprise Payment Management: Banks Must Follow an Enterprise Approach to Payments to Compete & Lead provides insights to motivate US bank executives to assess their existing payments strategy & operational capacity to seek opportunities before the market limits their options. These insights are segmented into 5 areas. Banks most susceptible to changes in the payments market; Trends shaping the future payments market; Mega-themes supported by the next generation of payments franchises; The role of enterprise payment management; Preparing the payments organization for change. ‘The wise bank needs to reevaluate its operation. ‘Don’t fix it if it ain’t broke’ is a tempting argument until the bank realizes that a system incapable of supporting its future needs is ‘broke’ and, without the proper investment, could ultimately break the bank,’ says Edward Woods, Celent. The payments market is changing, & banks must have a plan that maximizes future potential. Having an enterprise plan for the payment franchise is an opportunity that no bank should miss. ‘It’s a new world. The bank must change to survive & innovate to thrive. With an efficient, focused payment operation ready & able to respond to its needs, the bank will be in its best position to navigate the waters of both today & tomorrow.’