Cap Gemini typically release their annual view early in the year. This was their view for 2023, most of which will continue into 2024 with accelerating pace. Cap Gemini always do a great job prioritising the predicted business impact and adoption rate with their trends.
Financial Institutions will continue to seek to implement initiatives to modernise payment hubs, and ecosystem partnerships are generating enthusiasm for composable architectures to support personalisation, content delivery and on-demand integration of à la carte components into tech stacks. For example, banks and fintechs are working to comply with ISO20022, a data rich standard for exchanging payment information, with card tokenisation on track to be a robust data-security safeguard.
Cap Gemini have 10 payments themes, split across five broad categories that they also rank in a useful priority matrix (page 5).
Category
Theme
Priority
Creating and enabling new values
Global adoption of ISO20022 opens doors to data monetization
Significant Impact, Significant Adoption,
Changes in industry dynamics
An end-to-end ecosystem approach simplifies payment hub modernisation
Significant Impact, Significant Adoption,
Business Resilience
Paytech innovation & ecosystem partnerships focus on revamping SMB payments
Significant Impact, High Adoption,
Customer Centricity
Embedded Finance providers leverage customer data & actionable insights
Significant Impact, High Adoption,
Changes in industry dynamics
Real-time cross border rails boosted at regional level
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