CardWeb.com’s CardData Reports today features the Global Payments Insight Study, conducted by ACI Worldwide and Ovum.
The shift in consumer expectations and increased competition from new market entrants are underpinned by the growing importance of the customer and the centrality of enabling an enhanced experience. As such, FIs must invest in their payments capabilities.
Principle findings of this study include:
• 75 percent of respondents believe consumers want a broader choice of payment tools
• 55 percent cite that an enhanced customer experience is their key expected ROI on any increase to their payments investment, significantly higher than:
◦ Gaining competitive advantage (41%)
◦ Reducing business costs (40%)
◦ Introducing new payment services/tools (38%)
• 76 percent believe their payment services face growing competition (from new, smaller and more nimble players)
• 60 percent of retailers report their payments provider does not offer the variety of services required to satisfy customer demand
• More than 50 percent (53%) believe the need for security remains the biggest impediment to payments innovation compared to:
◦ 41 percent who cite the high cost of maintaining their existing legacy systems
◦ 37 percent who cite customer protection requirements
For additional insight and to download a complimentary copy of this report, please click here or visit: http://www.aciworldwide.com/campaign/2015/paymentsinsight/fi
For data, background and forecasts on ACI Worldwide: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s::CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).