10 Statistics that Reveal Opportunities for Digitalization in Banking

10_Statistics_that
Digital transformation was already in progress when 2020 faced unforeseen challenges in the financial industry. Banks and the entire financial services adopted digitalization to survive during this unprecedented time. Although digital transformation in banking was in progress, it was easy for banks to shift their processes to digital operations during that period.

Digitalization in banking has immense benefits and presents opportunities for banks worldwide. According to a global survey conducted by Fujitsu, financial companies are the most advanced in digitalization. Currently, 83% of banks are working towards digital transformation. At the same time, 30% of banks have already achieved business outcomes after digitalization.

Therefore, looking at the current scenario, the banking industry is racing to become digitally equipped for multiple purposes. These purposes include revenue generation, future sustainability, competitiveness, and many more. According to a report by Deloitte in 2019, banks planned to invest US $9.7 billion globally to improve their digital banking capabilities.


Digital Engagement is Key to:

Banks worldwide realize how investments in digital technologies can benefit customer acquisition and satisfaction. For example, Bank of America currently receives more deposits from its customers over mobile platforms than over the counter deposits at their branches.

Investing in digital banking capabilities has assisted in improving customer satisfaction.”

Brian Moynihan, the CEO of Bank of America.

Therefore, let’s find out how digital transformation in banking will enhance digital engagement in two ways.


Optimizing Efficient Working Experience

Digital transformation in banking has improved productivity and efficiency, which are the topmost goals for banks after an intense economic fallout. Moreover, competitive pressure has triggered the need for digital transformation in banking worldwide. As a result, banking operations now look more efficient, reliable, and manageable than in the past. In addition, new ways of collaboration have helped employees transform how they used to function in banks. From handling customers to dealing with businesses, providing services, and offering products, digitalization has leveraged every level of functionality in banks across the globe.

Efficiency and organizational leverage are key concerns for banks right now.”

                                                                  Peter Hazou, Director of Business Development for Financial Services at Microsoft


Optimizing Efficient Customer Experience

Digital banking among customers isn’t a new phenomenon, but it has changed the perspective of digitalization in banking. It certainly has witnessed a rise in consumers’ use of mobile apps rather than websites for transactions. And because of this, banks are rushing to better implementation of technologies including cybersecurity, cloud, automation, and more. These technologies will enhance their services and usability among consumers.

According to the Deloitte Center for Financial Services Global Outlook Survey 2020, 71% of bank leaders worldwide have increased their budget for cybersecurity. In addition, they have even implemented 67% of cloud computing, storage, and data privacy capabilities to expand their customer base and the integrity of bank services. Banks, on the other hand, banks have spent $540 million on cybersecurity worldwide to minimize the chances of data breach.

Apart from this, during the ongoing health concerns of COVID-19, banks have contributed the most towards contactless payments since Q4 of 2020. During this unprecedented phase, Americans were skeptical about their financial situation. Most Americans do not believe in saving more, so they usually keep shifting between multiple banks, which is an expected trend post-pandemic. Despite this, four in five consumers prefer to manage their finances digitally rather than manually. According to Chase’s Digital Banking Attitudes Study, Americans (20-64 years of age) have considerably adjusted to the rising digital banking transformation. To support this fact, here are some interesting facts:

  • Majority of the customers feel they save time by managing their finances digitally
  • Nearly 70% of customers feel confident about the safety and security of making payments through digital banking
  • Mobile wallets and payment apps have also seen a significant increase in users and engagement since the beginning of the pandemic

Banks will now be more competitive for digital dominance in the future because more people are using digital platforms now.


10 Statistics on Opportunities in Digital Banking


  • Banking-as-a-Service Market forecasts that over 70% of the global population will shift to digital banking by 2026
  • The usage of mobile devices has increased by 75% by consumers for their day-to-day financial activities
  • According to the Global Digital Transformation Survey Report 2021, 78% of bank executives are satisfied with the response toward digital banking transformation in the banking sector
  • According to the Global Digital Transformation Survey Report 2021 by Fujitsu, an improvement of 60% has been recorded in customer experience and services
  • Since 2020, 40% more competitive banking services have been introduced
  • Employee satisfaction in banks increased by 15% from 2020 to 2021 due to the digitalized workforce in banks worldwide
  • According to Deloitte’s analysis, 14,000 global respondents confirmed a positive approach towards digital usage in banks
  • 78% of customers globally are now comfortable with their mobile banking services
  • Digital innovation in banking has resulted in 67% of additional feature provisions such as tax preparation, budgeting, tax filing, and more
  • Globally, 35% of better-integrated banking applications development takes place in the banking system

Statistics Say: The Rate of Digital Adoption is Encouraging

According to the stats, consumers worldwide are prepared for a higher level of digital engagement with their banks. Many consumers use their digital banking services frequently, which is a positive development. This shows online banking is not far behind. Opportunities are filling the gap in technology usage in the banking industry before and post-pandemic. A survey conducted by Deloitte in 2022 revealed that 72% of consumers are using mobile applications to access their bank’s services, and 85% of consumers are using online banking services.

Digital and technological recourses and tools are now a more significant focal point for financial institutions and banks.

We have a different segment of our customers who digitally bank with Chase. When consumers choose to bank with us, they do so because we give them options to a bank where and how they want with the help of our tech-proof and digitally enhanced services.”

Allison Beer, head of digital for Chase.

Citi sets a perfect example with its success story when it comes to digital transformation in banking. Let’s read how it enhanced its all-inclusive banking and financial services.


Citi Bank: A Case Study of Successful Digital Banking


Challenges:

  • Citi Bank needed a CRM platform to facilitate customer service processes
  • The legacy system was one reason why the bank was lagging in providing unified customer services
  • Citi Bank faced challenges in managing the rise in customer inquiries across its channels

Solutions:

  • Implemented automation to streamline workflow and business processes
  • The online portal helped the bank in creating a unified multichannel customer services
  • Digital platforms such as chats and emails helped to build multiple channels for customers to interact personally for the bank services

Outcome:

  • Faster lead tracking enables Citi Bank to control customer data in one place
  • Customer inquiries are captured through various channels with single platform tracking solutions
  • Citi Bank presently handles about 5000 – 6000 customers digitally for multiple banking services

In a nutshell, bolstering digitalization in banking and technology in the banking industry are expanding the need for certain activities worldwide. Integrating digital and technological environments will foster more businesses and customer experiences. This is of paramount significance to the customer experience.

A survey conducted by Deloitte states that currently consumers show the possibility of using more and more digital channels (both online and mobile). This is possible if banks increase security, provide more real-time resolutions, and digitally allow for more reliable and consistent banking transactions.


Frequently Asked Question


What are the main areas of digitalization in banks?

There are four main areas of digitalization in banks: Domain transformation, customer services, process transformation, and personalization.


Why is digital transformation necessary in the banking system?

The necessity of digital transformation in banks indicates operational efficiency by automating services like transactions, deposits, investments, etc. The regular banking functions should be seamless, where digital efficiency comes into play.


How can digitalization be successful in the banking industry?

Digitalization in the banking industry can be successful in the following important ways:

  • Adaptivity
  • Tech-driven approach
  • Agility

Spotlight

Lockton Companies

More than 6,500 professionals at Lockton provide 50,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 9th largest overall. For eight consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance."

OTHER ARTICLES
Financial Management, Payments

Unlocking Crypto's Power: Digital Currency and Its Boundless Potential

Article | August 4, 2023

Delve into the transformative potential of digital currency and B2B crypto payments, as they hold the key to revolutionizing conventional financial systems and advancing financial inclusion. Contents 1. Introduction 2. Benefits of Adopting Crypto in B2B Payments 3. Overcoming Challenges in B2B Digital Currency Integration 4. Trends and Innovations in Digital Currency 5. Future Aspects 1. Introduction The digital currency has emerged as the driving force behind the immense potential of cryptocurrencies, revolutionizing traditional financial systems and reshaping how individuals perceive and utilize money. Digital currencies have become a focal point of economic discourse, offering new avenues for financial inclusion, efficiency, and security in the era of technological innovation and decentralization. This paradigm shift in the concept of currency has sparked a global conversation on the future of finance, making it imperative to explore the transformative role of digital currencies. 2. Benefits of Adopting Crypto in B2B Payments Cryptocurrency is gaining prominence in mainstream usage by converting conventional coins to NFTs. It has led businesses to wonder whether electronic payments could replace regular cash. Crypto in B2B payments furnishes a cost-effective, swifter, and more efficient alternative to cash and bolsters the security of customer privacy during transaction execution. Here are the advantages of incorporating cryptocurrencies into B2B payments: Fraud Defender Most B2B payments use traditional methods like checks, cards, wire transfers, or cash, which are regulated and often involve intermediaries, making them susceptible to fraud. In contrast, cryptocurrency transactions are more secure, avoiding traditional financial institutions and relying on blockchain technology for direct execution and verification through distributed algorithms on network nodes. Swift Transactions Infusing B2B crypto payments into the payment spectrum guarantees faster transaction processing than conventional methods. This efficiency stems from a streamlined process involving fewer intermediaries, reducing processing fees. Boosting Business Reach Industries like mining, as well as oil and gas, often operate in countries with limited banking infrastructure, requiring alternative payment methods. Cryptocurrency provides a solution, enabling cashless transactions. Still, businesses must adhere to local regulations, as cryptocurrency use doesn't exempt them from responsibility, given restrictions on engaging with foreign governments. Secure Ownership Control In B2B crypto transactions, exclusive ownership control is a key feature, ensuring that users retain sole ownership of their encryption keys unless they choose third-party wallet management services. This differs from traditional banking or credit cards, which can lead to account closure due to terms of service violations, presenting re-entry difficulties. Resilient Adaptability 'Privacy coins' drive increased anonymity on blockchain networks, while supply chain tokens improve efficiency across various industries. These innovations underscore the versatility and continuous development of cryptocurrency. 3. Overcoming Challenges in B2B Digital Currency Integration In B2B digital currency integration, numerous challenges arise that demand strategic mitigation. Below are some of the challenges, along with their pathways to address them effectively: Managing Payment Method Diversity in B2B Transactions Moving from paper-based procedures to streamlined B2B payments is praiseworthy; however, substantial challenges must be addressed to accept digital payments broadly. To effectively navigate the myriad payment methods available to B2B clients and facilitate their digital acceptance, businesses must assess factors including cost, speed, security, accessibility, and compliance. Selecting the most suitable digital payment method entails ensuring that systems are contemporary, equipped with cutting-edge technologies such as encryption and tokenization, and capable of safeguarding customer data against cyber threats. It is equally imperative for businesses to stay attuned to evolving regulations and statutes governing digital payments to maintain compliance with industry norms. Ensuring Robust and Secure Interconnectivity Establishing a secure connection between two entities is a prerequisite for effective digital payments. This mandate encompasses the authentication of both parties and the deployment of encryption technologies to safeguard customer data from unauthorized access or tampering during transmission. Furthermore, mutual trust and access to a secure platform skilled at handling large data transfers are necessary. Creating such a system can be overwhelming, requiring substantial time and resources. Overcoming Legacy Infrastructure Challenges Many companies rely on obsolete legacy systems for B2B payments, which may need to be compatible with current digital payment solutions. Before modernizing payment processes, companies must evaluate the feasibility, costs, and benefits of upgrading these systems. This endeavor is costly and resource-intensive, requiring comprehensive security measures to protect customer data from cyber threats. Payment Platform Integration in Enterprises For the prompt processing of payments, businesses should smoothly incorporate their selected payment platform with current enterprise systems, including accounts receivable software, accounts payable software, or ERP systems. Achieving this integration is frequently intricate and time-consuming due to various platforms' distinct technical specifications and protocols. This poses a significant challenge for businesses, demanding substantial effort and resources to ensure the integration's success. Additionally, companies must guarantee data security during transfer and compliance with industry regulations and standards for all transactions. Managing Digital Payment Regulations Companies venturing into B2B cross-border payments must carefully comply with all applicable regulations governing procedures such as KYC/AML, data privacy laws, and international financial transactions. Ensuring compliance with local laws across multiple jurisdictions complicates this. The challenge lies in the need for companies to remain vigilant regarding regulatory changes, requiring substantial investments in time, expertise, and continuous updates to stay abreast of the latest developments. Simplifying Payment Processing for Efficiency Companies must also ensure that payment processing is seamless and efficient from both the clients' and providers' perspectives. Minimizing manual interventions wherever possible is imperative to maximize the operational efficiency gains inherent in digital B2B payments, including reducing processing timeframes and associated costs Seamless payment processing necessitates establishing robust processes, infrastructure, and technology, which, in turn, requires significant effort and resource allocation. This can be challenging for businesses grappling with tight timelines and limited budgets. Addressing Fraud and Security Risks Cybercrime and fraudulent activity pose a significant threat in digital transactions where two entities exchange potentially sensitive financial data. Failure to implement appropriate buyer risk management measures exposes both parties involved in the transaction to a heightened risk of financial loss due to fraud or security breaches. Although various security measures exist to safeguard data, companies must take additional steps to ensure the security of their digital payment platforms and protect sensitive information. This undertaking poses a challenge, demanding additional resource allocation, time, and effort to implement effective fraud detection and prevention measures. 4. Trends and Innovations in Digital Currency McKinsey and Company cite an 11% growth in digital payment penetration from 2021 to 2022. Moreover, this trend is only expected to continue, with more users adopting digital payments as their primary method for financial transactions. [Source – Vation Ventures] The adoption of various digital technologies is becoming increasingly prevalent. For instance, financial institutions swiftly embrace cloud computing to streamline and enhance their operational procedures for clients. Blockchain, an emerging technology, is gaining prominence as it facilitates swift and secure transactional activities beyond its conventional association with cryptocurrencies. It ensures the fast recording and monitoring of transactions and supports the legal facets of digital payments. Concurrently, biometric authentication methods, including fingerprint and facial recognition, are gaining prominence in digital payments, introducing notable security and privacy concerns. Despite these challenges, biometric technology is poised for an upward trajectory. Regarding services and service providers, there is a growing demand for real-time payment and settlement capabilities, driven by individuals and businesses seeking expedited and rapid transaction processing instead of conventional, less efficient batch methods. While this technological proliferation offers substantial advantages, it also raises significant considerations, including those related to privacy and anti-fraud measures. 5. Future Aspects According to Bank of International Settlements, more than 50 central banks, representing the bulk of global GDP, are exploring digital currencies. The Economist reports that ‘the EU wants a virtual euro by 2025, Britain has launched a task force, and America, the world’s financial hegemon, is building a hypothetical e-dollar.’ [Source – IBM] The future of digital currency holds significant promise and potential for transformative changes in finance and commerce. The rapid development of central bank digital currencies (CBDCs), increasing adoption of cryptocurrencies, and ongoing innovation in blockchain technology underscore the enduring significance of digital currencies. These advancements offer the potential for improved financial inclusivity, lower transaction costs, and enhanced payment system efficiency. Nevertheless, these opportunities go hand-in-hand with notable regulatory and security challenges that require attention to ensure digital currencies' safe and secure integration into the financial systems. Effective collaboration among governments, financial institutions, and technology providers is crucial to unlocking the full potential of digital currencies while mitigating potential risks. With careful planning and strategic implementation, digital currencies have the potential to reshape the future of finance, delivering a more accessible, efficient, and inclusive financial system for all.

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Proofing B2B Payments with E-Invoicing: A Path to Sustainable Growth

Article | September 27, 2023

Discover the digital payments’ momentum, powered by proofing B2B payments. Explore how professionals navigate skill gap challenges in the era of digital transformation and electronic transactions. Contents 1. Introduction 2. Need for Future-Proofing B2B Payments 3. Advantages of Electronic Billing in B2B Transactions 4. Traditional Paper-Based Invoicing versus Electronic Billing 5. Security and Compliance in Digital Payments 6. Future Scope 1. Introduction In a move towards digitalization and streamlining business processes, France will implement mandatory B2B e-invoicing and e-reporting from July 2024 until January 2026. This new e-invoicing mandate introduces the Continuous Transaction Controls (CTC) model, which impacts all companies operating in France. [Source: Nuflow] The adoption of electronic invoicing and payments, also known as e-invoicing, is becoming increasingly essential for businesses across various sizes and industries. Through digitizing the invoicing procedure, e-invoicing empowers companies to realize many advantages, including heightened efficiency, fortified security measures, fiscal savings, increased precision, and augmented transparency in financial transactions. This transformative approach to invoicing is gaining traction as a pivotal tool for businesses seeking to modernize their operations and bolster economic sustainability. Furthermore, adopting electronic billing systems minimizes the likelihood of errors by enabling the automatic transfer of invoice data between systems and reducing the need for manual data entry. 2. Need for Future-Proofing B2B Payments The need for future-proofing B2B payments has gained unprecedented urgency in the wake of the COVID-19 pandemic, which catalyzed the rapid evolution of digital payment technologies. This global crisis has compelled businesses across various industries to expedite their transition towards cashless and digital payment solutions, intensifying the demand for agility and adaptability. Technology professionals are facing significant pressure as they navigate the need for rapid upgrades, digital transformation efforts, and the essential task of closing skill gaps within their organizations. Furthermore, Chief Information Officers (CIOs) and Chief Technology Officers (CTOs) have faced exceptional challenges in banking and finance as the pandemic rendered traditional in-person banking obsolete, forcing institutions to pivot toward online-only and cashless operations. In this situation, the need for future-proofing B2B payments has become more than just a strategic requirement; it has become a critical lifeline for businesses striving to excel in the swiftly advancing, digitally-focused era that emerged after the pandemic. 3. Advantages of Electronic Billing in B2B Transactions According to a report by Arden Partners, e-invoicing provides organizations with 70% greater visibility into their financial processes. [Source: LinkedIn] This transformative approach to billing is steadily gaining prominence as an essential instrument for companies seeking to modernize their practices and enhance financial resilience. Optimized Process Efficiency Integrating e-invoicing serves to fine-tune billing procedures, alleviating errors and delays while delivering heightened operational efficiency. This, in turn, empowers businesses to allocate resources with greater precision and amplify their overall productivity. Cost Savings The cost savings realized through adopting electronic billing in B2B transactions extend beyond eliminating paper-based invoicing. By automating invoice processing, businesses can significantly reduce overhead costs associated with manual data entry, postage, and storage, allowing for more efficient allocation of financial resources to core business activities. Heightened Accuracy E-invoicing's heightened accuracy reduces the potential for manual errors, such as inaccuracies in data entry and mathematical calculations standard in traditional invoicing, but also contributes to enhanced trust in financial transactions. This precision ensures that billing information is reliable, fostering smoother B2B interactions and financial accountability. Enhanced Security E-invoicing systems provide more secure methods for transmitting invoices and associated data than conventional paper-based invoicing. Its solutions frequently incorporate advanced features like encrypted documents and digital signatures, ensuring document authenticity and controlled access to user accounts. Consequently, records are safeguarded against security breaches, reducing the risks of errors and fraudulent activities. Improved Visibility into Financial Transactions E-invoicing offers businesses an automated and centralized repository for storing, tracking, and managing their invoices. This facilitates simplified payment monitoring and provides comprehensive insight into financial transactions spanning multiple offices, locations, and departments. 4. Traditional Paper-Based Invoicing versus Electronic Billing Electronic Billing or e-invoicing can be described as the electronic exchange of invoices in structured data formats between software applications, distinct from traditional methods like sending PDFs or emails. This approach is fully automated, and when compared to conventional invoicing, it demonstrates remarkable efficiency in areas such as invoice processing, costs, visibility, transparency, data accuracy, and security for both buyers and sellers. Transaction Processing Traditional invoice processing involves multiple time-consuming steps, from creating and sending invoices to reviewing, approving, and archiving them. This manual process is prone to errors, slows operations, and can lead to payment delays, mainly when staff handles multiple tasks simultaneously. This delay can be especially problematic for smaller businesses, impacting their cash flow. In ideal conditions, paper invoices take about 23 days to process, but this timeframe can stretch to a cumbersome 90 days when errors occur. On the other hand, B2B electronic payments operate differently, simplifying the process for sellers and buyers. Sellers generate invoices from their purchase orders (PO) within their software. The buyer's software then matches the invoice with the PO for payment approval. Automation eliminates the manual steps, making e-invoicing 60-80% more efficient than traditional paper-based processing, with some sources citing an average processing time of just five days. This accelerates payments for sellers and streamlines operations for buyers. Financial Outlays Traditional invoicing entails a range of expenses for both buyers and sellers. These include costs associated with printing, whether physical or PDF invoices are used, leading to expenditures on paper, ink, and printer maintenance. Labor expenses also escalate as businesses expand, requiring additional personnel for invoicing tasks. Furthermore, physical invoices entail postage costs when mailed, and the need to file physical invoices incurs its own expenses. Conversely, e-invoicing significantly reduces costs due to the diminished need for manual processing and the electronic transmission of invoices. These advancements have made e-invoices approximately 70% cheaper than their traditional counterparts. Additionally, e-invoicing often allows buyers to adhere to their suppliers' payment terms, mitigating late fees and enabling early payment discounts. Visibility and Data Precision Traditional invoicing can be a complex process involving various platforms and software, as well as the maintenance of intricate physical and electronic filing systems. This complexity can pose challenges in effectively managing, preserving, and retrieving records, impeding the reporting process. Consequently, this can adversely affect the precision of a business' performance metrics and the data quality used in decision-making. In contrast, e-invoicing streamlines this process by enabling businesses to utilize a single software solution for invoice creation and processing. This simplification enhances visibility and transparency in managing payables and receivables. It also reduces the need to consolidate information from multiple systems and handle paper documents. Moreover, the diminished risk of errors resulting from manual processing contributes to improved data accuracy. Security Traditional invoicing poses significant security risks, including the potential for counterfeit or tampered invoices, where invoice details can be altered without the knowledge of either party, as well as the susceptibility to billing scams and fraudulent activities, with invoices sometimes sent to misleading sources, resulting in financial losses due to the easily adjustable formats and the risks associated with sending invoices via mail or email. In addition to its role in facilitating secure B2B payments and transactions, e-invoicing offers a heightened level of security. It requires certified access points for sending and receiving invoices, ensuring adherence to a robust and reliable framework mandated for all participants. E-invoices are sent in a standardized format that cannot be altered. This approach significantly improves the traceability of archive management, thus enhancing your audit trail. Moreover, e-invoicing often includes advanced encryption and authentication measures, further safeguarding sensitive financial data and reducing the risk of fraudulent activities. These combined security features make e-invoicing a compelling choice for businesses seeking both efficiency and enhanced security in their payment processes. 5. Security and Compliance in Digital Payments Digital payments offer heightened security compared to offline transactions as they eliminate the need for individuals to carry physical cash or cards, reducing the risk of theft and providing a comprehensive electronic trail for tracking and identifying potential fraud. Moreover, they remove businesses' need to hold cash on-site, enhancing security by transferring funds directly to a secure bank account. However, digital payments also pose unique security challenges, such as verifying consumer identities in the faceless online environment, which may necessitate innovative security measures to counter potential fraud and theft. Businesses that accept digital payments encounter several security risks, encompassing the following aspects: Third-party Risk Many B2B payments companies rely on third-party entities to streamline operations and reduce costs. However, this practice introduces additional layers of risk if companies fail to thoroughly evaluate their prospective third-party partners before establishing a business relationship. Many third-party vendors outsource their operations to external entities, thus generating fourth and fifth-party risks. Enterprises often engage with many vendors, such as payment processors, point-of-sale system providers, and payment gateway service providers. Inadequate security controls for third-party involvement can expose all the data transmitted through these devices and applications to various security vulnerabilities. Phishing Scams Phishing has remained a well-established method for illicit data acquisition and is a potent hacking technique. The hacker typically solicits sensitive personal information to fulfill an urgent request, such as completing a loan application requiring banking details. Hackers can exploit the obtained personal information upon the victim's compliance to gain unauthorized access to credit cards and bank accounts. Phishing scams can target anyone, from lower-level employees to senior management personnel, putting data security at risk and facilitating theft. Malware Malware incidents arise when users download applications, files, or attachments that contain malicious software. Once the malware infects a device, the perpetrator behind the software gains unauthorized access to all stored information. Although many companies install firewalls and antivirus software on their desktop and laptop computers, these protective measures are frequently omitted for mobile devices. Many businesses now employ tablets or smartphones as point-of-sale operating systems to process payments. The substantial volume of cardholder information stored on these devices renders them susceptible to malware attacks, potentially compromising the data of any individual who has conducted a transaction using the affected device. 6. Future Scope This article explores electronic billing, focusing on proofing B2B payments and emphasizing the need for future-proofing payment processes. While the advantages of electronic billing over traditional paper-based invoicing have been highlighted, the future scope resides in the continuous evolution of technology and regulations in digital payments. As businesses increasingly adopt e-invoicing solutions for efficiency gains, there will be a growing demand for innovative tools that enhance security and compliance, ensuring the smooth flow of transactions in a secure, transparent, and sustainable manner. Moreover, integrating emerging technologies like blockchain and artificial intelligence may further revolutionize B2B payment solutions, presenting exciting opportunities and challenges for businesses seeking to stay competitive in financial transactions.

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Financial Management, Payments

Why Payments-as-a-Service is the first choice for FIs

Article | July 6, 2023

The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

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BIG TECH IN FINANCE: A DEEP DIVE INTO THE FUTURE OF FINTECH

Article | February 10, 2020

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

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Lockton Companies

More than 6,500 professionals at Lockton provide 50,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 9th largest overall. For eight consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance."

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Opus Technologies Launches New Website to Showcase Its Bouquet of Next-Gen Payment Solutions

PR Newswire | October 20, 2023

In continuation to its rebranding initiative, Opus Technologies, a leader in payment solutions, has unveiled a new website that showcases its extensive range of niche services and solutions. The new website is designed to offer a seamless and engaging user experience across all digital platforms. This strategic move reflects Opus' commitment to providing cutting-edge payment solutions to its customers and partners. The new website, www.opustechglobal.com, features a modern, sleek, and user-friendly design, enabling visitors to easily navigate the various services that Opus provides. The website highlights the latest services and technologies that Opus offers, organized by industry segments and strategic services. Sharing his view on the new website our CEO, Praveen TM, said, "The new website is aimed at strengthening Opus' position as an innovator and a trusted partner in the payment technology space. Using advanced technologies like cloud, data, and Artificial Intelligence, our team is creating innovative solutions, and our users will get a comprehensive view of these on our website. It also has information about the niche use cases related to the new industry segments that we now serve – omni-commerce, digital wallets, cryptos and central bank digital currencies (CBDCs)." The website also showcases Opus' expertise and thought leadership in the payment industry with a revamped resources section that provides insights on current topics through blogs, white papers, and newsletters. It also has a news section for users to stay abreast with the latest developments at Opus Technologies. The payment industry is very dynamic and fast-changing. Opus is continuously innovating and collaborating with other industry leaders to give our customers a competitive edge. The new website reflects our constant endeavor to excel. Praveen TM added. Opus Technologies welcomes existing and potential customers, partners, and industry experts to visit the new website and discover its wide range of services and solutions. About Opus Technologies (formerly Opus Consulting Solutions) Opus Technologies is a global provider of outcome-driven payment strategies. Opus combines its deep technology proficiency with unmatched domain expertise in payments and FinTech to deliver unparalleled quality and value in their work.

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Digital Banking

Dragonfly Financial Technologies Adds FedNow Payments to Digital Composable Banking Solution

PR Newswire | October 25, 2023

Dragonfly Financial Technologies Corp., a digital banking and treasury management FinTech, today launched FedNow Payments, which gives banks the ability to use the recently deployed FedNowÒ Service. Launched in late July 2023, the FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. Dragonfly's FedNow Payments is a standalone solution that can be added to any bank's digital offering. Dragonfly's FedNow Payments enables instant, 24/7/365 payments, which permits faster payroll processing, more intuitive bill payments, improved cash flow improving reconciliation, cash forecasting and liquidity management and enhanced overall transaction efficiency. The solution will be interoperable with existing payment systems, enabling seamless integration with various digital banking platforms and financial service providers. Real-time payments are forecasted to facilitate additional economic output to the tune of $173 billion in formal GDP, as well as forecasted to drive $184 billion in aggregated net savings for consumers and businesses. The FedNow Service is set to transform the current payment ecosystem. As we continue to expand our digital composable banking platform, we know it's of critical importance to have the latest payment solutions available for our customers. said Jim Gillespie, Chief Product Officer at Dragonfly Financial Technologies Corp. Our FedNow Payments enables banks to provide their customers with real-time, flexible payments that are secure and scalable, and we're excited to offer this new payment option to banks that are making the jump to the FedNow Service. Dragonfly's FedNow Payments will also be added to its industry-leading Universal Online Banking platform - the only composable banking platform on the market purpose-built for today's digital and embedded business banking needs. Because the Dragonfly platform is designed for ultimate flexibility, agility and ease of use, customers can choose the implementation option best suited for the needs and size of the bank and their corporate clients. FedNow Payments is a payments option available in each composable banking deployment: Dragonfly Digital, Dragonfly as a Service and Dragonfly Embedded Banking. About Dragonfly Financial Technologies Corp. Dragonfly Financial Technologies is a banking-as-a-service FinTech powering innovative digital customer experiences for commercial banking institutions. Dragonfly Commercial Banking Platform unites internal banking systems and unlocks their collective value, enabling banks to provide a superior customer experience and introduce new services with speed and ease. And with the industry's largest portfolio of APIs, the Dragonfly platform connects seamlessly to the world's most popular FinTech applications. Commercial banking customers worldwide – including top-10 banks in the US and Asia – rely on Dragonfly to initiate and collect payments and manage daily financial operations for their corporate clients. For more information, visit www.dragonflyft.com.

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Trading Systems

Finastra and ELCY partner to bring Corporate Trade Finance Portal to market

PR Newswire | October 23, 2023

Finastra, a global provider of financial software applications and marketplaces, is partnering with ELCY, a specialist in e-commerce solutions for the processing of international trade finance, to provide a trade finance solution for corporates. The Corporate Trade Finance Portal from Finastra and ELCY will enable corporates to communicate in a secure and authenticated manner with all their banks through one centralized platform. As a result, corporates will benefit from greater visibility and real-time control of all trade finance exposures across their organizations. The transition away from the complexity of connecting to multiple bank proprietary systems and the removal of inefficient paper-based processes will also deliver significant cost and efficiency savings. Finastra is thrilled to build on our long-term relationship with ELCY through a global collaboration that creates immediate value for both parties, said Jaime Lynn, Vice President, Enterprise Solutions, Finastra. ELCY brings a wealth of expertise in meeting the trade finance needs of corporates, while Finastra meets the end-to-end digitization needs of banks focused on international trade and supply chain finance. Our close collaboration with ELCY expands our suite of solutions for corporates, enabling them to connect to all banks supplying them trade finance through a single portal. Corporate users benefit from much greater visibility and control in managing their cash flow and trade finance exposures and in reducing risk. Robin Cohen, Chief Executive Officer, ELCY added: "Our partnership with Finastra will further increase our visibility and reach in the market, helping us deliver the benefits of our multi-bank portal solution to corporates globally. Customers using our joint Corporate Trade Finance Portal will be equipped to communicate seamlessly, both on the import and export side, with any SWIFT-enabled bank in the world to manage their day-to-day trade finance processing. All instructions or messages sent through the portal can be tailored to conform with the message type preferred by the bank in question. Furthermore, the portal includes extensive modular functionality enabling corporates to monitor counterparty and bank exposure, manage global bank limits and provide reports for credit and treasury departments all in real time." The Corporate Trade Finance Portal is available as a cloud-based, multi-tenant SaaS solution meaning no software installation is required on site and all users benefit from the ability to adapt quickly to new market requirements through centrally-managed software upgrades.

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Payments

Opus Technologies Launches New Website to Showcase Its Bouquet of Next-Gen Payment Solutions

PR Newswire | October 20, 2023

In continuation to its rebranding initiative, Opus Technologies, a leader in payment solutions, has unveiled a new website that showcases its extensive range of niche services and solutions. The new website is designed to offer a seamless and engaging user experience across all digital platforms. This strategic move reflects Opus' commitment to providing cutting-edge payment solutions to its customers and partners. The new website, www.opustechglobal.com, features a modern, sleek, and user-friendly design, enabling visitors to easily navigate the various services that Opus provides. The website highlights the latest services and technologies that Opus offers, organized by industry segments and strategic services. Sharing his view on the new website our CEO, Praveen TM, said, "The new website is aimed at strengthening Opus' position as an innovator and a trusted partner in the payment technology space. Using advanced technologies like cloud, data, and Artificial Intelligence, our team is creating innovative solutions, and our users will get a comprehensive view of these on our website. It also has information about the niche use cases related to the new industry segments that we now serve – omni-commerce, digital wallets, cryptos and central bank digital currencies (CBDCs)." The website also showcases Opus' expertise and thought leadership in the payment industry with a revamped resources section that provides insights on current topics through blogs, white papers, and newsletters. It also has a news section for users to stay abreast with the latest developments at Opus Technologies. The payment industry is very dynamic and fast-changing. Opus is continuously innovating and collaborating with other industry leaders to give our customers a competitive edge. The new website reflects our constant endeavor to excel. Praveen TM added. Opus Technologies welcomes existing and potential customers, partners, and industry experts to visit the new website and discover its wide range of services and solutions. About Opus Technologies (formerly Opus Consulting Solutions) Opus Technologies is a global provider of outcome-driven payment strategies. Opus combines its deep technology proficiency with unmatched domain expertise in payments and FinTech to deliver unparalleled quality and value in their work.

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