Boston, November 10, 2021 –As financial institutions face diminishing profitability in their payments businesses and increasing competition from new entrants, it has become necessary to reevaluate current infrastructure and payments capabilities. Banks are investing in their payments infrastructures to retain current clients and compete for new business, while also working to reduce costs and maintain compliance obligations.

This report analyzes these maturity stages and provides recommendations for banks to address current challenges and work toward advancing to the next maturity stage. The research was developed based on interviews Aite-Novarica Group conducted in late 2020 with 21 major retail banks, as well as conversations with bank executives and technology vendors.

This 39-page Impact Report contains 10 figures and one table. Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the Executive Impact Deck.

This report mentions N26, Red Hat, and Revolut.