Analyst report: Expectation versus reality for payments data monetisation
The concept of payments data monetisation – using payments data to improve either the efficiency of operations, to launch, or to enhance client-facing services – is not a new concept. However, there has been an explosion of interest in recent months as a combination of margin pressure and growing customer expectations, alongside ISO 20022 migration and the expansion of real-time payments infrastructure, creates new revenue opportunities.
With many already embarking on payments data monetization strategies, few can afford to be left behind.
To better understand the opportunities for launching new services that leverage payments data, Celent has conducted a survey and detailed analysis of today’s landscape in partnership with MongoDB and Icon Solutions. At the core of this are two global surveys of senior executives, which in combination provide an in-depth view over both the demand and supply ends of the value chain.
- Interviews with treasurers and CFOs at 217 corporates has identified common business challenges, demand for new services and – crucially – willingness to pay for service enhancements.
- In tandem, a survey of 168 senior bank executives has given us a unique understanding of how banks plan to address these growing customer needs.
- Investment in payments data monetisation is growing with 38% of banks reporting that supporting payments data monetisation initiatives is a clear objective of their payment infrastructure investments.
- Corporates are willing to pay for many value-adding services with 79% of banks believing that demand among corporate clients for data-led services is increasing.
- The time to invest in payments data monetisation is now with 32% of corporates wanting greater assistance from their bank partners around ISO 20022 and 74% of banks seeing ISO 20022 migration as an investment opportunity in new data-led services.
- The most sought-after payment data services by corporate clients were consolidated real-time data from multiple banks in a single dashboard (38%), real-time cash forecasting (37%) and better security and fraud protection (36%).
- Corporates are always looking for the best service with 69% saying they would consider moving business to providers that can bring greater operational efficiencies.
Download the full report for free to find out how you can leverage your payments data to open up greater opportunities.