Banking block
Challenges shaping North American banks’ payments tech investments 25 Oct 2024 a The payments industry is evolving rapidly, driven by changing consumer and commercial needs. Payments executives are grappling with rising costs, shrinking margins and emerging technologies like generative AI, prompting a reevaluation of their strategies. The key question is: What tech investments should be prioritized to stay competitive? Our new research, based on insights from 326 bank leaders across 18 countries, addresses this. In this post, I preview our findings, focusing on challenges that affect North American banks’ payments technology investments. Challenge #1: Banks struggle with legacy payments IT systems North American banks are burdened by outdated payments IT systems and significant technical debt, with 58% facing this challenge. When we take a closer look at the payments technology stack, the application integration layer carries the most te...