Accenture - Global Payments Report 2023

The report highlights the evolving landscape of consumer payments and the need for traditional payment providers to adapt in order to remain relevant. While many banks are investing in newer technologies, their core focus remains on protecting the integrity of their core banking systems and avoiding risk. However, consumer behavior is changing at a rapid pace, and new competitors are emerging to meet the emerging needs that banks are unable to address. One key finding from the report is that people's lives are changing faster than banks can change their business. This highlights the importance of keeping up with evolving consumer expectations and demands. Rising interest rates also impact both payment providers and consumers. Consumers are considering switching to different primary payment methods to reduce costs, while providers find it challenging to maintain liquidity in the face of growing demands for real-time payments. To stay relevant, traditional payment providers should focus on solutions that give consumers more choice and control in payments. Additionally, providers should ensure liquidity through predictive solutions. The report emphasizes that the revenue opportunity in this space is significant, and it is crucial for banks to choose a strategy that will ensure their future growth and relevance in payments. Overall, the report underscores the need for traditional payment providers to embrace innovation, invest in newer technologies, and adapt to changing consumer behaviors and expectations. By doing so, they can position themselves for growth and remain competitive in the dynamic landscape of consumer payments.