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INVESTING TO FUTURE-PROOF PAYMENTS


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October 08, 2021
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ANDERS LA COUR, CHIEF EXECUTIVE OFFICER OF BANKING CIRCLE GROUP, TALKS ABOUT THE
PAYMENTS BANK’S LATEST RESEARCH, AND HOW CHIEF INFORMATION AND CHIEF TECHNOLOGY
OFFICERS CAN FUTURE-PROOF THEIR BUSINESSES.

There is no question that 2020 and 2021 have proved challenging for businesses
across all sectors. For the financial services industry, in its role
underpinning global commerce, an acceleration in digitalisation plans has been
essential to support the new remote operating model required during the
pandemic. Having successfully implemented new tech and systems many
organisations are now seeking the right path to help them move forward
positively, profitably and with a clear focus on the customer experience.

The role of the CTO and CIO in this context is vital, which is why we
investigated the challenges they are currently facing. We talked to CTOs and
CIOs at banks, fintechs and payment service providers (PSPs) across the UK, DACH
and Benelux countries. We will be publishing the results in our upcoming
industry whitepaper.


TENTATIVE CONFIDENCE

Reflecting the current global uncertainty, just a third (33.7%) of the payments
and banking sector CIOs that Banking Circle spoke to feel ‘very confident’ that
their organisations are fit-for-purpose for the future in terms of investigation
and procurement of new systems. Extreme confidence was lower still across other
areas of responsibility, including artificial intelligence (AI) and machine
learning (ML), data security, new systems migration and training. However, in
all areas of responsibility more CIOs reported that they are ‘fairly’ or ‘very’
confident, than ‘not at all’ or ‘not very’ confident.

> Investment, clearly, is now the focus to ensure institutions are
> fit-for-purpose for the future.

Anders la Cour, chief executive officer, Banking Circle Group


Confidence was generally somewhat higher for CIOs of PSPs and fintechs than for
those working for banks; perhaps reflecting the innovative foundations of PSPs
and fintechs, compared to legacy tech often encountered by those working in
banks. And this was underlined by the fact that just a quarter of banks said
they are ‘very confident’ about existing systems maintenance, compared to 37% of
fintechs.

Investment, clearly, is now the focus to ensure institutions are fit-for-purpose
for the future. When asked how investment plans have changed since the start of
the pandemic, respondents confirmed that planned investment has increased in all
areas of responsibility. And the main factors driving increased investment were
the need to offer a superior customer experience, as well as being able to
compete effectively.


TO BUY OR BUILD?

To meet these objectives, respondents plan to spread their budgets across a
number of payment technology solutions, utilising a mixture of buying and
building.

Two thirds are planning to ‘build’ payments tech in-house; the same number plan
to ‘buy’ off the shelf. A similar number (65%) intend to outsource or utilise
partnerships. And it is perhaps unsurprising, given the delays legacy
infrastructure can cause, that banks are most likely to buy off-the-shelf (71%).

PSPs and fintechs are most likely to build solutions in house (70%). Fintechs
are also slightly more likely than banks to work with external partners (66%,
compared to 64%).

A new trend was reported recently, wherein banks are selling their payments
operations because they cannot reach the scale necessary to compete with the
specialists. Many are choosing to partner with, instead of own, payments
companies. Utilising the right third-party collaboration opportunities allows
banks to provide the best solutions, at scale. This means banks gain the benefit
of competing effectively, without the investment usually needed for overhauling
infrastructure.


WHAT IS KEEPING CIOS AND CTOS AWAKE AT NIGHT?

Being a CTO or CIO is no mean feat juggling a myriad of challenges in today’s
landscape; 72% of our respondents are kept awake at night by at least one aspect
of their role.

For PSP and fintech CTOs and CIOs awake, it’s tech outages, staying up to date
with market developments and the issue of staff skills. For those working in
banks, an ongoing or upcoming digital transformation project is a concern.

The new prominence and accountability of the CIO and CTO role weighs heavily on
their shoulders. But the burden of responsibility does not need to fall entirely
on the in-house team; working in partnership with external providers can ease
the burden by spreading the load. A payments bank or financial utility partner
can take on a lot of the heavy lifting and reduce stress on any one individual
or team.

To discover more of the survey findings, download the whitepaper here:
Futureproofing payments tech: The challenges facing CIOs And CTOs   


TOPICS

Banking Circle


SPONSORED BY

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