A New Legacy of Payments Growth (Accenture)

Summary

• Banks can unlock a $55 billion opportunity in payments by embracing a reinvention strategy and a strong digital core.p.2
• The Payments Technology Reinvention survey covered 326 bank executives across 18 countries.p.3
• Leading banks collectively captured $14 billion from 2023 to 2025 by investing in their digital core.p.5
• 57% of leading banks leverage regulatory investments to create new business offerings, versus only 38% of other banks.p.8
• 51% of leading banks opted for a long-term, incremental approach to payments modernization, compared with 37% of other banks.p.8

Key insights

1. Leading banks are the top 25% with the highest maturity across all seven components of a digital core.p.3
2. Four key actions can open growth: continuous modernization, a stronger digital core, tackling technical debt, and leveraging generative AI.p.5
3. 63% of other banks take a one-off, specific-purpose investment approach to modernization, primarily to meet regulatory requirements.p.8
4. Competition is expanding from fintechs and bigtechs to retailers, central banks and telecoms companies launching payment services.p.4
5. Nationwide completed its first cloud-based payment integration with Faster Payments and Form3 in just five months.p.9