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This report shares the findings of Accenture’s research with 120 payments executives worldwide and qualitative interviews with senior bank executives, and sheds light on banks’ payments modernization priorities and on some of the challenges they are facing.
We’ve seen remarkable disruption—in all areas of life—due to COVID-19. The payments industry is no different. The pandemic has accelerated our movement away from cash toward digital payments, and the payments modernization trend shows no signs of slowing down. Accenture forecasts nearly 2.7 trillion transactions worth US$48 trillion will shift from cash to cards and digital payments in the next decade. This is an important opportunity to innovate.
To understand whether banks are ready to take advantage of this opportunity, Accenture surveyed executives about their payments modernization programs. Even though most acknowledged the importance of investing in payments modernization, only a handful have unlocked material business value from their programs. Learn more here