Banks, payments and merchant services – resetting the status quo

The payments landscape is shifting and evolving rapidly. Payments is no longer a monopolistic banking activity, it’s a lively fintech opportunity that opens up new business for all players. Against the backdrop of rising interest rates, rising business demands, and the need to reduce transaction costs, those who control payments have more cash flow and greater opportunity to diversify.

To stay competitive, traditional banks need to implement the right strategy now- not only to attract new customers but to retain existing ones. Banks have the opportunity to bring their experience to bear with embedded payments, lending, and wider Banking as a Service (BaaS) solutions to answer the scaling needs that retail, insurance, health, hospitality, and wider sectors are looking to address.