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Home  > Business/Finance  >  Financial Services  >  Electronic Transactions

Retail Payments: Preparing for The Future (Strategy Focus)

Published Date: October 2006
Published By: Datamonitor
Page Count: 10
Order Code: R313-17285
 
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DATAMONITOR VIEW
CATALYST
SUMMARY
METHODOLOGY


ANALYSIS
Product innovation in the payments market is critical for developing margins and markets
Prepaid cards facilitate the conversion of previously unviable market segments to electronic payments
Contactless functionality has significant potential to take share from cash dominated markets
Banks are developing multi-functional products in order to improve both customer acquisition and retention
Customer segmentation - a card for every niche
The threat that online and mobile network payment providers pose to the incumbent industry is very real
SEPA is driving banks to examine how to leverage spend beyond simply SEPA compliance
Institutions' infrastructure investments in SEPA must be aligned with their wider business goals
Banks should consider how SEPA investments will impact future product innovation potential
Institutions must develop sourcing strategies that will support their future payments vision
Sourcing strategies need to be aligned with both their business and cost focus
Legacy payment instruments such as checks will start to be phased out
The issue of payments fraud will become even more critical as the industry opens up
Payments fraud is a moving target that institutions must continuously address
As fraudsters become more sophisticated, the case for transaction monitoring grows

APPENDIX
Further reading
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List of Figures
Figure 1: European retail banks' payment project priorities
Figure 2: European retail banks' payment project priorities
Figure 3: Retail banks' fraud priority areas
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