BANKING TECHNOLOGY
Facing the payments challenges
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hat are the common payments challenges that most banks and financial institutions face today? Today, digitalization of the banking industry is accelerating. Being digital at the core, flexible and ready to collaborate to meet ever-increasing customer expectations is becoming a necessity. Fundamentally for a customer, an accountto-account payment must be secure, reliable, simple, transparent, instant, cost effective, traceable, and personalized. Expectations that were typically seen in retail banking are becoming the norm for corporate clients across all product lines. That aside, financial institutions are continually encountering roadblocks with their current fragmented or legacy systems and infrastructure limitations. They cannot scale up efficiently to meet the increasing volume of transactions, nor can they evolve at the speed of the payments landscape, to keep pace with emerging payment methods, new regulations, new features and of course sustaining high availability standards 24x7x365. More specifically and in direct correlation with the democratization of instant payments globally, since volumes are rising faster than revenues, it is essential for financial institutions to improve productivity and efficiency and reduce the cost of payment
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Banks and financial institutions know that to ensure they can adapt to the fast-changing demands of their customers and frequently disrupted markets, while remaining competitive and profitable, they must modernize. But says Houssam Chaker of Volante Technologies, they must focus on the correct strategies for success.
processing—these are the table stakes for modernization.
What can banks, financial institutions and the industry do to meet these challenges while remaining competitive and profitable?
Houssam Chaker, Regional Sales Head, Volante Technologies
Banking and Finance news in the MEA market
To meet today’s challenges and satisfy the growing and ever-changing needs of their customers and the market while remaining competitive and profitable, financial institutions must concentrate their efforts on the right modernization strategy. They must capitalize on a scalable digital payment solution in a collaborative environment. This will eliminate technical challenges and provide a frictionless transaction experience, enabling them to offer valueadded services to their clients.
