DATA SECURITY BANKING TECHNOLOGY
Payment Modernization: Why is it a priority for traditional banks Sriranga Neelathali Sampathkumar VP & General Manager - MEA, Infosys Ltd discusses accelerated pace of payment modernization along with key areas for traditional banks to consider as they plan their transformation journey
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ve the last few years, one area of banking that has u n d e rg o n e a m a s s i ve shift is Payments. Rapid urbanization, advances in technology, and the proliferation of smartphones and digital wallets have spurred a surge in online and digital transactions sparking a move to a cashless society. The advances in payment technology have helped in connecting consumers, banks, and payment processors in a seamless manner. Millennials expect on-demand banking as well as fast, seamless, contactless, and one-click effortless payment options. Regulatory institutions and payments industry leaders too are driving this
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change by putting in place measures to streamline payments standards and rein in risk. The COVID-19 pandemic has led to an acceleration of these trends, shrinking the cycle of change from years to months. While these shifts were driven by the unprecedented situation brought about by the pandemic, a lot of these changes are here to stay even post the pandemic. As real-time payment solutions become the norm, we’re likely to witness increasing demand for retail and peer to peer payments, even across borders.
Banks Must Rise to the Challenge The quantum of change is putting pressure on incumbent banks to evolve
Banking and Finance news in the MEA market
Sriranga Neelathali Sampathkumar VP & General Manager - MEA, Infosys Ltd their payments technology strategy and be future ready. Already, fintech firms, low-cost digital payments platforms, technology giants, as well as upcoming challenger banks are riding on digital prowess and differentiated business models to deliver cheaper and better payment services.
