Investment in online and mobile payment technologies will be a priority for the banking industry over the next two years, according to ACI.
A global survey carried out by the payments provider revealed that the “overwhelming majority” of financial institutions and retailers are currently investing or planning to invest in new technologies within the next 18 to 24 months.
Online (86%) and mobile payment technologies top the list (84%), followed by fraud prevention (86%) and anti-money-laundering (79%).
Banks are seen as the most capable providers of new payment technologies, such as real-time clearing and settlement (65%), contactless cards (67%), mobile apps (45%) and mobile QR codes (48%).
But the survey also suggests that banks are at risk of losing market share to third-party payment specialists (such as PayPal) and telecom providers and large software companies, including Apple and Google, which are making inroads into mobile wallets.
Paul Thomalla, senior vp, ACI Worldwide EMEA, said that while the majority of consumers still trusted banks “as the key enablers and providers of payments”, there were “many new entrants waiting to get off the block”.
He added: “In order to emerge as winners in the new payments world, banks must not only embrace new technologies, they must understand that the requirements and interactions with consumers and businesses are changing. New technology will only become a competitive advantage when it goes hand in hand with a change in culture at our high street banks.”
The four-part Global Payments Insight study surveyed more than 1,100 executives representing leading banks, retailers and billing organisations across the Americas, Asia-Pacific and EMEA. It asked about experiences, perceptions and expectations of payments and how payments are shaping their behaviours today.