Future-Ready Payments Platforms for Banking Growth

This document is an IDC InfoBrief that discusses the transformative changes in the payments industry and the necessity for banks and financial institutions to adopt future-ready payments technology. It outlines three major forces influencing the payments landscape in 2023: consumer demand, infrastructure, and business model innovation. The report highlights the challenges posed by legacy technology, which can hinder banks from capitalizing on new revenue opportunities. It details the potential for a 42% increase in payments revenue and a 21% reduction in legacy costs through migration to modern platforms. Additionally, the document presents various trends in payment choices, including the rise of buy now, pay later (BNPL) options and the increasing adoption of payments as a service (PaaS). Regional focuses on North America, Europe, and Asia/Pacific illustrate the evolving payment ecosystems and the growing importance of digital transformation in the banking sector. The InfoBrief emphasizes the need for banks to enhance their technological capabilities to remain competitive.