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Capgemini: Banks need to think digital

Sep 30
Tags: Capgemini
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Capgemini: Banks need to think digital

Banks have to "think digital" if they want to retain and capture market share in the transaction banking market.

That's one of the key conclusions in the World Payments Report 2016, which was published this month by consulting and technology firm Capgemini and BNP Paribas, a provider of transaction banking and cash management services.

The research showed ongoing growth in digital payment volumes around the world, with a year-on-year increase of over ten per cent taking the total number of these transactions to 426.3 billion last year. That exceeds the previously unprecedented 8.9 per cent growth recorded in 2014, when 387.3 billion digital payments were completed.

Regionally, the US, the eurozone and Brazil were the biggest markets in terms of digital transaction volumes, while China was in fourth place, surpassing the UK and South Korea for the first time.

Mature markets recorded growth of six per cent and accounted for nearly 71 per cent of digital payments in 2015, while developing economies posted a 16.7 per cent increase.

The report noted that the rising demand for digital transactions is creating opportunities for banks, as well as presenting some unique challenges, particularly from corporate customers.

Jean-Francois Denis, deputy global head of cash management at BNP Paribas, said: "While treasurers' fundamental expectations have not changed over recent years - control, visibility on cash, risk management - corporates increasingly expect banks to digitise support processes such as account management, data analytics, compliance tracking and fraud detection and prevention.

"This calls for banks to accelerate their shift towards digitisation and foster a more collaborative approach."

Anirban Bose, head of banking and capital markets at Capgemini, said banks should be looking at how they can work with fintech firms and other partners to deliver "the most innovative digital services possible at the right 'moments of truth' along the customer journey".

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