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A quantum leap for payment analytics
The payments marketplace is poised for growth as emerging markets increase their participation in the global economy and mature markets recover from slow growth and the sovereign debt crisis. Major regulatory pressures, economic chaos, challenging risk management pressures, technological advances, changing consumer needs and new competitors have created a perfect storm. Technology is enabling new business payments models that were not possible a decade ago. The internet, payment analytics, smartphones, tablets and advances in mobile communications coupled with lower-cost are creating new ways to deliver innovative payment services. Technology advances have eliminated the barriers to enabling advanced analytics. Technology is rapidly reaching the point where cost and speed are no longer inhibitors. The trajectory for continuing advances is growing exponentially. Accordingly, a game changer is emerging that will take analytics to a much higher playing level. Banks that use analytics to gain a competitive advantage will experience a quantum leap in operating performance. Top-performing banks are 5.4 times more likely to use advanced analytical tools. This paper focuses on what Payment Analytics is and how it can benefit both retail and corporate banks, and addresses key implementation issues.
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