The vast majority of banks (94%) believe that the Covid-19 pandemic has turned the payments market into a technology arms race for which they are unprepared.
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Payments have become tech arms race say banks
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But while banks recognise that this demand is an opportunity to gain a competitive advantage, an overwhelming number (84%) believe they are struggling due to their legacy infrastructure. Furthermore, new entrants in the payment market and non-banks have raised consumers' expectations to a level that many banks cannot match because of their current technology set-up. Consequently the majority (85%) believe that overhauling their existing payments infrastructure is a necessity if they are to compete in the current payments market and meet their customers' demands.
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