Capgemini is a global leader in consulting, digital transformation, technology and engineering services. Today, it is a multicultural company of 270,000 team members in almost 50 countries. A recipe of increased payment volume, consumer behavior shifts, and greater risk create a new landscape for payments PARIS–(BUSINESS WIRE)–Payment firms are being pushed rapidly into transformation, even as they handle larger transaction volumes, face increased competition and heightened risk factors amplified by COVID-19, according to the World Payments Report 2020 … They must embrace Open X or risk becoming irrelevant,” said John Berry, CEO of Efma. The way forward: effective structured collaboration is essential for bank and FinTech partnerships to be successful. For banks to remain appealing and competitive in this shifting landscape, the report highlights that they must transform into agile and customer-centric Inventive Banks by embracing    Open X as well as take on a specialized role, rather than a universal one, such as supplier or aggregator within the new open ecosystem. “Traditional banks are at a critical juncture. Each parameter was assigned appropriate weightage, and final scores were mapped on a scatter plot (by rebasing score on 100). You may accept all cookies, or choose to manage them individually. Asia-Pacific Wealth Report 2018 Visit site. The financial services industry has been dealing with the impact of open banking since we published the inaugural World FinTech Report in 2017. Laut dem World FinTech Report 2020 sollten Banken vor allem ihre Middle- und Backend-Transformation durch datengesteuerte und kundenorientierte Partnerschaften mit FinTechs vorantreiben. You can change your settings at any time by clicking Cookie Settings available in the footer of every page. The World Wealth Reports from Capgemini Financial Services Visit site. The report highlighted that the front-end last-mile experience (e.g., packaging and delivering products to customers) is currently missing the mark, resulting in customers’ dissatisfaction as they feel they do not receive a personalised relationship from their bank (50%) and cannot make     direct-debit payments on several merchant sites (60%.) Headquarters in Paris. World FinTech Report 2020 According to the World FinTech Report 2020, to remain competitive and appeal to consumers, banks should prioritize middle- and back-end transformation through data-driven and        customer-centric partnerships with FinTechs, which will ultimately also improve the front-end. Accept only necessary cookies and close window, Digital Engineering and Manufacturing Services, Implementing Software-as-a-Service (SaaS), Application Development & Maintenance Services, Unlock value through intelligent automation, Optimise your supply chain and vendor performance, Manage your contracts to capture lost revenue, Manage your risk and compliance effectively, Gain more insights from business analytics, World’s Most Ethical Companies® recognition. Capgemini is a global leader in consulting, digital transformation, technology and engineering services. Sie verbesserten damit das Frontend und würden wettbewerbsfähig sowie für den Verbraucher attraktiv bleiben. With data-fueled, hyper-personalized experiences in real-time, BigTechs and challenger banks have demonstrated their ability to win customers over. Recommended tracks The NRF 2019 Predictions Podcast With Tim Bridges And Emily Twomey by Capgemini published on 2019-01-03T13:20:18Z The SAP SAPPHIRE NOW 2019 and Digital Core Podcast by Capgemini published on 2019-04-25T11:27:04Z. April 2020 – Der World FinTech Report 2020 von Capgemini und Efma zeigt, dass traditionelle Banken Wachstumschancen auf dem heutigen Markt haben, indem sie einen erweiterten Open Banking Ansatz – Open X genannt – angehen und gemeinsam mit FinTech-Partnern spezielle Rollen in einem offenen Finanzdienstleistungsökosystem übernehmen. Both Banks and FinTechs are currently frustrated by the lackluster results of their collaborations to date. Following on from the recent post recapping the Capgemini World Fintech Report 2020, i wanted to focus on the key payment trends that Capgemini expect to develop over the course of 2020 and beyond. In contrast, while traditional banks have invested heavily in front-end IT infrastructure to improve customer experience, efforts so far have not measured up to what has become customary across other sectors, especially with tech providers. In our inaugural World FinTech Report 2020 podcast, host Mary-Ellen Harn speaks with Elias Ghanem, global head of Market Intelligence at Capgemini Financial Services, and Theodora Lau, founder of Unconventional Ventures, a boutique consulting firm that drives innovation in the financial services ecosystem, about how digital has come to the forefront and what banks can do to create experiences … For banks to remain appealing and competitive in this shifting landscape, the report highlights that they must transform into agile and customer-centric Inventive Banks by embracing    Open X as well as take on a specialised role, rather than a universal one, such as supplier or aggregator within the new open ecosystem. The gap between what customers expect and what traditional banks currently deliver has never been wider, but now is the right time for banks to catch up from front to back-end to offer the best customer experience. For more information related to the cookies, please visit our cookie policy. [1] Open X leapfrogs the compliance-based approach of open banking and moves to a seamless eXchange of data and resources empowered by an eXpedited product innovation cycle that continuously improves customer eXperience. Featured in the World FinTech Report 2020, the index shows that leading collaborative banks are those with a dedicated and autonomous startup-partnership team and who demonstrate a fail-fast innovation approach to determine value and cut losses quickly. Improving the full value chain, from front- to back- end, is essential to join the Open X wave and improve top- and bottom-line growth, augment productivity, enhance customer engagement, reduce costs, increase transparency, and boost employee satisfaction. Headquarters in Paris. The World Insurance Report from Capgemini Financial Services and Efma Visit site. OTS: Capgemini / World FinTech Report 2020: Für Banken ist die Zusammenarbeit … World FinTech Report 2020: Für Banken ist die Zusammenarbeit mit FinTechs jetzt noch wichtiger zur Optimierung der Kundenorientierung (FOTO) Berlin (ots) – – Banken, die mit FinTechs zusammenarbeiten, sich Open X zu eigen machen und sich zu Inventive Banks wandeln, haben größere Chancen auf Erfolg. Readiness frontrunners are also early movers that invest in emerging technologies and have little dependency on legacy systems, making FinTech integration easier. Since we began this report three years ago, FinTechs have moved from disruptors to mature players, and it is now essential for incumbent banks to consider them not only as formidable competitors, but as necessary partners of choice to meet changing consumer expectations,” comments Anirban Bose, CEO of Capgemini’s Financial Services and Member of the Group Executive Board. Paris, April 21, 2020 – Capgemini and Efma today published the World FinTech Report 2020 revealing that despite a widening gulf between traditional banks on one side and BigTechs and challenger banks on the other, traditional banks have an opportunity to thrive in today’s market by embracing Open X and becoming Inventive Banks. Capgemini’s Open X Readiness Index evaluates banks based on 98 data points to evaluate their collaboration readiness across four pillars – People, Finance, Business, and Technology. Although overall investment in new IT development (vs. maintenance) increased from 24% in 2016 to 33% in 2019, middle- and back-end operations continue to be based on complex, often manual business processes, leading to a fragmented customer experience. Payment Trends in 2020: 1/ Regulators hone in on Risk Reduction, Standardisation & Open Banking. Building on its strong 50-year+ heritage and deep industry-specific expertise, Capgemini enables organisations to realise their business ambitions through an array of services from strategy to operations. They help us to improve site performance, present you relevant advertising and enable you to share content in social media. Payment firms are being pushed rapidly into transformation, even as they handle larger transaction volumes, face increased competition and heightened risk factors amplified by COVID-19, according to the World Payments Report 2020 published by Capgemini. For traditional banks, this will translate into an even greater need for digital experience through further collaboration with FinTechs. World FinTech Report 2020: FinTech collaboration is even-more essential now for banks to achieve customer-centricity. Although overall investment in new IT development (vs. maintenance) increased from 24% in 2016 to 33% in 2019, middle- and back-end operations continue to be based on complex, often manual business processes, leading to a fragmented customer experience. World Retail Banking Report 2020 Our theme – Winning with a Sustainable Platform – seemed particularly timely when we began work on the World Retail Banking Report 2020 late last year. With data-fueled, hyper-personalised experiences in real-time, BigTechs and challenger banks have demonstrated their ability to win customers over. “Traditional banks are at a critical juncture. Featured in the World FinTech Report 2020, the index shows that leading collaborative banks are those with a dedicated and autonomous startup-partnership team and who demonstrate a fail-fast innovation approach to determine value and cut losses quickly. Visit us at www.capgemini.com. Paris, April 21, 2020 – Capgemini and Efma today published the World FinTech Report 2020 revealing that despite a widening gulf between traditional banks on one side and BigTechs and challenger banks on the other, traditional banks have an opportunity to thrive in today’s market by embracing Open X 1 and becoming Inventive Banks 2. With Altran, the Group reported 2019 combined revenues of €17billion. BigTechs and challenger banks leverage high-impact capabilities, World Fintech Report 2020, Capgemini and Efma, April 2020 Paris, April 21, 2020 – Capgemini and Efma today published the World FinTech Report 2020 revealing that despite a widening gulf between traditional banks on one side and BigTechs and challenger banks on the other, traditional banks have an opportunity to thrive in today’s market by embracing Open X and becoming Inventive Banks. According to the World Fintech Report 2020, to remain competitive and appeal to consumers, banks should prioritise middle- and back-end transformation through data-driven and customer-centric partnerships with fintechs, which will ultimately also improve the front-end. Both Banks and FinTechs are currently frustrated by the lackluster results of their collaborations to date. [2]Inventive banks are prepared to adopt specialised roles in the new, open ecosystem – with collaborative support from qualified FinTech partners. World FinTech Report 2020 by Capgemini published on 2020-06-16T16:13:46Z. Meanwhile, 48% of new-age customers (Generation Y and tech-savvy) are frustrated with the narrow range of products and services offered by their primary traditional bank, propelling them to switch within the next year to           new-age players as they seek services that match their preferences and integrate with their other platforms/applications. Since we began this report three years ago, FinTechs have moved from disruptors to mature players, and it is now essential for incumbent banks to consider them not only as formidable competitors, but as necessary partners of choice to meet changing consumer expectations,” comments Anirban Bose, CEO of Capgemini’s Financial Services and Member of the Group Executive Board. Banks’ view of collaboration readiness is represented on the X axis, while the Y axis represents bank collaboration success. “In order to keep up with ever-changing customer expectations in today’s marketplace, incumbent banks must transform into Inventive Banks with collaborative support from qualified FinTech partners.”. World FinTech Report 2020 It’s now or never. We use cookies to improve your experience on our website. They help us to improve site performance, present you relevant advertising and enable you to share content in social media. A global non-profit organisation, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. Businesses will evolve and emerge from the COVID-19 crisis in different and profound ways. The gap between what customers expect and what traditional banks currently deliver has never been wider, but now is the right time for banks to catch up from front to back-end to offer the best customer experience. [2]Inventive banks are prepared to adopt specialized roles in the new, open ecosystem – with collaborative support from qualified FinTech partners. Der World FinTech Report 2020 von Capgemini und Efma zeigt, dass traditionelle Banken Wachstumschancen auf dem heutigen Markt haben, indem sie einen erweiterten Open Banking Ansatz - …
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