Payments modernisation:
The Big Survey 2023
A global survey based on over 300 banks and payment service providers
What is the Big Survey?
The Big Survey is an annual research report produced by Finextra, in collaboration with Volante Technologies, that looks at the key payment modernization priorities of banks globally.
Commenced in 2021, the report interviews over 300 senior bankers from across the globe each year to sense-check ongoing priorities within payments modernization.
The results of each year’s interviews are analysed and compiled into “The Big Survey”, providing insights into what global bankers are thinking, where they are putting their resources, and how they are navigating the ever-shifting regulatory and economic environments in which they operate.
We hope you find the report insightful.
What’s top of mind for payments leaders?
of banks expect to increase their budget for payments modernization in the coming year.
of respondents do or will leverage a cloud-based payments infrastructure.
cited use of vendor provided (PaaS), an almost fourfold increase (364%) from last year.
of bankers state they are only delivering the minimum capabilities required for ISO compliance, or not at all.
of bankers state they are only meeting the minimum requirement for domestic instant payments, or not at all.
The results are in:
The Big Survey 2023
Unexpected global geo-political and economic events over the past few years have resulted in a clear accumulation of projects and an ever-increasing pressure on revenues. However, despite this, 2023’s report shows that budget allocation across the board is in good health, illustrating the committed resolve of banks towards the implementation and delivery of key modernization projects such as instant payments, both domestically and internationally.
Key insights include:
- Globally, most new payments solution implementations are to take place imminently – 67% within the next year
- The greatest bank customer pain point is access to real-time or intraday liquidity management: 79%, a new first place. Cost is a close second at 75%
- Efficiency of cross-border payments is more keenly felt than in 2022 for customers – up to 37% from 28%
- And much more…
Fill out the form and download your copy today.
Webinar: Payments Modernisation – Priorities for 2023
This webinar featuring experts from Mastercard and HSBC, highlights the findings from the Finextra and Volante survey and the need for partnerships, cloud-facilitated A2A payment applications, and payments-as-a-service.
