The rising need for Payments Intelligence in banking

In an industry driven by data and speed, banks face mounting challenges that demand innovative solutions. Payments Intelligence is emerging as the essential tool for banks aiming to stay competitive, streamline operations, and enhance customer satisfaction.

The challenges facing banks today

Banks, from tier 1 giants to tier 4 community institutions, grapple with common pain points in their payments operations:

• Fragmented data: Payment data is often dispersed across fraud detection systems, sanctions screening, liquidity management platforms, and core banking systems. This fragmentation creates blind spots, making it difficult to gain a holistic view of operations.
• Operational inefficiencies: Without integrated data and real-time insights, banks struggle with slow decision-making, increased manual workloads, and higher operational costs.
• Regulatory pressure: As global payment standards like ISO 20022 become mandatory, banks must ensure compliance while managing complex payment flows and maintaining operational resilience.
• Growing customer expectations: Corporate clients and retail customers alike demand faster payments, transparency, and seamless experiences, putting additional pressure on banks to modernize.

Why Payments Intelligence now?

The rise of real-time payments, open banking, and data-rich payment standards like ISO 20022 has transformed the financial landscape. According to PwC, payments generate around 90% of a bank’s useful customer data. Leveraging this data effectively can unlock new revenue streams, improve operational efficiency, and enhance customer relationships.

Traditional Business Intelligence (BI) tools, while helpful, often fall short in the payments domain due to their generic nature and lack of industry-specific insights. Payments Intelligence, on the other hand, is tailored for the payments ecosystem, offering banks a powerful tool to navigate complexity and drive growth.

Market insights and trends

The Celent Dimensions Survey 2024 highlights that AI and advanced data analytics are among the top technology priorities for corporate banking, with 22% of respondents ranking them highly. Employee enablement technologies and customer experience personalization also feature prominently, aligning perfectly with the capabilities of Payments Intelligence.

According to McKinsey, banks utilizing BI tools see a 20% increase in operational efficiency. This underscores the importance of adopting specialized intelligence solutions to stay competitive.

Key benefits of Payments Intelligence

• 360-Degree Operational Visibility: Gain a comprehensive view of payment flows, bottlenecks, and performance metrics across all channels.
• Enhanced Decision-Making: Real-time insights enable faster, data-driven decisions, improving operational agility and customer service.
• Cost Efficiency: Automated reporting, alerts, and performance tracking reduce manual workloads and operational costs.
• Regulatory Compliance: Ensure compliance with evolving regulations through real-time monitoring and reporting capabilities.

The future of banking with Payments Intelligence

As payments grow more complex, banks need solutions that provide not just data, but actionable intelligence. Payments Intelligence is no longer a luxury but a necessity for banks aiming to stay ahead. With Volante Payments Intelligence, banks can transform their payment operations, enhance efficiency, and drive sustainable growth.

Ready to unlock the power of Payments Intelligence? Explore how Volante can transform your bank’s payments landscape.