Christophe Uzureau and Kristin Moyer here. Our “Hype Cycle for Financial Services Payment Systems, 2009” is now published (and available to Gartner clients).
Due to the current economic environment, there’s no shortage of pessimism, and it’s mostly for the right reasons. However, this doesn’t mean that banks should stop innovating and bringing new payment instruments and services to market. Quite the opposite. The tough economic situation has put banks’ payment systems in the spotlight.
Transaction banking is back in fashion. Payment operations and related services (such as cash management and trade finance), which weren’t very attractive during the age of investment banking, are part of the “back to basics” strategy of many financial services institutions. Emerging technologies have a key role to play in this area.
Regarding retail payments, to respond to the current economic situation, consumers want to gain more control over their spending activities. As a result, product development is crucial for banks. Successful banks will be able to introduce innovations to build a strong portfolio of payment instruments and services. However, similar to corporate payments, emerging technologies are critical to helping banks achieve this.
This Hype Cycle will assist banks in navigating the hype surrounding the payment industry, and ensuring that their payment systems support the immediate and long-term requirements of their clients.