The second Deloitte Future of Payments event in Zurich on 19th October 2023 was a stimulating exploration of insights, innovations and trends that are shaping the payments sphere, both globally and in Switzerland. The event included keynote speeches and a panel session with experts from the payments industry and the regulatory community. Furthermore, attendees were able to forge valuable connections with others in the industry.
As part of the Payments event, the results of the Deloitte Payments survey 2023 were shared, together with an assessment of recent trends in payments.
Here is a brief summary of the key survey findings and trends:
Strategy and expectations:
- 45% of survey respondents consider payments to be a strategic driver and 55% see payments as a need-to-have commodity.
Payments services and their challenges:
- Best-in-class payments services:
- Card issuance is provided as an excellent service that acts as a revenue driver (e.g., interchange fees, foreign exchange rates),
- Three main challenges have been identified:
- Implementation of SIC5/ Instant payments,
- Compliance requirements (e.g., AML, fraud),
- Implementation of new payment trends (e.g., open banking).
Modernisation of processes:
- 90% of survey respondents see some benefits to be obtained from the introduction of instant payments, while 10% plan to only meet regulatory requirements.
- Straight-through processing (STP) of payments is interrupted most likely due to necessary manual process steps and false-positive compliance hits.
- The majority of respondents had already launched initiatives to modernise their payment processes.
Deloitte also shared thoughts on the future of payments:
Distinguished keynote speakers gave presentations on pivotal subjects such as embedded finance (Marianne Wildi, CEO of Hypothekarbank Lenzburg) and payments as a service (Brigitte Schönegger, Sales DACH Executive at Finastra). Santosh Ritter (Country Manager of VISA Switzerland) delivered a fireside chat.
In the concluding session, moderated by David Frei (Director & Payments Lead at Deloitte Switzerland), a panel discussion delved into three critical aspects of payments: markets & customers; technology; and regulation.
“In the near future, payments will become an even more important key for banks to be close to their customers" stated by Cyrill Kiefer, Partner at Deloitte Switzerland.