Leverage international payments to help your financial institution thrive - 5 ways to fast track your path to the new normal
Overcome the status quo. A key challenge for all businesses is the continual search for ways to operate more efficiently. Each year budgets tighten and businesses in all manner of industries look for smarter ways to maximise the resources they have on hand.
Financial Institutions are feeling this pressure in a troubled global economy. A recent report from McKinsey & Company claims that more than 50% of Financial Institutions around the world will become economically unviable if hit by another economic downturn (McKinsey, Global Banking Annual Review, 2019). Faced with this threat many Financial Institutions are challenged to deliver cost savings while customer demands increase among fierce competition from both traditional rivals and ‘digital disruptors’.
Compounding this, both consumers and businesses are increasingly relying on digital channels to shop and trade around the world. As global markets begin to reopen post COVID-19 research from McKinsey & Company clearly shows that consumers are looking for digital and reduced-contact means of purchasing goods and services. Financial Institutions must seize the opportunity to service these needs by not only focusing on generating revenue through expanded services, but also striving for operational efficiencies that keep overheads under control.
Envision this for your institution:
– Increased revenue by optimising payment channels
– Decreased the costs associated with intermediary banking networks
– Improved productivity by automating manual international payment processes
– Easy management of payment regulations in multiple jurisdictions
– Increased wallet share through enhanced customer experience.
If any, or all of these are attractive goals it is time to examine your processes. Why stay in a rut when your Financial Institution could easily create operational efficiencies by tweaking the way you manage international payments? Download our white paper and discover 5 ways to streamline international payments and help fast track your institution to the new normal.