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94% of banks eyeing investment in modern payment tech, to keep pace with fintech innovation

March 8, 2023


Aite-Novarica Group research reveals that payments is an important area of growth and innovation within the commercial banking space, and legacy systems cannot support end-user demand for better payment capabilities. Almost half of banks surveyed say fintechs, which typically provide a smooth customer experience, have already taken at least 10% of their payments volume. Recognizing this trend, the majority of banks globally are investing in modern payments technology, with 94% of respondents considering varied levels of investment in the next 24-36 months. Of those respondents, 65% plan a significant or moderate level of investment in payments technology during the same period.

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