To examine how financial organizations are applying operational intelligence, Axway, a market leader in governing the flow of data, and Finextra Research, the world’s leading specialist financial technology news and information source, today announced the results of a global study that examined the operational intelligence maturity for payments within financial organizations. The study surveyed 105 decision makers in the global financial services industry and found increased pressure on IT to support instant decision making to enhance the customer experience, increase profitability and improve performance.
Conducted by Finextra, the study highlighted the various banks’ priorities in their payments business, the challenges they face in their operations and their current use of operational intelligence tools to deliver real-time business analytics and decision support.
“As the volume and speed of digital payment transactions continue to grow, organizations are increasingly required to do more instant decision making,” said Paul Penrose, Head of Research, Finextra Research. “With comprehensive end-to-end monitoring of transactions and business activity, the ability to deliver a high level of customer satisfaction and resulting profitability is greatly enhanced.”
In examining the key priorities for chief operating officers, strategic planning executives and global payments managers, the study identified customer service improvement as the top business priority (55 percent), followed by increasing profit (26 percent) and improving performance (19 percent). The study also revealed:
• Prevalence of Immediate Payment Processing: 77 percent of respondents stated that they process immediate payments of one kind or another and 90 percent stated that their bank is directly connected to a payment-processing platform.
• Large Payment Transaction Volumes: More than half (56 percent) of respondents are dealing with payment transaction volumes of at least one million per day, and the same percentage has an aggregated monthly value of transactions equivalent to $1 billion or greater.
• Prioritization of Improved Customer Service: More than half (55 percent) of respondents believe that their major business priority is to improve customer service making this more important than increasing profit or performance improvement.
• Necessity for Immediate Operational Decisions: The majority of respondents (58 percent) are expected to make immediate operational decisions daily, while only 51 percent have actually made commitments to how quickly they would react to customer queries.
• Desire to Reduce Operational Risk: 85 percent of respondents cited reducing operational risk as the major strategic objective and 71 percent cited improving the customer experience as top objectives of operational intelligence maturity.
• Growing Security Concerns: 39 percent of respondents said they experienced up to nine significant breaches in the past year.
“Finextra’s findings expose the operational challenges most financial institutions are facing in delivering business analytics and making decisions in real-time,” said Dean Hidalgo, executive vice president, global marketing, Axway. “Through the implementation of operational intelligence technologies, organizations can properly govern the flow of data across internal and external sources to embrace new digital business models.”
Register for the Finextra Research & Axway Joint Live Webcast “Operational Excellence for Payment” on May 5th.
Axway (axway.com), a market leader in governing the flow of data, is a global software company with more than 11,000 public- and private-sector customers in 100 countries.
For more than a decade, Axway has empowered leading organizations around the world with proven solutions that help manage business-critical interactions through the exchange of data flowing across the enterprise, among B2B communities, cloud and mobile devices. Our award-winning solutions span business-to-business integration, managed file transfer, operational intelligence, API and identity management, and email security offered on premise and in the Cloud with professional and managed services. Axway is registered in France with headquarters in the United States and offices in 19 countries.
Finextra Research is the world’s leading specialist financial technology (fintech) news and information source. Finextra offers over 100,000 fintech news, features and TV content items to visitors to finextra.com. Founded in 1999, Finextra Research covers all aspects of financial technology innovation and operation involving banks, institutions and vendor organisations within the wholesale and retail banking, payments and cards sectors worldwide. Finextra’s unique global community consists of over 30,000 fintech professionals working inside banks and financial institutions, specialist fintech application and service providers, consulting organisations and mainstream technology providers. The Finextra community actively participate in posting their opinions and comments on the evolution of fintech. In addition, they contribute information and data to Finextra surveys and reports.