Banks listed several reasons in 2023 on why they considered modernizing cross-border payments, with most stating a need to lower costs and reaching new markets. The survey results reveal that no reason stood out much when compared to the others. The top two reasons listed were, for instance, closely followed by a desire to generate more revenue and improve the underlying processes. Estimates are that the market size of B2B cross-border payments is significantly bigger than the consumer-initiated segment, although the latter is forecast to grow the fastest.
Key factors considered by banks for future modernization of cross-border payments as of 2023
The source does not specify the exact type of survey conducted.
The source does not provide information from which countries its respondents were from. It mentions the respondents were from "North American, European, and Asian-Pacific countries".
This question was phrased by the source as follows: "Which of the following are important factors when your institution considers modernizing its cross-border payments strategy? (Check all that apply)"
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Finastra, & Aite-Novarica Group. (February 27, 2023). Key factors considered by banks for future modernization of cross-border payments as of 2023 [Graph]. In Statista. Retrieved October 02, 2024, from https://www.statista.com/statistics/1387146/cross-border-payment-modernization-strategy-among-banks/
Finastra, und Aite-Novarica Group. "Key factors considered by banks for future modernization of cross-border payments as of 2023." Chart. February 27, 2023. Statista. Accessed October 02, 2024. https://www.statista.com/statistics/1387146/cross-border-payment-modernization-strategy-among-banks/
Finastra, Aite-Novarica Group. (2023). Key factors considered by banks for future modernization of cross-border payments as of 2023. Statista. Statista Inc.. Accessed: October 02, 2024. https://www.statista.com/statistics/1387146/cross-border-payment-modernization-strategy-among-banks/
Finastra, and Aite-Novarica Group. "Key Factors Considered by Banks for Future Modernization of Cross-border Payments as of 2023." Statista, Statista Inc., 27 Feb 2023, https://www.statista.com/statistics/1387146/cross-border-payment-modernization-strategy-among-banks/
Finastra & Aite-Novarica Group, Key factors considered by banks for future modernization of cross-border payments as of 2023 Statista, https://www.statista.com/statistics/1387146/cross-border-payment-modernization-strategy-among-banks/ (last visited October 02, 2024)
Key factors considered by banks for future modernization of cross-border payments as of 2023 [Graph], Finastra, & Aite-Novarica Group, February 27, 2023. [Online]. Available: https://www.statista.com/statistics/1387146/cross-border-payment-modernization-strategy-among-banks/
