Investments in commercial payments by banks 2023

Banks from North America focused more on security investments for commercial payments, whereas Latin America rarely invested in blockchain. This is according to a survey held in the late summer of 2023, asking banking respondents which type of technology they would invest in "to a very high degree" for their corporate payments division. For example, 47 percent of banks in Europe stated they had invested in blockchain technology, compared to 14 percent of banks in Latin America. AI and automation featured relatively high in North America and Asia-Pacific, outperforming text-generated (generative) AI by a significant margin.

Main technology invested in by banks worldwide to help innovate their commercial payments in 2023

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Release date

September 2023

More information

Region

Worldwide, Australia, Brazil, Canada, China, France, Germany, India, Italy, Mexico, Singapore, Spain, United Kingdom, United States

Survey time period

July and August 2023

Number of respondents

211 and 223

Special properties

Bank and payment provider executives, plus executives in companies that subscribe to commercial payments services. See the “Details” tab for more information.

Method of interview

Face-to-face interview, online survey

Supplementary notes

The question was phrased by the source as follows: "To what degree has your organization adopted these technologies in your commercial payments division?". The figures display replies that said, "To a very high degree".

The technologies were defined as follows:

Security: e.g., cyber threat intelligence (CTI), endpoint detection response, security information event management (SIEM), trust-based architectures;
Cloud Services: e.g., software as a service (SaaS), infrastructure as a service (IaaS), platform as a service (PaaS);
Blockchain: a distributed digital ledger technology that allows multiple participants to provide transparency, security, and immutability to the recorded data;
Data Technologies and Analytics: e.g., data repositories, streaming/real-time data, big data analytics;
AI and Automation: e.g., deep learning, machine learning, expert systems, robotic process automation (RPA), physical robots, natural language processing (NLP);
IT-specific or Architectural Microservices: e.g., DevSecOps, serverless computing, containers, Kubernetes, continuous integration and continuous delivery (CI/CD);
Network/Connectivity: e.g., 4G, 5G, Wi-Fi 6 & 6e, software-defined wide area network (SD-WAN), internet of things, edge/fog computing;
Generative AI: a particular subset of artificial intelligence techniques that involve generating new content or data that resembles a given input dataset (e.g., fraud detection, anti-money laundering, risk assessment, chatbots and virtual assistants)

The numbers provided come from two separate C-suite surveys held over the summer of 2023. First, executives from banks and payment providers were asked about their markets and client expectations. Second, clients from such commercial payment services were interviewed.

The clients came from the following industries: Telecom, Insurance, Health and Public services, Travel and rail, Auto and Industrial, and Retail.

Both surveys were held in the following countries: Australia, Brazil, Canada, China, France, Germany, India, Italy, Mexico, Singapore, Spain, United Kingdom, United States.

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