In the Wake of COVID-19, Majority of Banks Say Payment Technology is an Arms Race They’re Unprepared For
LONDON–(BUSINESS WIRE)–Marqeta, the global modern card issuing platform, today released the second part of its European Banking report, based on a survey of 200 European banking executives, about the challenges they are facing when trying to respond to the greater need for payments innovation in the wake of the COVID-19 pandemic. According to the findings, 94% of bank executives say that payments have become a “technology arms race,” enabling them to gain a competitive advantage over rivals by offering greater choice and flexibility to customers. However, 84% of respondents said that legacy infrastructure is restricting them, making it almost impossible for them to innovate, at a time of increased scrutiny and great need.
“The likes of Uber, Amazon, and Deliveroo, have set the bar when it comes to expectations around payments; having a slick and convenient way to pay has become a fundamental part of the customer