Digital business payments is the next frontier for banks and fintechs
The good news: Business payments represent a major growth area for banks of all sizes willing to enhance their offerings, according to the latest Capgemini World Payments Report. The bad news: Fintechs are gaining ground with business customers, and a demand for better cash management services could give them even more of an advantage, especially if banks move too slowly.
From digital wallets to palm payments, glitzy retail payment innovations often grab headlines. But a new study from Capgemini suggests an even bigger revenue opportunity for the banking industry can be found in commercial payments.
The study urges banks to offer enhanced cash management services and put more emphasis on how they can help businesses with all things payments.
Businesses are dealing with inflation and higher interest rates — and many have a much greater need than they did before to know their precise cash position all the time. Stale information is no longer acceptable.
All of this will further accelerate the digitization of business banking and payment services, Capgemini says.
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