Strategic Payments Platforms and Infrastructure
March 13, 2025
KPMG are launching our second annual Payments Modernisation report, based on a global survey of 1,500 senior leaders across financial institutions and retailers covering Europe, APAC, North America and the Middle East, and we have found the pace of transformation is not slowing down, and not restricted to banks.
Our first payment modernisation report in 2023 found financial institutions in the UK were embarking on significant payments modernisation initiatives, with expected benefits as well as noticeable challenges. Over the last 12 months, it has become clear that it isn’t just traditional financial services firms looking to improve their payments capabilities. Retailers also operate in ever more competitive environments, with tough trading conditions leading them to see where to gain an advantage. Be it new products, improving existing processes and flows, or implementing new technologies such as AI, businesses are more aware than ever of the need to keep their payments capabilities current.
Overall, 93% of financial institutions plan to initiate a payments modernisation programme or have one underway already. That includes 74% of financial institutions intending to begin work soon (48% of this group expect to get started within three to six months). A further 19% have already begun work on delivering their payments modernisation initiatives.
The appetite for payments modernisation is also very strong in the retail sector. 87% plan to initiate a payments modernisation programme or have already done so. That includes 63% planning to start imminently (42% of this group will begin work within three to six months) and 24% that have payments modernisation programmes already underway.
The continual advancement of payments innovation, regulatory change, and customer demand drives significant investment and change activity across financial institutions and retailers; the benefits are wide-ranging and are qualitative and quantitative. The balance of investment is clearly between investing in payments as a cost of doing business and investing to drive incremental growth.
Payments modernisation programmes are a constant. They continue to change as organisations strive to meet customer and market demand.
To pre-register to receive a copy of the report please follow this link: Payment Modernisation: Not just a financial services evolution
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