Banks are facing more competition than ever before

The size of cross boarder payments is predicted to expand significantly over the next few years, especially between Business 2 Business (B2B) as more organisations transact internationally.

Cross boarder payments 2023-2030 market size

Source: FXC Intelligence

Historically, banks would have taken the ‘lion’s share’ of the global payments but these institutions are now facing pressure, not only from the plethora of FinTech firms offering new, cheaper and more efficient solutions, but also new methods of payments such as digital currencies; all challenging the banks like never before. Ex-Barclays’ boss, Antony Jenkins, has decried the banks as "museums of technology which have failed to properly embrace true digital transformation and are consequently shedding huge numbers of customers to nimbler tech-first rivals”. Based on a survey of 300 banking leaders and managers at banks in EU and Asia a recent report, ‘Global Banks and the Transformation Illusion Slowing their Progress’, shows that:

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