Financial institutions remain largely unprepared to deliver real-time payment services, with newly published research revealing that widespread manual processes and insufficient automation are blocking most banks from meeting customer demand for instant transactions. The survey findings highlight a critical infrastructure gap affecting the banking sector’s ability to compete in an increasingly digital payments landscape where consumers and businesses expect immediate settlement.
The research exposes significant operational deficiencies across the industry, as legacy systems and outdated workflows prevent institutions from implementing modern payment rails. Banks relying on manual intervention for transaction processing cannot achieve the speed and availability required for real-time payment networks, leaving them at a competitive disadvantage as fintech challengers and digital-first institutions capture market share with superior payment capabilities.
This technology shortfall has immediate implications for customer retention and revenue growth, particularly as regulatory bodies worldwide continue mandating faster payment infrastructure adoption.
FXnCO Insight
Banks without concrete real-time payment upgrade roadmaps risk accelerated customer attrition to fintech competitors and should prioritize automation investments immediately.
Source: Finextra