The payments business is hot. With much of the banking industry still reeling from two years of financial turmoil, the $900 billion payments market, which accounts for roughly 25% to 30% of total bank revenues, looks awfully interesting.
The market is changing rapidly from consumer and corporate points of view as well. More interested in saving than spending, consumers are shifting their payments habits, moving away from checks and using debit cards more than credit cards. Businesses also are using more electronic banking services, including business-to-business electronic payments.
The continuing globalization of business affects the payments market as well, with implications for both companies and banks. Companies will soon have international ACH support for foreign exchange and payments and can join the SWIFT network for corporates.
Banks face the continuing expansion of nonbank providers “bringing innovative payment products to the market to satisfy changing consumer and merchant preferences and needs” in both international transfer and domestic payments businesses. Yet “payments and associated functions (such as forex) remain some the most profitable activities within the banking sector” (p. 24 of the downloadable report).
What do you want to know about payments and banking now?
With all these shifts and changes in the market, the international financial conference SIBOS 2009 should provide valuable insight into the dynamic payments, trade, and securities markets. I plan to attend SIBOS 2009, September 14-18 in Hong Kong.
What can I find out for you? I can be your eyes and ears on the trends, partners, competitors, prospects, and customers you want to follow. Or prepare post-conference marketing materials for you.
Discover the intelligence and marketing possibilities of Canright Communications’ finance, treasury, and payments experience.