Payments Reports

FinTech Articles Week of 10/16/15
The fall banking and financial conference season is in full swing this week, and the major consulting firms are releasing their annual payments surveys. You’ll find more than enough stats, charts, and analysis to support your case, with insight on payment usage by type, technological innovation and its opportunities and threats, and insights on consumer and business trends. Also, take a look at the security bug that few internet users noticed, yet left billions of people’s personal and financial information vulnerable.

BNY Mellon releases FinTech findings in “Innovation in payments: the future is Fintech”

This report from BNY Mellon examines the influence of FinTech, ranging from its impact on payment methods and consumer behavior to what such technological advancements mean for banks. As more FinTech companies evolve from startups to multibillion enterprises, failure to keep will leave traditional businesses playing catch-up as more the more flexible competitors reap the benefits.

McKinsey predicts four potential disruptions altering the future payment landscape

Modernization domestic payments is already underway and nonbank digital disruptors will reshape customer experience and the overall payments field. Read the full “Global Payments 2015: A Healthy Industry Confronts Disruption” report for more indicators for the future of FinTech.

Capgemini presents World Payments Report 2015

The growth for noncash transactions has stabilized, and global noncash volumes are expected to reach $389.7 billion, with China’s moving into fourth place behind the United States, Europe, and Brazil. Capgemini showcases its key findings in this 2015 report.

Global Payments 2015: Listening to the customer’s voice

“Payments and transaction-banking businesses will face both significant disruption and immense opportunity over the next decade, with some $900 billion in industry revenue growth up for grabs through 2024,” according to 2015 Global payments report from Boston Consulting Group. See the reports revenue, growth pattern and other findings at BCG Perspectives.

The war on cash continues (according to McKinsey and Cap Gemini)

Don’t have time to sink your teeth into all of the FinTech reports coming out this week? Chris Skinner of the Financial Services Club Blog has the review and analysis on this week’s flood of payments studies.

The flaw in a commonly used encryption left billions of internet users vulnerable

Most internet users don’t know what OpenSSL is, so they’re probably also unaware of the security bug that left 3 billion people’s information —Facebook passwords, credit card transactions, mobile banking applications and more—susceptible to security breaches. Moneytripping has the story on how such an important encryption tool has been managed by a small team of developers and what role corporations play in keeping our info safe.