London-based software and services company Misys today announced the results of its third annual Trends in Transaction Banking survey, which polled more than 120 firms across 45 countries. According to the results, reducing IT complexity and costs remains the dominant concern of transaction bankers.
Seventy-seven percent of respondents stated that they had started consolidating at least trade finance and cash management businesses to achieve this goal. At the same time, 45 percent describe their infrastructure as "multiple core processing systems," underlining that the industry has a long way to go before true consolidation happens.
Also of note, 43 percent listed "online channel development" as the top transaction banking priority for next year, reflecting the trend toward enhancements of the online delivery of cash management and trade finance in a unified fashion, according to Misys. Twenty-six of those polled cited "adding new products and services" as the top strategic focus for banks managing their transaction and cash management business over the next three years, while 35 percent listed "simplified process for making changes to payment standards and rules across all systems" as their top priority.
"This is the third survey we have done in this area and each time we have seen an increase in the proportion of banks bringing their cash, trade and payments businesses under one umbrella," noted Olivier Berthier, global solutions director, transaction banking for Misys. "This trend continues across all regions and banks of all sizes. However, few have actually fully integrated their online channels, back-office operations and payments processing successfully."