Organisations fail to win consumers due to lack of innovation – report

According to the Global Payments Insight Study of consumer finance, higher education, insurance and other billing organisation executives, conducted by ACI Worldwide, a payment systems company, and Ovum, a market research firm, 65% of organisations are facing growing competition when it comes to payments.

Of these, 76% are consumer finance companies, 60% are higher education institutions, and 59% are insurance companies. 59% of organisations are not flexible enough to drive innovation in payments. Of these, 75% are consumer finance companies, 60% are higher education institutions, and 47% are insurance companies.

When it comes to shift from cash to e-payments, 25% of organisations stopped accepting cash in 2015. Also, there was a 30% increase in the number of organisations accepting e-payments in 2015. 80% accept e-payments, while 65% accept paper payments. Investment in payment services means that 55% of organisations increased investment in payments, 37% held investment constant, and 8% decreased investment in payments. Organisations want to increase investment in real-time payments (50%), mobile payments (48%) and biometric authentication (38%).

For more information about ACI Worldwide, please check out a detailed profile of this company in our dedicated, industry-specific online company database.