Raphael Thys
The Payment Revolution An opportunity to enhance Banks’ Digital Transformation
An onslaught of rapid and dramatic changes - regulations, shifting market dynamics, and consumer demands - has incited the rapid establishment of the payments landscape as the archetype of how technological innovation can reshape an industry’s approach and create an obligation to change. This has inevitably affected the digital transformation of banks and necessitated a long-overdue drive towards innovation in payments.
As a sector that has historically proven to be resilient amid market disruptions and various evolutions, the payment revolution has opened up new and uncharted territory for banking. The entrance of fintech and big tech competitors profiting from quicker adaptation to new technologies and less stringent regulation, the advent of new business models requiring long internal and structural overhauls, and a slew of regulations meant to effectively balance this new terrain, are but a few of the radical changes that banks must navigate in their attempts to reinvent and expand their value-add.
As a financial centre with immense global focus, Luxembourg has not been exempt from the impacts of this payment revolution. The country has established itself as a major European hub for payments innovation, with enabling factors such as a strong national digitalisation drive, cross-border payment expertise, effective regulation and the presence of required infrastructure attracting many multinational payment service providers.
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