The frenetic pace of payments industry activity is gathering momentum with every day that passes. As new solutions and technologies begin to gain traction worldwide, the war on cash is being fought on many fronts. But the most pressing issue for financial institutions is whether their existing payment systems can support the rapid evolution occurring.
Many organisations are being held back from truly servicing their customers’ needs because they are relying on outdated, legacy payment systems that are no longer fit for purpose in the digital age. One only has to look at how banks such as RBS and NatWest have suffered calamitous ATM network outages recently to see the dangers posed by not undertaking payment system modernisation.
As the ATM continues to evolve, incorporating video and audio, linking to mobile, embedding biometrics and delivering real-time customer service and support, it’s more important than ever that these frontlines in customer engagement are able to cope with the demands of 21st century payments.