2020年后疫情時代全球支付啟示報告- 印度塔塔咨詢（英文版）（11頁）.pdf

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1、PURPOSE-DRIVENADAPTABLERESILIENT Banking leverage the power of open banking to expand the charter for digital services and innovations Long-term: focus on strategic business continuity improvements and supporting a digital-only organization strategy Emerging Trends: What Banks Must Do Given the far-

2、reaching impact that COVID-19 will have on the payments space, we believe that banks would do well to expand access to digital touchpoints underpinned by stability, security, availability, and reliability in the immediate term. Investments in payment digitalization to go up The COVID-19 crisis will

3、result in a spike in digital transactions as evidenced by PayPal reporting their highest ever transaction volume in history on May 1, 20201, and registering an addition of 7.4 million net new active (NNA) accounts during April 2020.2 Banks will need to ensure scalable infrastructure to meet the incr

4、eased demand. Even before the onset of COVID-19, global banks had been investing heavily in digitalizing the payments value chains. Digitalization initiatives, however, have largely revolved around achieving compliance with regulations such as Open Banking, aimed at fostering innovation and competit

5、ion. Since its launch in the UK and Europe in early 2015, Open Banking has spread to other countries. Some economies such as those in the ASEAN region took the digitalization initiative a lot further to bring about harmonization and interoperability of digital frameworks. These successes have alread

6、y shown how digitalization and openness can support the needs of a post-COVID-19 era. This would mean that corridors that have embraced Open Banking are likely to see cooperation and collaboration that would foster frictionless global, interconnected, cross-border commerce resilient to unforeseen co

7、nditions. This coupled with the need to reduce paper-based operations will push banks to scale up digitalization initiatives. Relationship between corporates and banks to become deeper There are already several economies where the interactions between consumers and businesses are completely digitize

8、d for funds movement no matter the underlying purpose. For instance, disbursement and collection of taxes, payment of dividends, direct government beneft transfers, payment collections, and escrow payments are completely digitized. Given the COVID-19 pandemic is driving a shift to online payments, t

9、he provision of fully digital options for consumer-to-business (C2B) and business-to-business (B2B) will fast emerge as a key imperative in the context of commercial banking. Banks can use the move to the ISO 20022 messaging standard and initiatives such as request-to-pay to support interactions bet

10、ween corporations and their customers to create digital channel to facilitate seamless funds transfer. 1PayPal, PayPals Q1 2020 Earnings Call, May 2020, accessed May 2020, https:/investor.paypal- 2PayPal, PayPal Q1-20 Investor Update, May 2020, accessed May 2020, https:/investor.paypal- Ability to m

11、anage personal & business fnances will become critical Both retail banking customers and businesses will look toward fnancial institutions for advice on how to better manage their fnances and plan for future contingencies like the COVID-19 pandemic. Banks must ofer personal fnancial management (PFM)

12、 services and help customers manage their changed fnancial situations. To achieve this, banks will need to ramp up PFM solutions by embracing analytics frameworks to derive crucial customer insights, anticipate emerging needs in the post-COVID-19 phase, and craft products to meet those needs. These

13、initiatives need to be accelerated and banks must quickly open data access in areas not governed by Open Banking and Payment Services Directive 2 (PSD2). Regulators across the globe must act quickly by extending Open Banking data sharing principles through the Open Finance initiative, especially as

14、PFM solutions underpinned by data analytics will likely see greater global uptake as the world comes out of the pandemic. Financial inclusion will emerge as a top priority for both government agencies and regulators Consumers without access to basic banking facilities will be the most afected by the

15、 pandemic. Prolonged loss of employment will result in a severe cash crunch and plans are already afoot to extend government benefts and emergency funds to vulnerable sections. India and Sweden have successfully leveraged digital IDs to substantially reduce the under-banked and unbanked populace and

16、 taken steps toward a cashless economy. Regulators will need to assess how they can enhance regulation to further support digital account opening to expedite access to banking facilities and drive fnancial inclusion. Banks must grab this opportunity and take steps to bring the underserved and unbank

17、ed population into the formal banking fold, in turn expanding customer base for their products and services. Participants will continue to deploy robust and resilient infrastructures, albeit at a diferent pace Payment stakeholders are already amid multiple engagements to implement future-proof, high

18、ly resilient infrastructures and multi-currency clearing schemes. However, these programs are still far from completion and remote working is likely to further delay them. However, banks must fully embrace remote working solutions to ensure that change programs remain on track as infrastructure impr

19、ovement initiatives remain critical to adequately support digital customer engagement and digital payment volume growth in the post pandemic phase. Cyber surveillance, cybersecurity and fnancial crime management will become paramount The uncertain times created by the COVID-19 pandemic present oppor

20、tunities for fraudsters to strike at the vulnerable layers of the organization. Banks must step up surveillance mechanisms to detect threats across multiple organizational layers. Given that the ability to seamlessly and easily make payments is especially important in the prevailing situation, banks

21、 must reassess and monitor the efectiveness of threat identifcation and management processes and establish adequate controls. Greater uptake of digital currencies In the post-COVID era, research into the options to transform paper currency into digital forms will accelerate. Several countries are al

22、ready experimenting with central bank digital currencies (CBDCs), and we believe that it could become a reality as early as 2021. We expect retail payments to be the frst to switch to digital currencies as opposed to high value transfers. Should this become a reality, banks will need to review their

23、 current payment infrastructure to ensure that they have the capabilities necessary to implement CBDC payment methods. In a Nutshell There is no clarity on when the COVID-19 crisis will abate or its effects on our societies and businesses. However, it is indisputable that this unforeseen pandemic wi

24、ll have far greater impact globally than the 2008 crisis and economies will take longer to turn around. As countries relax lockdown measures and open for business, consumers and businesses will rely on electronic payment methods more than ever. Payment firms that are prepared to engage and connect d

25、igitally with their end-users at every touch point, both locally and internationally, are likely to emerge as winners. In addition, banks that stay connected with customers, sense new needs created by the crisis, and proactively design and implement new digital services to meet them will win loyalty

26、 and steal a march over the competition. About the Authors Chandra Shekaran Chandra Shekaran is a Senior Consultant with the Cards and Payments Industry Advisory Group of TCS Banking, Financial Services and Insurance (BFSI) business unit. He has over two decades of experience in implementing retail

27、and wholesale payment systems for a host of frms ranging from card issuers and acquirers to remittance players. He also works with regional and international networks and wholesale payment frms. Chandras areas of expertise include core transaction processing and risk management platforms, and he anc

28、hors strategic consulting and transformation programs for TCS leading clients. Rakesh Lakhani Rakesh Lakhani leads the Payment Transformation Industry Advisory Group of TCS Banking, Financial Services and Insurance (BFSI) unit. He has over two decades of experience in domestic and cross-border fnanc

29、ial systems. Rakesh plays an active role in managing consulting and delivery engagements covering thought leadership, innovation, analysis, solution defnition and design, and planning and implementation. PURPOSE-DRIVENADAPTABLERESILIENT Contact For more information on TCS Banking & Financial Service

30、s, please visit Email: About Tata Consultancy Services Ltd (TCS) Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other frm can match. TCS ofers a consulting-led, integrated por

31、tfolio of IT and IT-enabled infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery ModelTM, recognized as the benchmark of excellence in software development. A part of the Tata Group, Indias largest industrial conglomerate, TCS has a global

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