The Payments Data Monetisation Opportunity in Asia

2021 Payments Analyst Report: Data Monetisation is High on the Industry Agenda

To better understand the path forward for the financial services industry in Asia, Celent, the leading research and advisory firm focused on technology for financial institutions globally, has conducted a detailed analysis of today’s landscape. This is based upon in-depth primary research conducted in 2021 with both senior executives at corporate banks and a combination of corporate treasurer, CFO, and similar roles at large companies (with $500m and upwards in annual revenues).

Many banks in Asia are clear on the ways in which payments data can be leveraged to support innovation for corporate clients. Those that do not have plans, products, or offerings to meet corporate needs must consider the risks to their existing client base.

Research highlights

• Banks are increasingly viewing data as a strategic asset and are investing accordingly with 76% of banks reporting that they are working on a business case to leverage payments data
• Security is a major pain point for clients and they would pay for enhanced services, ranking fraud in cash management as the single biggest operational pain point
• Client needs are clear with corporates in Asia focusing on driving greater efficiency, and particularly automation, in their treasury and finance functions – 78% of corporates would consider moving some or all of their banking business to partners that can bring greater efficiencies
• Addressing demand for new services is an important driver, and 75% of corporates plan to work with new providers that can support them with data-led services
• 72% of banks view data monetisation as bringing improvements to the efficiency of payments operations – this compares to 52% at the global level
• Failure to deliver on client needs in areas such as virtual accounts, payables automation, and tailored services may drive churn

Download the report to find out how you can leverage your payments data to open up greater opportunities and new revenue models.