News & Views - Savantor

A challenging world

Friday, 16 November 2018

We are all aware that the current economic environment is not particularly stable, resulting in many casualties in the retail industry. Numerous retail brands have either closed down, for example Maplin, Toys R Us, or been sold off, such as House of Fraser, or are having to undertake massive cuts and store closures in an attempt to survive. Even the household name staple of Marks and Spencer has not been immune.

The traditional banks are also grappling with how to manage their presence and shape themselves in competition with the newer challenger banks who are unburdened by legacy systems and unwieldy organisational and system infrastructures.

There are many contributory factors for this uncertain economic environment, but consumer payment behaviour together with technical innovation in payments are two of the key underlying reasons for change which have had and will continue to have significant impact on the retail and payments domains.

Consumers today, particularly millennials, are becoming more and more comfortable with the mobile as a method of undertaking payment and banking transactions and expect the apps and necessary support for mobile payments to facilitate this. There is a requirement for immediacy and responsiveness which is not always easily able to be provided by the traditional banks and which the challenger banks without the burden of legacy systems can more easily satisfy.

This in turn results in a greater emphasis on digital services and less priority given to traditional functions such as bank branch banking with the inevitable branch closures that this results in.

The change in consumer retail behaviour, with an increasingly greater usage of online services and a demand and expectation for almost immediate fulfilment has meant that retailers are likewise having to adapt their services and supporting infrastructures to fulfil these needs.

Technical innovation is also intrinsically involved in the behaviour changes, all of which require the technology to enable them – and the corresponding means of acceptance to enable them to be used.

The Bank of England is likewise considering the evolution of payments and has just launched an open forum on ‘the future of money’. It is interested in hearing how people in the UK use their money, what payments they make and where, and what they think the future of cash will look like. As part of the forum it has launched a Cash vs Cashless Challenge for people to undertake for a week and to report their experiences.

With so many challenges present in the payments sector of today, it will be interesting to see which of the many players are successful in defining or adapting their roles to prevail in the future payments landscape.

Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Acquirer Transformation

"We needed a programme manager for a complex transformation who also brought a broad understanding to help stakeholders through the change. We have been delighted with the delivery and outcomes from this engagement with Savantor."

Michael Liquornik, Executive Vice President - Neovia Financial - UK

Platform Selection & RFP Management

"OP-Pohjola Group has used Savantor in both acquiring and issuing for platform/service provider research, RFI/RFP processes and subsequent contract negotiations. Savantor's approach and commitment have always been very professional and transparent. They have been of great help for the company in providing us important insights and background information beyond vendors sales speeches."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

New Payments Initiative

"In moving our new initiative into reality, we required specialist payments knowledge and forward thinking in the retail sector. Savantor supplied this and provided very effective guidance throughout. We enjoyed working with them."

Sophie High, Head of Innovation Delivery - Cancer Research UK

Credit Card Migration and Operational Support

"The bank has undergone significant transformation of its card business on both the issuing and acquiring sides. One business partner we have looked to for support in the areas of strategy, major project leadership, management analysis and ongoing business support is Savantor. The Savantor team has contributed to our success as we have leveraged their deep industry knowledge and broad range of operational skills."

Sean Sheehan, Service Management Director - Bank of Ireland

New Fuel Card Guidelines

"Savantor successfully assisted Clear2Pay by providing specialist EMV expertise."

Marie Costers, General Manager - Clear2Pay Open Test Solutions

Complex Multi-Country Migration

"This complex migration, undertaken simultaneously in Spain and Portugal, has been a complete success. Savantor has provided us with excellent support for over 3 years, both in the original business transformation programme and now this double migration. We value their open and honest approach to business, and of course the expertise that they bring."

Ricardo Gomez, Director, Operations & Technology - WiZink Bank – Spain & Portugal

Acquirer Specialist Support

"OP-Pohjola Group has used Savantors help in numerous different specialist projects differing from risk assessment to management tool creation to transaction analysis. We have been very satisfied by the quality of the service provided by Savantor's experts."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

Payments Platform Strategy and Sourcing

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with our team and actively contribute. Their experts quickly forged strong working relationships and delivered to our brief. We enjoyed working with them to develop our future platform strategy."

Evert R Fekkes, SVP - Payment & Savings Services - Rabobank Nederland

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.