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 Strategy and Operating Model

"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."

Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Payments Workshop Material

"Savantor helped ACI build a payments onboarding workshop for new technical staff in ACI EMEA. Their extensive experience took our outline and built a great starting presentation of industry facts that we have now customised further into a half day session that is used for all new joiners. Our Americas and APAC regions have also taken the material and customised it for their regions. A great job by Savantor has meant new joiners to ACI hit the ground running."

Richard Sanders, Principal Solution Consultant - ACI - Worldwide EMEA

Interchange Review

"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."

Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK

Acquiring market insight and strategy review

"Savantor brought an independent perspective and valuable insight that enabled Rabobank to ratify options for delivery and future growth and make informed business decisions in support of our target business model. Having used Savantor on a number of strategic projects, we have no hesitation in recommending their services to others."

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

Credit Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

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

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

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.