Insight Report: Non-Bank Providers of Payments and Financial Services – Best practices and Case Studies

Date: 2015-09

“Non-bank payments and financial service (NBPFS) providers are facing difficulties in terms of expanding and defending their market shares, as a result of changes in regulatory dynamics, the economic environment and competitive landscapes. Companies are under pressure to deleverage and seek alternative sources of profit, as key economies remain weak and competition has increased. In this altered environment, a new operating model is needed, one that is rooted in attaining a primary relationship with the customer through the rebuilding of trust and the forging of active customer relationships.
A number of NBPFS providers, both established and new, are setting best-practice examples in capitalizing on technology and their relationships with customers to enhance business potential, despite several hurdles to growth. This report explores key best practices adopted by NBPFS providers to stay competitive in the dynamic world of financial services.
New technology is being adopted by NBPFS providers all over the world to renovate their operating structures. By implementing analytical tools in lending processes, and incorporating communications devices and modes such as mobile phones and mobile broadband into their operations, NBPFS providers are shifting the focus from bricks-and-mortar branches towards digital structures to increase consumer convenience and lower costs. Mobile payments are also increasingly being adopted by customers and companies alike. Additionally, these communication channels are being used for advertising and branding purposes; several NBPFS are now utilizing mobile and social media platforms as a key part of the branding process for products and services.
While regulation in the NBPFS sector has traditionally been relatively liberal, the scenario is expected to change, primarily due to weaknesses exposed in the current financial system during the slowdown, and due to the persistent effects of the negative global economic environment. Regulatory pressures, however, are not only due to the negative economic environment, are also driven by the need to control money-laundering and its use in illicit activity. However, the sector’s regulatory landscape is highly dependent on the region in which the company operates.”

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