This IDC Perspective covers the Money20/20 conference held June 3–5, 2019, in Amsterdam, the Netherlands, and provides an analysis of key themes emerging from the event. Between open banking and retail payments, banks are facing the need to restrategize and rethink their roles. Answers are likely to be found in building out technology and partnership frameworks that enable collaboration and establish roads to new revenue streams in data services and marketplaces.
"Both open banking and the emergence of alternative payments models are forcing banks to rethink strategies and the nature of their relationship with customers and merchants. In addition, traditional acquiring and issuing roles in retail payments models will be challenged." — Rivka Gewirtz Little, research director, Global Payment Strategies