World News: 01:00 GMT Wednesday 11th September 2019. [ACI Worldwide via Businesswire via SPi World News]
(NASDAQ: ACIW), a leading global provider of real-time , and leading global research firm today launched the , a global cross value chain view of the factors that drive success across the banking, intermediary, merchant and corporate sectors.* The Index identifies five types of organizations, as defined by their approach to innovation and business transformation - Laggards, Emerging, Tech-led, Advanced and Trailblazers – and provides an to benchmark organizations against peers and competitors.
The research, based on a global survey of almost 1,200 enterprises, reveals that retail banking and fintechs are the leading sectors when it comes to payments innovation, with regulation playing a key part in forcing industry change. The merchants and corporates that are their customers are less successful in balancing cultural, organizational and technology drivers to achieve digital transformation.
According to the Index, real-time payments are a significant driver of innovation among financial institutions, while merchants and corporates are focused on new payment options (especially mobile), with payment security a continuing concern. In addition, trailblazers across the sectors plan to move mission-critical workloads into public cloud infrastructure either this year or into 2020.
“The pace of change in the payments ecosystem continues to be relentless,” said Mike Braatz, chief product and marketing officer, ACI Worldwide. “More than ever before, innovation will be a significant driver of business success. While technology is – and will remain – an important part of the answer, it is people who truly change organizations. Businesses that align cultural change with technology leadership place themselves in the best position to thrive in the future.”
“The aim of the Index is to identify not only the factors that separate the most innovative businesses from the laggards, but also what this means in terms of product innovation,” commented Kieran Hines, head of industries, Ovum. “Digital transformation is not a single project – it is an ethos, an approach, focused on continuously translating business challenges into a series of initiatives and projects to drive the organization forward.”
Banks and Intermediaries
Real-time is a key driver of and enabler for innovation
Mission-critical workloads, including payments, can and should move to the cloud
Capitalizing on potential of open payments is the biggest competitive differentiator
The merchant segments (telecoms, retail, digital goods and hospitality) featured in the Culture of Innovation Index are spread across the Laggard, Emerging and Tech-led categories, placing them behind fintech, retail and corporate banking in the overall ranking.
There are significant regional differences in terms of innovation
Customer experience is key
Most corporates are Laggards, with higher education, healthcare and utilities leading the sector
The Culture of Innovation Index, based on interviews with senior executives in close to 1,200 enterprises, scores each organization based on its plans and behaviors across a range of cultural, organizational and technology-centric factors. Interviews covered a range of topics relating to two broad themes: Inputs to the innovation process (cultural and organizational drivers of innovation, particularly the way that the organization is structured with respect to identifying changing customer needs, competitive challenges and new market opportunities) and Outputs from the innovation process (outcomes from the process, in terms of factors such as the adoption and investment in emerging technologies as well as specific product innovation relating to the business area in question). Across the study, the responses to more than 100 individual questions were scored and weighted to produce combined scores for each of the Input and Output categories.
About ACI Worldwide
ACI Worldwide, the (UP) company, powers for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our services. Through our comprehensive suite of software solutions delivered on customers’ premises or through ACI’s , we provide real-time, capabilities and enable the industry’s most complete experience. To learn more about ACI, please visit . You can also find us on Twitter .
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Business Wire: 01:00 GMT Wednesday 11th September 2019
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