Fintech PR
North American Banks Risk Losing $88 Billion in Payments Revenue by 2025, According to Accenture Report
As much as 15% of North American banks’ payments revenue — $88 billion — is likely to be displaced by the growth of digital payments and competition from non-banks, as payments become more instant, invisible and free, according to a new report from Accenture (NYSE: ACN). Of the $88 billion, approximately $82 billion is attributable to U.S. banks and $6 billion to Canadian banks.
Titled “5 Big Bets in Retail Payments in North America,” the report is based on a revenue-risk analysis model that Accenture developed to measure trends in how consumers pay and projected changes in merchant behavior, technology and regulation. The research is complemented by a survey of payments executives at the 50 largest U.S. and Canadian banks by revenue to determine how they plan to mitigate and capitalize on the disruption in payments to grow customer loyalty, revenues and profitability.
The report found that while payments revenue among North American banks is slowing, it will likely grow at a compound annual rate of 4% over the next half-dozen years — from $322 billion in 2019 to $405 billion in 2025 for retail payments (see Figure 1), and from $505 billion in 2019 to $653 billion in 2025 for retail and commercial payments combined. Only banks that change their business models to adopt the latest technologies and transform the customer experience will capture a share of the nearly $150 billion in incremental revenue growth, according to the report.
“As retail payments facilitation become increasingly commoditized, customer experience is the new driver of brand value and competitiveness,” said Andrew McFarlane, Managing Director – Payments and Global Open Banking, at Accenture in Canada. “With new entrants introducing instant and invisible payment options, combined with pricing compression, banks that are unable to shift to new business models and continually innovate face a future of revenue loss and diminishing relevancy.”
The research confirmed industry awareness of the threats posed by new players in payments. Six in 10 (60%) of the banking executives surveyed believe they will lose up to 15% of payments revenue in the next three years to non-banks, fintechs and other competitors. When asked to identify the primary challenge to their business, nearly two out of five (38%) respondents cited competition from big technology companies, and one-third (34%) cited competition from fintechs. Payments fintechs in North America attracted nearly $11 billion through more than 800 deals between 2016 and 2018 alone, according to the report.
The surveyed executives also acknowledged the challenges brought on by new technologies in payments. Six in 10 (61%) said they believe that payments are becoming free; nearly three-quarters (73%) believe that most payments are already invisible or will become so over the next 12 months; and even more (78%) said that payments are either already instant or will become instant over the next 12 months.
The report notes that the impact of consumer demand for rewards has squeezed payments revenue, with spending in loyalty and rewards by the top five U.S. card issuers jumping from $11 billion in 2010 to $31 billion in 2018. Pressure on traditional revenue models, eroding fees and increased competition will force banks to invest in value-added services to drive economic performance. Bank executives cite next-generation reward schemes and embedded payments capabilities among their priorities for generating new payment revenue, according to the report.
“Payments is North America’s largest fintech segment, and while banks continue to ponder whether fintechs are friends or foes in retail payments, in most cases the answer is both,” McFarlane said. “Banks need to determine which fintechs they want to beat, buy or join. Banks that don’t collaborate with fintechs will likely fall behind in customer experience, innovation and agility.”
Hampered by legacy systems, bank executives understand that implementing digital technologies will be essential to support innovation and efficiency. One-quarter (24%) of respondents cited artificial intelligence, robotics, machine learning and innovative payments hubs as the key platform technology capabilities they need to adapt their core systems in order to shift to high-speed and continuous payment flows.
SOURCE Accenture
VILNIUS, Lithuania, Nov. 1, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce the official launch of Legend of Arcadia‘s ARCA token on the BingX launchpool. This highly anticipated event brings a robust reward pool of 800,000 ARCA, inviting users to stake with USDT and BTC in a campaign that combines accessibility for new users with compelling earning potential for all.
Legend of Arcadia (LOA) is a card-based RPG game built on a vast story universe inspired by Kingdom Hearts. LOA is built with the latest technology for the modern gamer, powered by blockchain. This ARCA Launchpool campaign will run for a limited time and participants will have the chance to join three staking pools, one of which is an exclusive newcomer pool for USDT, featuring a capped staking limit of 2,000 USDT and offering 35% of the total reward pool. There is also an additional USDT pool and BTC pool, open to all users. To further amplify rewards, users can participate in an ARCA staking event, maximizing opportunities for participants during this limited-time campaign.
Vivien Lin, Chief Product Officer of BingX, highlighted this launch as an exciting addition to BingX’s expanding GameFi offerings. “The ARCA launch on BingX Launchpool introduces our community to an immersive GameFi experience, where blockchain rewards meet engaging gameplay,” Lin remarked. “The game showcases the type of high-value, innovative GameFi projects we would like to support. We are glad to see a new attempt for sustainable web3 gaming.”
BingX Launchpool offers a user-friendly design for a seamless staking experience, featuring flexible staking and withdrawal options that let users deposit or withdraw assets anytime during the campaign. Rewards are automatically calculated hourly and distributed directly to users’ accounts, with all assets returned upon the campaign’s end. This streamlined process makes staking with BingX Launchpool simple and efficient from start to finish.
BingX Launchpool’s introduction of the ARCA token serves as a bridge, connecting innovative project teams like Legend of Arcadia with a global user base eager for fresh opportunities in the GameFi space. By offering a platform that amplifies visibility and engagement, BingX empowers projects to reach new audiences while enabling users to participate in blockchain-driven experiences. This collaboration highlights BingX’s dedication to enriching its ecosystem, delivering added value to users, and supporting the ongoing evolution of Web3 gaming.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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DUBLIN, Nov. 1, 2024 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm, today announced the signing of a definitive agreement to acquire UK-based insurance broker Griffiths & Armour. Upon completion of the transaction, Griffiths & Armour will become wholly-owned by Aon UK Limited and is proposed to go to market as “Griffiths & Armour, an Aon company”.
The acquisition closely aligns with Aon’s strategy to further expand its presence in the UK and Ireland. The combination will provide a greater breadth of solutions for clients across both Aon and Griffiths & Armour with complementary strengths that create a platform for further growth in the UK, Ireland and beyond. Together, Aon and Griffiths & Armour share a strong cultural alignment through an unwavering focus on clients and colleagues.
“As we continue to go further, faster to help our clients navigate growing uncertainty and volatility, we are looking forward to welcoming Griffiths & Armour to Aon,” said Greg Case, CEO of Aon. “Our complementary capabilities and cultures will create unmatched client and colleague experiences across the UK and Ireland and contribute to our global 3×3 Plan to accelerate our Aon United strategy.”
Griffiths & Armour has established a market-leading presence from their base in the north of England as well as a strong national and international reputation. With around 200 employees, Griffiths & Armour are known for their specialist expertise in professional indemnity insurance and strength in general insurance broking. As part of the acquisition, Aon is committed to Griffiths & Armour’s Liverpool office at Princes Dock and its strong team in Liverpool, Manchester, Dublin and London.
Carl Evans, CEO of Professional Risks for Griffiths & Armour, commented; “Becoming part of the Aon family is the result of a meticulous search for a trusted partner with whom we can work, to ensure the future success of Griffiths & Armour and to enable us to enhance, grow and expand our unique client proposition. This proposition is founded on a culture that has been created and refined over the last 90 years, of which we are immensely proud.”
Matt Donnelly, CEO of General Insurance for Griffiths & Armour, added; “We have long-regarded Aon for its professionalism and client service excellence. In them we have found a partner who will not only help deliver continued growth, but also preserve and embrace the culture that we and our client community hold dear. We very much look forward to this next chapter.”
“Griffiths & Armour is a brilliant business and will bring quality, expertise and an exceptional platform for growth to our firm,” said Jane Kielty, UK CEO at Aon. “We’re very excited to work with the leadership team to deliver the fantastic results for clients and colleagues that we passionately believe will be created by joining together.”
Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the first quarter of 2025. Aon and Griffiths & Armour will continue to operate independently until the closing date.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.
About Griffiths & Armour
Griffiths & Armour are a consulting insurance broker providing clarity and protection for business leaders. We exist to make our clients’ worlds less complicated by minimising risk. We work across a range of sectors by combining deep market insight, long-term relationships, and end-to-end support to manage and minimise professional and business risk, as well as offering private client support to protect individuals’ most important personal assets.
Media Contacts
Aon
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Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
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Griffiths & Armour
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View original content:https://www.prnewswire.co.uk/news-releases/aon-to-acquire-uk-based-insurance-broker-griffiths–armour-302294142.html
Fintech PR
Bybit Protects First-Time Copy Traders Against Potential Fiat Losses in Limited-Time Offer
DUBAI, UAE, Nov. 1, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has introduced new fiat protection for trading novices to counter potential market risks. First-time depositors may enroll to protect their investment in Bybit’s Fiat Loss Coverage Frenzy campaign this season.
From now to Dec. 1, 2024, Bybit is offering up to 100 USDT in Fiat Loss Coverage Vouchers (“the Voucher”) for as little as 100 USDT in first-time trading. Users making a first-time deposit and lured by the power of Copy Trading may sign up for the exclusive event for a confidence boost as well as potential capital protection.
The generous offer is available for eligible users only and the number of Vouchers is limited. Users may follow three simple steps to seize an opportunity to minimize their risk of asset devaluation:
- Deposit: Users making a first-time deposit of at least 100 USDT in any currency via Bybit P2P, Fiat Deposit or One-Click Buy
- Claim the Voucher: Access the “Claim” button at the Bybit Copy Trading page for up to 100 USDT in Fiat loss coverage
- Explore Copy Trading: Choose the first Master Trader wisely and execute the first copy trade in the amount of at least 100 USDT in either Smart Copy Mode or Advanced Copy Mode. Should the trade result in a loss, holders of the Voucher will be reimbursed up to the Voucher value.
Fiat and crypto solutions on Bybit come with copious benefits and rewards, including innovative mechanisms to enhance Bybit’s protection of users’ interests. The exchange is also trusted for its deep liquidity and tried-and-tested reliability, 24/7 customer support, and diversity of products and solutions.
“Investing comes with risks, and for retail investors starting to diversify into crypto, we’ve got their back. This campaign is a gesture of support and an invitation into the world of digital assets for new users, and Bybit serves to take away some of the stress for a better trading experience,” said Joan Han, Sales and Marketing Director at Bybit. “I hope it offers extra protection for new traders as they embark on their journey,” she added.
Visit Bybit Fiat and explore Bybit Copy Trade for more information, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
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