Marqeta COVID-19 European Banking Survey Pt 2

In partnership with Coleman Parkes Research in August, Marqeta surveyed 200 banking executives from across Europe, to gauge where banks were directing their energies and attention. Our first report from this research, published in October, showed that digital payments have become the dominant consumer lifeline and are essential to get right. Our second report shows that people in the industry are feeling it: 94% of the banking executives we spoke to said that payments have become a technology arms race to offer greater choice and flexibility to customers. Worryingly, they also saw themselves as held back by the technology they use from being able to really compete and meet the moment. 

Frustration is high: 85% reported frustration that legacy technology was preventing them from moving at the speed required to meet market demand. The stakes are higher. 2020 has made the ability to innovate and meet consumers where they are more important than ever. 

In the second part of our survey report we look at this head on: where are banks pulled astray in this need to innovate? And how can they keep up? 

Key data:

• 94% of banking executives said that payments have become a technology arms race to offer greater choice and flexibility to customers. 
• 85% reported frustration that legacy technology was preventing them from moving at the speed required to meet market demand.
• 84% of executives said legacy banking infrastructure was restricting them, making it almost impossible for them to innovate.
  

If you’re a bank or large financial institution looking to launch into, or evolve with, this rapidly changing landscape, drop us a line at europe@marqeta.com.