L.E.K. Insights for September-24
Open Banking Payments: Trailblazing or Treading Water?
Open banking payments are at a crucial point, with the potential to transform the retail payment landscape. Despite substantial investment, widespread adoption remains challenging. Key factors for success include aligning market incentives, clarifying liability, and transitioning from regulatory to contractual frameworks.
This article examines how open banking can evolve into a viable alternative payment method. It also discusses the strategic changes needed and the roles of both the public and private sectors in building a strong future for open banking payments.
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How Cross-Border Payments Work: Opportunities in a Fast-Moving Environment
The cross-border payments market is filled with potential. However, navigating this complex landscape requires overcoming the challenges posed by legacy systems and disparate domestic payment networks. Despite these hurdles, the market is ripe for innovation and investment, with opportunities to harness digital transformation and strategic partnerships.
This Executive Insights discusses the evolution of traditional correspondent banking models, the growing influence of non-bank intermediaries and the G20's 2027 roadmap for improving cross-border payments. It also highlights current investment trends and the strategies that industry players are using to maintain a competitive edge.
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UK Motor Insurance: Past, Present and Future
While UK car insurance prices are hitting record highs, real-term costs have actually decreased over the past 20 years. But this downward trend has stalled, and rising vehicle complexity, along with the growth of electric vehicles, is expected to push prices higher.
UK motor insurers face new challenges as we enter a period of potential market softening, upcoming regulatory changes, and the Labour government’s focus on reducing car insurance costs. The industry is poised for significant shifts, making innovation key to staying competitive.?
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Ashish Khanna, Peter Ward, Eilert Hinrichs, Sam Halliday, Bronswe Cheung, Douglas King, Richard Mould, Aaron Byrne, Gigi Wong, Sam Shinner, Clayton Souza, Felipe Ahouagi
The L.E.K. Financial Services team helps clients develop fact-based, practical, winning strategies for our dynamic sectors. Our work for investors, shareholders and leaders brings insight and a rare breadth of experience and perspective to drive strategic decision making.