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Financial Institution Toolkit Orientation


Tool 1


Take the Instant Payments Awareness Survey to understand the benefits of Instant Payments for FIs

Tool 2


Take the Instant Payments Adoption Maturity Self Assessment for FIs to understand current maturity and where you are in the adoption journey 

Tool 3


Sign up for follow up discussions with Deloitte SMEs to discuss survey results, next steps, and get any additional queries answered

Instant Payments Awareness Survey is the First Step for Financial Institutions in their Awareness Journey

Expected Outcome from the Survey1

Become aware of how Instant Payments can benefit your organization
Receive immediate directional information regarding the potential payback for Instant Payments adoption
Identify appropriate use cases and fast-track business case development
Instructions on use:

FIs may take the awareness survey to understand the benefits and identify Instant Payments related opportunity areas for their institution based on their business segment and customer demand:

Survey – Instant Payment Awareness Survey: Financial Institutions 

  1. Click on the survey icon, below, to access the survey 
  2. The survey consists of 5 questions that take less than 5 minutes to complete
  3. Please note that clicking ‘Calculate’ on the survey form will NOT lead to any information entered to be shared with Deloitte2, the FPC, or any other party

Note: 1) The benefits/opportunity areas are directional in nature and FIs may use the information at their own discretion; 2) FIs can choose to share the data with Deloitte if they plan to engage in a 1x1 deep dive session with Deloitte SMEs (Tool 3).

Access the Awareness Survey for FIs here:

Input

Business Segment


FI’s business segment e.g., Retail or Wholesale Business

Customer Demand


Customer segments interested in Instant Payments e.g., Retail, Small Business, Corporate

Survey
Output

Opportunity Areas


Opportunity areas to help retail, small business and corporate customers with multiple use cases (e.g., supplier payments, disbursements, bill payments, etc.) by offering Instant Payments

Instant Payments Adoption Maturity Self Assessment Tool can help FIs Benchmark progress against the Maturity Curve

Expected Outcome from the Tool

Assess your current readiness and gaps in the adoption maturity curve 
Prioritize the area of focus (Business vs Operational vs Technology) that is hindering  Instant Payments adoption
Determine next steps to move up the maturity curve from the current position
Instructions on use:

FIs may use this tool to assess their readiness to adopt Instant Payments. This tool helps them determine where they are in their current journey of adopting Instant Payments and identify next steps needed to gain further momentum.

  1. Evaluate Business, Operational and Technology readiness dimensions by clicking on the spreadsheet below
  2. In the individual readiness tables for each dimension (tab 2, 3 and 4), select the status for the Readiness activities from the drop-down list based on your current completion status
  3. Use the graph on tab 5 to benchmark the scores against the maturity model to determine organization’s position on the maturity curve and readiness to adopt Instant Payments

Instant Payments Adoption Maturity is Measured Across Three Readiness Dimensions


Business Readiness
Strategic focus to adopt Instant Payments by understanding the pre-requisites like use case evaluation, network requirements, and pricing model 
Technology Readiness
Capability to upgrade existing legacy systems and standards, build integrations and test Instant Payments solution
Operational Readiness
Capability to efficiently develop, integrate and operate the systems and procedures to implement Instant Payments within an organization
The score obtained against these three readiness dimensions will be used to determine the stage at which an FI is on the maturity curve and identify the steps to move up the curve.

Based on the Scores across Business, Operational and Technology Readiness Dimensions, Financial Institutions can determine their Position on the Maturity Curve 


Characteristics


Disruptor

FIs for whom Instant Payments solution is a strategic need and hence have developed the capability to support multiple use cases, e.g., for bill payment, disbursements, supplier payments, etc. based on their retail/corporate customer needs.

NEXT STEPS:

  • Identify additional growth opportunity areas in Instant Payments and strive for innovation to further the adoption of Instant Payments in various industries
  • Leverage Instant Payments to build and offer value-added services to the customers

Transformer

FIs that have understood the strategic need for Instant Payments solution to keep pace with third party players offering Instant Payments services or to address rapidly changing customer needs.

NEXT STEPS:

  • Define the roadmap for commercialization and launch Instant Payments for the selected use case to a wider customer base, and introduce new Instant Payments services to your relationship managers, corporate clients and retail banking customers
  • Build on the momentum by scaling up to include more use cases or expanding to different customer segments and conduct supplementary pilots with additional corporate partners

Player

FIs that are beginning to recognize the importance of offering Instant Payments services and have started building the required operational and technological capabilities.

NEXT STEPS:

  • Educate your business/corporate partner on benefits of Instant Payments, work with them to identify the most impactful use case and help them chart out a roadmap to accelerate effort towards adopting Instant Payments
  • Assist your corporate partner in building a business case to seek buy in from with their organization. Help them chart out the implementation plan and sign up for a small-scale pilot

Explorer

FIs that have either not fully recognized the importance of Instant Payments for their retail/corporate customers yet or have limited capability/resources/funds or all.

NEXT STEPS:

  • Conduct focus group discussions with your customers to understand their concerns with traditional payment methods and need for Instant Payments
  • Build a strategic business case to gain alignment from relevant stakeholders in your organization and fulfil funding requirements to build the required technical and operational capabilities
  • Engage your technical teams early to traverse the learning curve with message specs and coding efforts. Explore potential TPS models / partners 

Resister

FIs that either don’t have the need (i.e., Instant Payments solution not requested by customers or no competitive pressure from third party players offering payments services to their customers) or the capability/resources to adopt Faster Payment solutions or both.

NEXT STEPS:

  • Educate your internal stakeholders on the benefits of Instant Payments solutions for your customers
  • Review your business and technical practices and procedures and consider the appropriate changes and resources needed to comply with the network rules and technical specifications

Tool 3 for FIs and Businesses/Corporates: 

Instant Payments Adoption Deep Dive Discussion with Deloitte

Financial Institutions and Businesses / Corporates can engage in a one-hour business consultation session with Deloitte to firm up the Instant Payments roadmap and get answers to any additional queries by SMEs

What to Expect?

Discuss the results from the surveys and self assessment
Understand opportunity areas, potential use cases and focus areas to accelerate Instant Payments adoption
Understand the industry trends and drivers for adoption
Participate in discussions with Deloitte SMEs to identify drivers influencing the industry adoption of Instant Payments 
Discuss next steps for accelerated adoption of Instant Payments
Develop a structured approach to move ahead in your Instant Payments journey, e.g., participate in Instant Payments Innovation Lab, sign up for a controlled pilot, etc.

Reach out to Deloitte at usrtppractice@deloitte.com to schedule a business discussion

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