A survey held in September 2022 revealed that varying departments inside banks approached the topic of ISO 20022 differently from one another. Senior executives at banks believed the biggest benefit of switching to ISO 20022 was an increased effort in fighting financial crime. Enthusiasm varied per role, however. Most notably, the department in charge of fighting such crime was the least enthusiastic on this prospect. The source listed another stand-out from this survey: 20 percent of senior bank executives who worked in Strategy believed that the move to ISO 20022 was "necessary" but held "no short-term benefits". ISO 20022 is a new messaging standard for cross-border money transfers between financial systems and/or financial institutions, no matter where they are in the world. Banks have to be fully integrating into this new payment "language" by November 2025 - a process that started in March 2023. This survey predated that process.
Perceived benefits provided to banks worldwide by migrating to ISO 20022 as of the 3rd quarter of 2022, by professional role inside the bank
Characteristic
We will gain more data and this will help us to provide better corporate services
We will gain more data which will enhance financial crimes efforts
We will gain competitive advantage by being able to offer global services
We have more important programs but will be forced to focus on this
We did not see the need to migrate
A necessary step for the future, but no short term benefits
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Celent. (May 8, 2023). Perceived benefits provided to banks worldwide by migrating to ISO 20022 as of the 3rd quarter of 2022, by professional role inside the bank [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/1386092/perceived-benefits-of-iso-20022-switch/
Celent. "Perceived benefits provided to banks worldwide by migrating to ISO 20022 as of the 3rd quarter of 2022, by professional role inside the bank." Chart. May 8, 2023. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/1386092/perceived-benefits-of-iso-20022-switch/
Celent. (2023). Perceived benefits provided to banks worldwide by migrating to ISO 20022 as of the 3rd quarter of 2022, by professional role inside the bank. Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/1386092/perceived-benefits-of-iso-20022-switch/
Celent. "Perceived Benefits Provided to Banks Worldwide by Migrating to Iso 20022 as of The 3rd Quarter of 2022, by Professional Role inside The Bank." Statista, Statista Inc., 8 May 2023, https://www.statista.com/statistics/1386092/perceived-benefits-of-iso-20022-switch/
Celent, Perceived benefits provided to banks worldwide by migrating to ISO 20022 as of the 3rd quarter of 2022, by professional role inside the bank Statista, https://www.statista.com/statistics/1386092/perceived-benefits-of-iso-20022-switch/ (last visited September 01, 2024)
Perceived benefits provided to banks worldwide by migrating to ISO 20022 as of the 3rd quarter of 2022, by professional role inside the bank [Graph], Celent, May 8, 2023. [Online]. Available: https://www.statista.com/statistics/1386092/perceived-benefits-of-iso-20022-switch/