2023 Trends Outlook: Surviving and Thriving in Challenging Times
Outlook | February 14, 2023 | PC Editorial & Research
Vixio’s annual Outlook Report is your inside track on the priorities and strategies of senior compliance and regulatory professionals in the world’s leading payments companies.
This year, we’ve surveyed over 200 global compliance leaders, and they agree:
- 2022 upended expectations and shelved many firms’ short-term plans.
- Threats abound, with a triple shock of competition, recession and increasing fraud.
- Adversity breeds creativity – for many firms, growth this year will rely on invention.
- Compliance teams are being pushed further and harder than ever before.
- Find out how they plan to survive and succeed in these conditions.
70% cite competition, economic downturn or fraud as 2023 threats
In these difficult times, firms must find ways of overcoming these risks while grappling with the continuous obligation to stay compliant, despite compliance teams being pushed to their limits as they work to achieve their goals for growth.
However, against this backdrop, firms are harnessing new and alternative payments technologies, both internally and through M&A, to increase revenue, resolve compliance and security problems and protect their core customer base against competitors.
Payments firms should, therefore, understand the tools available to them, helping the decision-makers in payments to help understand, benchmark and ultimately support that learning and improvement process.
UK opportunities 2023
We asked UK respondents to rank their top three opportunities over the next 12 months.