A comprehensive study of 340 Australian payments executives released this week reveals a market characterised by confidence in the industry's direction and uncertainty about the industry's capabilities. The research, commissioned by a Big 4 consulting firm, shows that 88% of respondents express confidence or strong confidence about the industry's future trajectory. The same respondents also report widespread inability to utilise technology already deployed at their organisations.
Fifty-five percent of executives surveyed admit they are not fully utilising technology infrastructure already in place. An additional 23% declined to answer the utilisation question, which industry analysts interpret as "also not using it." Twelve percent reported full utilisation. The remaining ten percent provided answers that contained contradictions making interpretation impossible, such as describing themselves as "fully utilising legacy platforms while planning migration to cloud." The survey did not investigate whether these respondents understood what "utilisation" meant.
The Confidence Gap
The gap between confidence and readiness is described in the published report as "an opportunity" — a term which, in consulting terminology, means "a major problem we haven't figured out how to fix." Eighty-eight percent of respondents believe the industry is moving in the right direction. Seventy-two percent simultaneously acknowledge that competing priorities have prevented them from aligning their internal platforms with that direction. The priorities were described only as "competing" and could not be further itemised, suggesting that respondents cannot articulate what is competing with transformation and modernisation, only that something definitely is.
"We have tremendous confidence in the long-term future of payments," said an unnamed chief payments officer. "Our challenge is ensuring we can deliver that future given our current constraints. Once we resolve the constraints, I'm certain we'll deliver."
The Platform Problem
Seventy-eight percent of survey respondents named legacy platforms as their biggest obstacle to innovation. These same platforms were described as "strategic assets" in an identical industry survey conducted 18 months ago. The apparent shift in perception — from asset to obstacle — occurred without the platforms changing. What changed is that the organisations using them have become more aware that the platforms cannot do what their strategy requires. A senior payments executive from a major bank noted that the platforms "continue to serve important functions" whilst simultaneously "constraining our ability to serve customers." The platforms, it appears, are doing exactly what they were built to do, which is the problem.
The AI Question
Ninety-three percent of respondents believe artificial intelligence will "transform payments." Fewer than 20% have deployed AI beyond a pilot phase. The pilots are universally described as "valuable learnings." When asked what was learned, respondents consistently replied that "more research is needed" and that "the question requires careful consideration." A major Australian financial institution's head of product noted that AI pilots "have demonstrated the potential of the technology" whilst "highlighting implementation complexity." The implementation complexity had, she admitted, been "not fully understood when the pilot commenced." The pilot concluded three months ago. Further pilots have been approved.
The research shows that AI deployment in payments remains in early stages with unclear outcomes. Forty-seven percent of organisations running pilots reported "positive results." Twenty-one percent reported "neutral outcomes." Seventeen percent reported "unforeseen technical challenges." Fifteen percent could not find the pilot project's final report.
Customer-Led, Customer-Ignored
Seventy-eight percent of respondents describe their organisation as "customer-led." The financial services sector's Net Promoter Score sits at negative four, suggesting that customers, on aggregate, actively discourage others from using financial services. This disconnect is not addressed in the report. The report instead notes that "customer-centric strategy remains foundational to competitive positioning" and recommends "further research into customer preferences to inform strategic direction."
The research was commissioned by a Big 4 consulting firm that also provides implementation services for the transformations described in the report. This is disclosed on page 71 of a 72-page document. When asked about the apparent conflict of interest, the consulting firm confirmed that "client success is our primary concern" and that "our recommendations are evidence-based." The evidence, the firm notes, suggests that clients require consulting services. The firm is well positioned to provide those services.
What This Means For Action
The report concludes that the payments industry is "positioned for growth" whilst simultaneously "constrained by legacy investment" and "competing priorities" that remain unresolved. Executives are "confident about direction" but "uncertain about capability." Technology is "strategic" but "underutilised." AI will "transform payments" and "require further research."
The report recommends further research. That research has already been commissioned. The findings are expected in Q3 2026. They will almost certainly recommend that further research is needed.