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WHO’S BEEN SAYING WHAT


Quality quotes from the banking tech world “Do no harm was unquestionably the right approach to development of the internet. Similarly, do no harm is


the right approach for distributed ledger technology. I believe regulators and policy makers have a choice: we can either follow a path that burdens the industry with multiple onerous regulatory schemes or one where we come together and set forth uniform principles in an effort to encourage DLT investment and innovation.” Commodity Futures Trading Commission (CFTC) Commissioner, J Christopher Giancarlo


“There’s no question that FinTech is going to change the face of financial services on a global scale. I am excited


for the changes to come, and I see the potency of the possible. But for its potential to be met, we need to make sure we don’t reinvent or exacerbate shortcomings that have plagued our financial system thus far.” John C. Williams, President and CEO of the San Francisco Fed


“It’s clear that UK banks are still fighting the problems of the past. Legal fees, fines and compensation costs are


making an enormous dent in profits and I don’t expect to see a let-up any time soon. Banks are finding it harder to make money whilst the costs just keep coming. Whilst they are keeping relatively quiet on the EU referendum debate in their annual reports, uncertainty over the outcome is weighing heavily on them. I expect to see a continuation of cost cutting measures like branch closures and headcount reduction but I hope to see more detailed and structured investment in technology. Throughout 2015, banks have been frantically investing in technology to offer better services more cheaply, but so far there’s little evidence of successful cost cutting and the detail on technology investment is vague.” Tim Howarth, KPMG Banking Partner


“It is far better to have ‘entrepreneurs for Europe’ rather than ‘banks for Brussels’ as a tagline. Everything I hear


from the tech industry supports Britain remaining in the EU. The industry needs to engage actively in the debate. Successful entrepreneurs in rapidly growing industries are among the voices that will be listened to.” The City of London Corporation’s Policy Chairman, Mark Boleat


“The inability of banks to innovate leaves the door wide open for FinTech providers to attract new customers.


There is opportunity for banks to begin working collaboratively with these companies, but they must formulate a rapid response plan to do so before the swiftly evolving bank environment outpaces their window for change.” Anirban Bose, Head of Global Banking and Financial Services, Capgemini


“The demise of cash has been predicted for a long time but it remains the currency option the general public turns


to for confidence, convenience and security. Cash is still the most prominent payment method for UK consumers and global demand for coins is as strong as ever.” Spokesman for the Royal Mint


“It is alarming that Lloyds Banking Group is continuing to offshore IT roles in the name of driving down cost. This


simply means that the bank wants to pay an IT worker in India less for the same work carried out in the UK. This disastrous race to the bottom hurts our members and inevitably impacts customers. Unite has made it clear that ‘efficiency’ cannot simply mean axing more jobs while expecting the same work to fall on fewer shoulders. The bank forgets that these relentless cuts have a human cost. Unpaid overtime and work-related stress are already at endemic levels across the bank and this will reach a crisis point if Lloyds continues to swing the axe.” John Morgan-Evans, Unite Regional Officer


“Not one bank nor policymaker that we have met with on blockchain gives even a second thought to an unpermissioned public network. KYC, AML and other considerations means it has to be a permissioned network. This reduces the risk that a new startup will be able to disintermediate entire value chains.” Morgan Stanley report, Blockchain in Banking,


www.ibsintelligence.com © IBS Intelligence 2016


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