WHO’S BEEN SAYING WHAT
IBS Journal December 2016
43
Quality quotes from the banking tech world “The term FinTech might be both the most over-hyped and under-
estimated term the industry has seen in decades. On one hand, from an investment standpoint, VC funding of the FinTech revolution has been staggering, resulting in billions of dollars of investment. We have seen a significant reduction in barriers to entry and customers’ digital expectation demands explode. However, very few startups have managed to use their agility and innovation to fill gaping holes in the customer experience left by traditional firms with viable business models that achieve scale and distribution.“The World FinTech Report, produced by Capgemini and LinkedIn in collaboration with Efma
“If ever there was an area that strikes me as ripe for applying technology to harness the power of Big Data alongside
distributed ledger technologies to produce better outcomes, while rationalising the process and cutting costs, it is financial crime. This is an area that generates vast amounts of reporting. For as long as I can remember there have been comments about needles in haystacks, and the issue of how to extract all the information from the vast quantity of reporting. And, for not much less time, there has been talk of automation. But I suspect it is still more or less just that, talk. Yet the pace of innovation in, for instance, automated text analysis, surely puts us on the cusp of real progress. We can’t stay on the cusp for too long, and here as authorities we should play a role to enable change to happen, because doing so will help us advance our objectives.” Andrew Bailey, Chief Executive, FCA
“Insurers have been quite aggressive in looking to invest in FinTech, whether it’s buying in the expertise or
partnering with it. But the real challenge is that they are not really innovative organisations. They have grown large through legacy acquisitions, they have many different networks, arms and product lines and suddenly nimble new competitors are snapping at their heels. The larger ones are having to reorganise the way they work to face these
challenges and understand the risks as well.”Jonathan Drake, partner and Head of the Insurance Sector group at Bond Dickinson
“Are we looking at another dotcom bubble? A lot of money is going in to FinTech these days. Some of the ideas are
great, but many companies with poor products and poor ideas are still getting market share and finance because we are being blighted by the gold rush.” Ariel Berman, Vice President, AIG
“Australia’s banking sector is an oligopoly. The major banks have significant market power that they use to
protect shareholders from regulatory and market developments. Despite this market concentration, under our current regulatory structure no entity is tasked with regularly making recommendations to improve competition. This must change.”Australian House of Representatives economics committe chair, David Coleman
“With increasing concerns about the sustainability of the R3 strategy, most of the current objections focus on
poor first year results: no clear business case has been selected among a plethora of ephemeral proof of concepts…Insiders suggest more banks might drop out of the R3 blockchain initiative in the next week, leaving in the consortium only those few innovation teams that have shared the press release spotlight in the recent months and the minor banks with no alternative blockchain strategy.” Leaked document on the R3 blockchain consortium
www.ibsintelligence.com
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