WHO’S BEEN SAYING WHAT
IBS Journal February 2017
19
Quality quotes from the banking tech world “In 2017, we can expect to see the fall of what were hoped to be future FinTech unicorns – as several significant
FinTech startups will have received more than three to four years of funding and if the market is not conducive to a healthy IPO, or results are not showing the massive potential once envisaged, the taps are likely to get turned off. This trend will be no surprise given that most technology VCs expect only one in ten investments to pay-off, but it means that the FinTech startup scene, and associated hype cycle, may get a little dose of commercial reality and start to feel deflated in 2017.” Synechron
“O mnichannel is doomed, because it’s based on a false assumption. It grows from the idea that ‘channels’ are
equivalent and interchangeable. It assumes that whatever the channel, you are effectively interacting with a junior bank cashier to get the same services: “Here is your statement sir”, “of course I can move money between accounts, give me the details”, “yes, your balance is £215 pounds and 25p”. The problem is that “truly” digital banking isn’t just another channel. It’s not a substitute for interacting with a cashier/teller. It’s more equivalent to having an experienced personal wealth manager watching over your finances 24/7, providing insights and proactively addressing issues. That is a big upgrade! ” Jason Bates, Co-Founder, 11:FS and Monzo
“In order for FinTech’s potential to be realised, authorities must manage its impact on financial stability. On the
positive side, FinTech could reduce systemic risks by delivering a more diverse and resilient system where incumbents and new entrants compete along the value chain. At the same time, some innovations could generate systemic risks through increased interconnectedness and complexity, greater herding and liquidity risks, more intense operational risk and opportunities for regulatory arbitrage.” Mark Carney, Governor of the Bank of England and Chair of the Financial Stability Board
“W e are placing our bets on technology. We’re not
sure that the fundamental nature of products will change much, although regulation tends to impact that. We don’t think the demands of our clients and counterparts will change much, it’s the delivery mechanism.” Deutsche Bank CEO, John Cryan
“FinTech startups will look to acquire incumbent banks as a faster means to take deposits, facilitate balance
sheet lending, or bypass the still uncertain regulatory environment. Most expect 2017 to mark the start of FinTech market consolidation with leaders emerging, fast followers struggling, and consolidation defined by “tuck-in” activity. But a FinTech startup acquiring a bank may provide a more efficient method to safely differentiate from the pack.” Haskell Garfinkel, FinTech Co-Lead, PwC
“T his is how the banking market changes, not with 800 page reviews from public bodies like the CMA, but with
technology bringing new ideas to the table. We’re creating something that will completely revolutionise the way people think about their money. The bank for people that hate banks – and let’s face it, that’s just about everyone – is officially a bank!” Tom Blomfield, CEO, Monzo
www.ibsintelligence.com
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