WHO’S BEEN SAYING WHAT
IBS Journal January 2017
63
Quality quotes from the banking tech world “As it stands today, FinTech is not innovative or transformative enough and investment dollars are not sufficient
to build a world leading financial-service breakthrough…Previous aggressive, trend oriented acquisitions by banks, including mono-line mortgage and credit card companies in the 90s and mobile wallet companies in early 2000s, all ended with faded dreams for all parties. As an investor and participant in the VC sector, my view is FinTech in its current state could well repeat this experience.”Grant Halverson, Chief Executive, McLean Roche Consulting
“2016 has proven to be the year where the most forward-thinking financial
institutions are actually using blockchain technologies for payments and settlement rather than as an experiment. A year ago, we made significant headway with banks who wanted to explore distributed financial technology to make cross-border payments truly efficient. Now we are working with dozens of banks, including some of the largest in the world, who are driving commercial adoption that’s needed to lay the tracks for the Internet of Value.” Chris Larsen, Co-Founder and CEO, Ripple (pictured)
“The challenge for payment service providers is to create reasons for consumers to use new methods and
technologies to make payments. As things stand, consumers see little value in changing how they make payments in most environments apart from novelty value and the gratification of being an early adopter. Obviously contactless cards can save time compared to chip and PIN credit cards, and the benefits of all methods over cash and cheques are clear, but consumers do not yet see the benefits of more advanced forms of payment. Other rapidly adopted new technologies – Airbnb, Uber, and Spotify for example – have obvious advantages in cost, convenience, or human engagement. Payment methods don’t appear to have enough of the same advantages.”Thomas Brown, partner in the San Francisco office of Paul Hastings
“T he ramifications of Blockchain’s technology are potentially enormous. Traditional banks’ record-keeping function
would no longer need to exist, because this could be transferred to a digital system. Online providers or a whole host of other brands could begin offering financial services directly through the blockchain, and those financial institutions that are eager to embrace these new technologies could find they present huge opportunities for their business. For customers, that could significantly drive down the cost of financial products through greater competition. Peer-to-peer services could become the norm, and there would be an explosion in customer choice. And with far lower costs to entry, millions of people in the developing world could find it far easier to access the financial services that we all take for granted.
My absolute conviction has always been that there can be no choice between doing well financially and behaving responsibly in business. As these new technologies begin to percolate throughout the financial system, the faster, cheaper and more secure banking products they could bring would help accelerate social and economic progress, to society’s benefit.” Former Barclays boss, and Blockchain board member, Antony Jenkins
“Many have predicted and espoused the view that cash is increasingly disappearing as a payment
instrument. However, to paraphrase Mark Twain, we would say that the reports of the death of cash have been greatly exaggerated.”Authors of a new payments study covering 18,000 people in seven countries
www.ibsintelligence.com
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