WHO’S BEEN SAYING WHAT
IBS Journal November 2016
21
Quality quotes from the banking tech world “We’re seeing a great deal of innovation in the payments space,
tokenized and real-time payments, to cite just two examples. But we need to recognise what’s driving these changes: client expectations for payments experiences more in line with what we’ve all come to expect from e-commerce transactions and real-time, instant access to information via our mobile phones. We need to make payment services easier, faster, more cost-effective, more secure and reliable, and more transparent in terms of pricing, settlement and the management of payment-related information. If we don’t meet the challenge of aligning our service with client expectations, we risk allowing non-bank providers to become an even larger presence in the banking space.”Tony Brady, Head of Global Product Management for Treasury Services, BNY Mellon
“To be able to accelerate their own transformation, it makes sense for banks to work with
FinTechs...Banks are realising it’s not necessary to do everything on their own. This transformation will be achieved by only a
minority...Some will succeed but many won’t. And when many don’t, there will be a huge opportunity for platforms and other non-bank companies. I think the window is five years. Over the next five years the landscape is going to continue to change dramatically.
If you’re going to transform and have a reasonable position in this brave new world, it has to be done now.”DBS Chief Executive, Piyush Gupta
“The existing payments system isn’t broken, which is why consumers are not making a mass-move to mobile phone payments adoption – the incentives are not there yet. Today’s mobile phone payments options provide basic, first-generation functionality; it’s like running an Atari game on an Xbox system – amazing underlying potential, but only providing a very basic offering. Consumers expect more in today’s fast-paced digital environment; just the ability to tap-and-pay is not enough. Payments providers need to bring the traditional card to life and create a real-time interactive experience for consumers.”Michael Abbott, Managing Director of Accenture Digital, Financial Services, North America lead
“The only implementation of a blockchain in production and one that has proven itself is Bitcoin. It has been functioning for seven years. There are no other clear use cases that have been deployed and demonstrated success to date…Blockchain is an experimental technology. There are no implementations that have been deployed in a production environment. Business cases have been difficult to find and for all possible use cases there are usually existing technologies
that will solve the problem better. Some have described blockchains as being solutions looking for a problem.” Lorien Gamaroff, CEO, Bankymoon
“Banks are making efforts to improve customer service through use of exciting technologies like robotics, artificial intelligence and blockchain, but the pace of change is slow and in reality, I’d say banks are only 10% of their way through their digital transformations. Getting most banks to our vision of 2030 will be painful. Currently, technology firms invest 10-20% of revenues into research and development, for banks it’s just 1-2%. With banks’ return on equity under 5% it’s hard to see that changing significantly in the short to medium term, but if firms want to remain relevant, it
has to.” Warren Mead, Fintech Lead, KPMG
www.ibsintelligence.com
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