WHO’S BEEN SAYING WHAT
IBS Journal October 2016
41
Quality quotes from the banking tech world “The very nature of technological developments means
that we can’t know how technology will be used in the future – could anyone in the 1980s have been able to predict what the internet is used for in 2016? There is a high expectation that the latest wave of FinTech activity will be transformative, with considerable activity expected not least around distributed ledger technology. Some of the most recent changes have been more tactical, and focused on enhancing the customer experience, while leaving the core structures unchanged. We have yet to see the paradigm shift. But there are projects underway that could reshape the settlements have suggested that new crowdfunding and peer-to-peer deposit and lending schemes could disintermediate incumbent banks.” Victoria Cleland, Chief Cashier, Bank of England
“Contrary to conventional wisdom, our (SWIFT Institute) research shows that flat currencies crowd out Bitcoin,
not the reverse, and that the design and size of the Bitcoin market deprives the currency of its intended use as a medium of exchange. What is also evident is that Bitcoin poses minimal risk to financial or monetary stability. Despite this, if the acceptance of Bitcoin or other virtual currencies increases significantly on a global scale, it could have significant consequences on the relevance of monetary policy, as its decentralised and independent nature makes regulatory oversight difficult.” KiHoon Hong, Hongik University College of Business
“The FinTech sector has become divorced from the desires and opinions of UK citizens. It has morphed into a
conversation dominated by already interested parties and marked by a lack of diversity. This is compounded by support for startups that boost the IT power of our biggest banks at the expense of new competitive brands. Something is wrong when 20 million potential customers carry on as they were, while we meet in conference venues and high-end coffee shops to agree how revolutionary we are. As a FinTech community we need to listen to the public without finishing their sentences. We need to understand the views and preferences of those unimpressed by our rhetoric, who do not want to join our exclusive club. We need to test whether a diverse range of customers actually agree that our work is as important as we say it is. In 2017 it is time FinTech moves out of its comfort zone. Surviving on support from Shoreditch when customers in Stevenage and Salford are ignored is not sustainable.” Guy Shone, CEO, Explain the Market
“A change of mindset is necessary if we want to see ourselves increasingly as a technology company. We should
be more daring and think a bit more like entrepreneurs. This does not just apply to the management board. Entrepreneurial initiative arises wherever business is done. You (the staff) are best placed to see what could be changed and what could be improved. Often it is the small steps that bring us farthest forward. Innovation is crucial in this respect.” Deutsche Bank boss, John Cryan
“When we started Circle, we had a vision that “money should work the way that the internet works”; instant, open,
global, free, and fun. We can share messages, experiences and photos and videos with one another; we can communicate in real-time with anyone on the planet; we can publish our news and opinions through any form of content, all in an instant, open, global, free and delightful way. Why shouldn’t money work the same way?” Circle blog post
www.ibsintelligence.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
