WHO’S BEEN SAYING WHAT
IBS Journal March 2017
45
Quality quotes from the banking tech world
“We don’t have a monopoly on good ideas. That’s why we partner with FinTechs.”Ralph Hamers, CEO, ING “2016was the year when the Chinese FinTech dragons roared and some previously feted Western FinTech leaders
wilted. The rise of the Chinese dragons reflects a unique combination over the past decade of incredibly rapid digitisation and the simultaneous rise of the Chinese mass middle class, along with poorly prepared incumbent financial institutions facing off against entrepreneurial e-commerce and social media ecosystems. It is no surprise to us that China accounted for over 50% of total FinTech investments globally in the first nine months of 2016 and was the only major region where FinTech investments increased in 2016 — in fact doubling in China in the first nine months of 2016 versus the same period in 2015.” Citigroup report
“It is quite obvious that regulating FinTech and the entire digital financial industry smartly without hindering
financial innovation is warranted. That’s why the objectives of the German G20 presidency include taking stock of the different regulatory approaches. Our aim is to develop a set of common criteria for the regulatory treatment of FinTechs. FinTechs should not base their business models on regulatory loopholes. Using lax regulation to attract business is a mistake that was already made before the latest financial crisis. Whatever we do, we need to avoid a regulatory race to the bottom. Rather, we should go for a level playing field.”Deutsche Bundesbank President Jens Weidmann
“I don’t want to diminish the inventive spirit evinced by the tech sector. But it’s important to remember that the
application of technology to financial institutions and functions has been going on for some time. We sometimes forget, with the incredible innovation coming out of Silicon Valley — and Silicon Alley, and Silicon Beach, and all the other hubs this country has produced — that the tech revolution is advancing into middle age, which is only to say that we’ve been watching the disruption of various sectors — even ones as staid and resistant to change as financial services — for a while now.
We’ve gone from hardware-oriented to software-oriented innovation, and IT has become much more sensitive and responsive. Internet capabilities have advanced by leaps and bounds just in the past decade, changing the game for front-end functions. This makes it possible for startups to reach consumers in a way that only banks could do 25 years ago. In many instances, this has inverted the relationship between consumers and service providers and banks. So, if you ask anyone who’s old enough to have witnessed the industry evolve since that time — a time when many of the people creating today’s software were just being born — you’ll hear that major change has come but also that, in some ways, everything old is new again. We’re just finding new platforms.” Patrick T. Harker, President and CEO, Federal Reserve Bank of Philadelphia
www.ibsintelligence.com
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