IBS Journal April 2018
43
in the future, a continued drive for innovation coming from this part of the world.
New business models are coming through with the new regulation, and they will be seen for the first time here in EMEA. For example, real-time payments as the norm, in EMEA, which is unlike any other part of the world. These waves of innovation coming from EMEA will continue, and other regions will also adopt similar types of regulation and similar types of change that come with that. For example, as you will know, Australia is already looking at Open Banking as we speak, and they are likely to follow a similar model to what we have here in EMEA.
When I say EMEA, I refer to the Middle East and Africa too, mainly from Fiserv’s perspective, but it’s fair to say that Europe has driven legislation. However, once that disruption starts and those new business models start to roll out and evolve, and technology starts to drive change, they expand outwards, which means that most of the MEA geographies will quickly take advantage – if they aren’t yet – of all the stuff we have been talking about. When you go beyond regulation and think about innovation, the “as-a-service” model is a trend and a model that will reach many places across the world, not only Europe.
What does the future hold, not only for EMEA but worldwide? What trends will we see in the future?
At Fiserv, we spend a lot of time thinking about what the future will hold for financial services. And one of the critical things is that the consumer will be increasingly more in control, and consumer expectations will be growing all the time significantly, and they have higher expectations of what they can do and when they can do it. They expect to be able to transact with financial institutions in the same way they interact with other types of services – which pretty much means, whichever channel they want and immediately. I believe the consumer will be driving the agenda in the years to come.
The other thing that goes with that, though, is that both financial institutions and companies like that, who support financial institutions, will be thinking more not so much about financial services, but other types. What are those consumers thinking? They are thinking about how and when to buy their first home, or how they can put their children through university, or even more immediate things, such as whether they’re able to pay their most recent bill. So as we think about innovation in the financial services, it’s all really about trying to help our clients help our customers about the real-world day-to-day problems they have. And of course, their expectations are growing all the time, so we do think a lot about what services or technologies we can utilise to make those things occur.
We always say we are committed to driving what we call purposeful and focused innovation. We do that through the development of solution in-house, the technology that we build, but also through partners – strategic partners. We also always keep an eye out for
It’s about trying to help our clients help our customers about the real-world day-to- day problems they have
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new up-and-coming technology that might be in an early stage, such as blockchain. All this helps us understand what will happen in the future, but also influence it for the better.
And there’s one other thing: we have what we call Fiserv Innovation Network, which allows our associates and people we do business with, to help come up with ideas about how innovation is going to help our clients in the future – and we get a lot of good innovative ideas coming through that, which are then taken forward into our products. And this helps our product line-up not just next year, but in the next few years.
Do you have any examples?
There’s one correct example I like to talk about, which is IMV Fintech Accelerator. We are a partner in this accelerator, and it acts as a point of connection between financial institutions, fintechs and, of course, Fiserv. It brings those organisations together to allow what might be, for example, a financial institution running legacy technology to get in touch with financial services start-ups, so they can leverage new ideas and innovation.
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