WHO’S BEEN SAYING WHAT


IBS Journal June 2017


25


Quality quotes from the banking tech world “You can make these contactless payments now. It seems quite ludicrous that banks allow this to happen. It


seems anyone who steals a card can wave it around until it is reported as stolen.”Judge David Bartlett


“One takeaway from our report (Seizing the Opportunity: Building the Toronto Region into a Global Fintech Leader) is that while good regulation has given Canada a world-class reputation for the safety of its financial system, we haven’t kept pace with other leading FinTech centres in creating a regulatory ecosystem where FinTech innovation can thrive and grow. Our regulatory landscape is confusing and fragmented, and compliance can be a significant barrier to entry for FinTech startups, discouraging collaboration with incumbent financial institutions. We have a lot to learn from other FinTech centres such as the UK, Australia and Singapore, which are experimenting with such tools as regulatory sandboxes, which Canada is only just beginning to try out.” Robert Scavone, Partner in McMillan’s FS group


“The incumbent banks cannot afford to rest on their laurels or bury their heads in the sand. With rumours swirling that Apple may launch its own peer-to-peer money transfer product by the end of this year, it’s clear that banks will have new competitors trampling on their lawn, and it won’t just be the neobanks such as Monzo or Atom. It may only be one small part of financial services, but the banks can’t afford to stand by and suffer death by a thousand cuts as disruptors gradually take more and more of their business away. Banks may think that more ‘serious’ products such as mortgages or pensions will be safe from disruption because customers will always want the reassurance of a traditional provider’s track record. But in ten years’ time, enabled by the Open Banking regime, the likes of Facebook may have that track record themselves, and today’s younger customers will have grown up with them as a ‘serious’ financial services provider.


Open Banking is undoubtedly the stimulus for innovation that the retail banking sector needs, but the incumbents need to shape up, as it will be their own openness to genuinely transformative change that will determine their success in the new landscape as it unfolds.”Nick Cheetham, Managing Director, Monitise FINkit


“What makes CivilisedBank different is that we are offering a genuinely new service that isn’t


currently offered by either traditional or online-only banks. Our customers will benefit from an innovative, yet secure digital platform, as well as being able to build an open and transparent relationship with a Local Banker. We will be partners with our customers, supporting and helping them grow their businesses.


We want to rebuild trust between customers and their bank, and our Local Bankers will visit their customers at their place of work to build supportive one-to-one personal relationships. We expect them to treat customers the way that they would like to be treated themselves.” Gordon Dow, CEO, CivilisedBank (pictured)


“The bottomline is that a standalone distributed ledger technology wholesale system is unlikely to match the efficiency and net benefits of a centralised system. In fact, at its heart, there exists a fundamental inconsistency or tension between a centralised wholesale interbank payment system, as we have now, and the decentralisation inherent in DLT. At the end of the day, interbank systems must be safe, secure, efficient and resilient, and they must meet all


international standards. DLT-based platforms are just not there yet.”Carolyn Wilkins, Senior Deputy Governor of the Bank of Canada and Gerry Gaetz, President, Payments Canada


www.ibsintelligence.com


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