IBS Journal June 2017
07
Gunning, Business Solutions Director. “I don’t think there’s this existential urgent threat [to the banks],” he said. “What prospective clients tell me is that technology is a fundamental driver of change in the industry.” Banks have to make a big effort to invest and keep up with those changes, or risk becoming an irrelevance to their clients. “What banks provide is a service that no one else is stepping up to the plate to replace.” Big-scale FinTechs are not rushing in to steal the banks’ lunch, and in fact are happy in disrupting their own verticals like payments, risk and security. What Temenos believes is that banks need a wholesale restructure of their core IT services. “We think that you have to transform yourself into a modern fully- automated environment that you would imagine some of these major technology companies – your Apples, Amazons and Alipays – to be using.”
“Regulation is both an obligation and an opportunity,” continued Gunning. “Nobody else wants it and the banks are good at it. Regulation is a driver for change with banks and can actually give them advantages. For example, in automation – banks that implement great automation will have a leg-up when processes need to be done in real-time.”
An awards dinner saw VanCity Credit Union of Canada grab the “Excellence in Customer Service Award”, Industrial Bank of Taiwan’s O-Bank win the “Product Innovation” category and First Abu Dhabi Bank capture the “Supporting Growth Award”. ING Belgium received the “Improved Efficiency Award” for its MiFID II programme. The Financial Inclusion Award was snapped up by FS Financial Services for its work with the underbanked in Rwanda, Liberia and Tanzania while the Dominican Republic’s APAP won the inaugural “Corporate Social Responsibility” award. BNP Paribas
won the Temenos Chariman’s Award due to its staunch commitment to a 20-year partnership with the vendor.
Temenos’ annual Innovation Jam crowned its 2017 winner in the form of mobile payments firm PayKey. The startup, based in Israel, offers a third-party keyboard that can be connected to social messaging applications. Users are able to pay their friends using the keyboard, which is configured to operate with their bank in near-real-time. PayKey, which had won the audience’s vote during the Miami qualifiers, has already raised $6 million in funding. It beat off competition from nine other startups, all of whom had been selected form an initial pool of 5,000 entrants. PayKey won around 30% of the audience vote.
Later, at the closing of the event, Temenos revealed that a panel of judges had been working independently at the Innovation Jam to find a second winner. Chosen from amongst the leftovers was Blue Code, which coincidentally had been the audience’s second favourite. Another mobile payments outfit, Blue Code, uses a barcode scanning system to ensure that transaction data never leaves the bank. Omnichannel tokens with BLE, NFC and in-app confirmations can be used in real-time to process payments quickly, claims the startup. It is already live in Germany and Austria and plans an expansion into other European countries.
With a few more words about how banks need to refresh their core systems, the event was over. The Temenos Community Forum in 2018 will take place in Dublin, Ireland. A few eyebrows were raised and a few whoops were sounded (probably from the Bank of Ireland contingent) at the reveal – expect Brexit to be on the cards.
www.ibsintelligence.com
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