WHO’S BEEN SAYING WHAT
IBS Journal May 2017
49
Quality quotes from the banking tech world “We hoped that the advent of Brexit would
lead the EU to focus on fixing its issues – immigration, bureaucracy, the ongoing loss of sovereign rights and labour inflexibility – and thereby pulling the EU and the monetary union closer together. Our fear, however, is that it could instead result in political unrest that would force the EU to split apart. The unravelling of the EU and the monetary union could have devastating economic and political effects. While we are not predicting this will happen, the probabilities have certainly gone up – and we will keep a close eye on the situation in Europe over the next several years.” JPMorgan CEO Jamie Dimon
“FinTech collaboration, and innovation more widely, is not about jumping on the latest bandwagon; it’s about
finding the best, most efficient way to deliver your business strategy and ultimately better serve your customers. The UK’s financial sector seems to have a more realistic understanding of the long-term returns on targeted investments. Managing expectations around returns is important, particularly for firms facing significant cost pressures. Embracing FinTech is as much about different ways of working and problem solving as it is about deploying new technology. A sustained focus on innovation is much needed and can only be a good thing for customers, and the firms themselves. Activity in the UK ranges from partnering with FinTechs startups, financing in-house incubators, and deploying new solutions, to testing use cases in areas like blockchain. There are few overnight successes and, unsurprisingly, as much perspiration as inspiration. There is a tension between the time needed for new ideas to mature and the expectations of firms seeking to collaborate with FinTech startups.” Steve Davies, EMEA FinTech leader, PwC
“A lot of attention has been given to innovative challenger banks in recent years. Primarily offering mobile-
only propositions, these banks lack the legacy infrastructure and associated costs of the incumbent players. The volume of new entrants suggests that the barriers to entry traditionally associated with branches and IT have been lowered. However, with new consumer propositions developed through exploitation of Open Banking set to shake up the competitive landscape, how long will these propositions stay relevant? Third-party providers will soon have access to consumer transaction data and even have the capability to initiate payments on behalf of the account owner, allowing these third-parties to build their own – provider independent – banking apps.” ‘What Constitutes An Effective And Competitive Current Account Market’, published by Bacs, which operates the Current Account Switch Service (CASS)
“T he UK is well ahead of the game on FinTech. Jurisdictions worldwide are copying the regulatory sandbox
models, following the development of Open Banking and looking to recreate what the UK has initiated. It is essential that Government and regulators keep up the good work in promoting the sustainability and growth in this crucial area of the economy. Access to finance, free movement of a skilled workforce and continued seamless links within Europe will also be key to keeping the UK at the top of the FinTech tree.” Ruth Milligan, Head of FS and Payments, techUK
www.ibsintelligence.com
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