IBS Journal January 2017 “WHILE DLT AND CLOUD HAVE BEEN WIDELY DISCUSSED,
THE YEARS AHEAD ARE LIKELY TO BE FOCUSED ON
PROMOTING WIDER ADOPTION OF THESE INNOVATIONS AND OPENING EVEN MORE EXCITING DOORS”
support GDPR compliance for financial institutions. This is designed to give consumers secure control over the use and movement of their personal and financial data, from new levels of security around data to simplified ways for consumers to review their information. It also allows FIs to comply with their customers’ wishes for accessing and using their personal data. For example, data must be eliminated if a consumer withdraws his or her consent that an organisation possesses it.
Although new regulations pose a challenge to what is a rapidly-developing sector, arguably the biggest source of uncertainty facing the industry is the Presidency of Donald Trump. Despite a meeting with the heads of major tech firms like Apple and Tesla at Trump Tower shortly after his electoral victory where he promised to help the sector grow, he had aimed several broadsides at the industry during his election campaign, calling for a boycott of Apple because of its stance on privacy, and accusing Amazon CEO Jeff Bezos of using his ownership of The Washington Post as a tax-dodging ‘scam’.
Beatty says: “Compliance and regulation continue to shape each and every banking decision and will continue to do so this coming year. Certainly there is much interest in what may occur on topic in the US post-election. And global initiatives such as PSD2 are influencing how FIs will not only address but enrich these change events favourably. FIS has and will continue to partner and empower our clients with market leading Regulation and compliance consul and services.”
With an eye firmly on the future, as well as pursuing
its own technological innovations, FIS has also shown a commitment to developing the next generation of businesses operating in the sector. In December last year, it launched the FIS HiPo Network, a collection of early stage FinTechs, including recent graduates from the VC FinTech Accelerator. The initial group of HiPo Network firms include Akouba, Bleu, Flutterwave, Fundseeder Hexanika, and LumoXchange.
The FIS HiPo Network is open to FinTechs that can meet the needs of the financial institutions that FIS serves. The six HiPo Network companies will be participating in its annual client conference FIS Connect in Orlando this April.
In a separate move, FIS and the Governor of Arkansas, in collaboration with The Venture Center in Little Rock, AR, announced the dates for the 2017 VC FinTech Accelerator. Entering its second year, FIS said the VC Fintech Accelerator continues its commitment to innovation in the global financial technology industry.
Asked what the coming year holds for the wider FinTech industry as a whole, Beatty says increased competition in the industry and a maturing customer base that wants more from its service providers are likely to be the biggest factors. “2017 could be the year of customer digital experience and data analytics. Ever increasing market competition and exponentially expanding consumer desires will force FIs to focus upon innovative delivery and servicing, not only to acquire new customers but also to retain and grow existing customer relationships.”
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