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It's been clear for a number of years that the problem of growing technology debt would come back and haunt banks that have continually invested in minimal compliance rather than modernization. Insights gathered by CGI back up Antony's statements with over 90% of banks believing that back office legacy prevents them accessing the benefits of spend on digitization. It's clear that some will up their game and perform 'lift and shift' migrations to new digital platforms, but we'll also see a big move to BaaS providers as discussed in the recent FCS webinar Financial Cloud Series 2023: Entering new and niche markets with Ba... (finextra.com)

This kind of service has been available in Belgium for the last 10-15 years (Zoomit by Isabel) and is a huge convenience for consumers and businesses. Delivery of invoicing in the same channel used for payment makes it easy to keep track of bills and the reconciliation data provided by the system makes it much easier and cheaper for utilities to get paid. This is definitely a model that more markets should look at.

This is long overdue. The security and accessibility compromises that were made by the card brands to proliferate mobile payments were a travesty and hopefully this will help to pare them back. PIN on glass hugely contravenes disability legislation in most countries - and was hugely damaging to the POS industry as it kicked the chair from under companies doing things securely and with consideration. The Banking industry needs to learn a valuable lesson about finding the balance between deployment of new technology and ensuring that all sectors of the public are able to access services without hinderance. 

Particularly as we move into the Open API era and 'app-ization' of banking, the instinct to place technology over customers is highly tempting, but this is people's money that we are dealing with. Unlike any other industry, if we deny service to the most vulnerable in our society - those with disabilities, the older generation, those not at home with technology - we not only isolate them, we run the risk of making their lives increasingly difficult and forcing them to find more expensive or risky solutions to their issues.