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US banking regulators have issued a warning on the potential risks associated with third-party deposit arrangements and made a call for more information on the relationships between lenders and fintechs.
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Narendra Mistry, CPTO of Universal Banking at Finastra, emphasises that banks must adapt quickly to evolving technology and customer expectations. Success lies in implementing efficient core banking systems, that enable innovation at scale and at pace, while navigating AI and data with a focus on mindset and business services. Lean systems, like those of neo and digital-only banks, are good, but long-term growth requires a clear vision, a strong culture and breadth of capabilities. For established banks with pre-existing infrastructures, symbiosis – where next gen solutions are deployed alongside existing solutions – can offer a fast way to deliver outstanding experiences, stay ahead of competitors and, when appropriate, ease transitions.
24 Jul
Siobhan Byron, EVP of Universal Banking at Finastra, discusses how innovation is not just limited to the neo and startup banks, indeed established banks are combining the move-fast philosophies of the emerging players with their own considerable assets. The conversation highlights the need for financial institutions to have a clear vision and strategy, find the right pace and technology for transformation, avoid high-risk methods, outline the challenges of losing market share, talent, and the ability to meet future needs if institutions fail to stay current and innovative.
At EBAday 2024, Michael Whitehead, Head of Sales - Europe, iGTB, and Tapan Agarwal, Head of Payments Solutions, iGTB, Intellect Design Arena, focus on the range of payments trends that are circulating within the industry and what is pushing innovation forward. The pair pay close attention to European regulations that are mandating instant payments, as well as the One-Leg Out Instant Credit Transfer and the G20's bid to ensure payments get faster, cheaper and more transparent. Further, they explore how banks can build on value-added services using technologies such as Generative AI, DLT and IoT, which will evidently lead to an explosion of payments.
23 Jul
At EBAday 2024, Afonso Eça, Appointed Executive Board Member, Banco BPI, expands on the future of open banking and embedded finance and how these two trends are transforming the financial industry. While regulatory pushes such as PSD2 led to more uptake of open banking, financial institutions continue to take advantage of what is occurring in the fintech space and move forward. The conversation also turns to how open banking is the catalyst for embedded finance and through open payments, customers and businesses alike will be able to simplify the payments journeys of small business operators.
19 Jul
Arshad Noor
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Enrico Camerinelli
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