Rohit Talwar, Founder, Fast Future, talks about the rise of ecosystems and their impact on transactions, the mindset challenges for banks when it comes to innovation, and the need to break the future up into different timeframes, to keep an eye over the
horizon for what’s coming next.
The basic problem is digital banking, payments and commerce are all fast moving targets. Technology and consumers enablement are both changing very rapidly. I forsee a day when both Visa and Mastercard will loose their market relevance. There are huge differences
between geos from a maturity curve perspective. There are emerging ecosystems that are still undefined and many more are on the way. Take a look at the Zelle and The Clearing House efforts. They could be the new Visa's and MasterCard's of the future. The life
span of a Fintech is until it runs out of money. What's should a bank or even a Fintech do? A core need is to build a platform that is flexible in its architecture. An API layered based architecture can help. Investment in a solid core moden infrastructure
will yield more long term benefits than some shiny new front end.
fully agree with the last statement of your comment!
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