Digital projects fail not on technology, but on culture

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.

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Payments

Keywords

EBAday Innovation Mobile & online banking

Comments: (2)

Gerard Hergenroeder - Payments Shark - Millersvile 20 July, 2017, 17:15

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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.