Financial institutions are being disrupted on multiple fronts. There is a push for greater financial transparency, channel integration, innovation and rapid response to new regulations. New payment types are proliferating, and consumer and business demands are rapidly changing, straining legacy payments platforms.
| Steve Lomax Chief Operating Officer, PayX Group |
Michael Engel Managing Director & VP Banking Software, Diebold Nixdorf |
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| What do you see going on in the banking/payments industry? | Banks need to provide capability in terms of function and the ability to move outside of cards. Challenges like PSD2, SCA, open banking, digital currency, and instant payments. | Banks need to become more flexible in how they enable people to authenticate, authorize and finalize transactions because no one wants to carry a card. |
| Do you think that banks understand the need to future proof or are they sitting comfortably with their infrastructure? | Yes, they are seeing this as a problem, but because these systems have become more complex over the years, the time it takes to migrate is several years, with the inherent risks of modifying existing systems and code causing unintended consequences. | Banks are all facing the same challenges. At the top, people understand that future proofing is their biggest challenge. But change always has risks. And the question is: does the benefit of a more agile lower-cost ecosystem outweighs the risk of change? |
