Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Commercial banks ‘learning to adopt a consumer-focused approach’

Russell Bennett, Chief Technology Officer at Fraedom

Commercial banking services focused on the enterprise sector are learning to adopt what until now have been largely consumer-focused technologies, an expert in the field of payment solutions has claimed.
Russell Bennett, Chief Technology Officer at Fraedom, the Visa-owned developer of card solutions said recent findings from the company show a growing understanding of the likely transformative impact of new consumer-focused technologies amongst decision-makers in the commercial banking space, as well as a willingness to adopt and implement them.
Banking apps are predicted to be among the most disruptive technology areas in commercial banking over the next few years, he claimed, with just under half (49%) of finance professionals asked by Fraedom saying they expect apps to play a disruptive role within the next five years.
“What this highlights is that commercial banking is shifting towards a more consumer-focused approach,” said Bennett. “Business executives are increasingly used to leveraging the latest technology to gain a real-time view of their personal finances. Now, they are increasingly demanding capability within the organisations they work for.”
He said better security is also a focus for the commercial banking sector: “It is not surprising that enhanced IT security systems are seen as the main focus of future spending, with 65% of people we spoke to saying that their organisation is likely to invest in that over the next five years in order to counter the threat to commercial banking,” he added.

Related IBS Intelligence Research

Related Posts

NAB

NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »