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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.

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