Quality quotes from the banking technology/FinTech world
“While questions remain on how big players can measure their success in FinTech, the reality is investment in innovation is now necessary for financial services companies to keep pace with their competitors both within and outside their own industry. The FinTech industry is not immune to broader political and economic uncertainty but the UK remains very well placed to lead the way. As the UK’s position in Europe post Brexit becomes clearer, startups from across the world will continue to travel here to work with international investors, partner with leading financial firms and develop under a forward thinking regulator.” Steve Davies, EMEA FinTech leader, PwC
“The key to success will be building a better ecosystem, not a bigger bank. Institutions must look for alternative ways to be organised and to operate; to have a much thinner spine than they have today.” Karl Meekings, Lead Analyst, Ernst & Young, EY Global Banking & Capital Markets
“Robo-advice is a strange term. Nobody calls online shopping ‘robo-shopping’. It boils down to the same thing, being able to replicate a service online that people can access easily.” Jono Hey, Head of User Experience, Nutmeg
“The figures released today, revealing that identity fraud levels are at an all-time high clearly, indicate that the UK identity system is broken. With the number of incidents rapidly rising, it is now more important than ever for the public and private community to join together and accelerate the UK’s national identity assurance scheme, GOV.UK Verify. Leveraging the investment already made in Gov.UK Verify, a public-private community approach is needed to assess how the eID scheme can be faster migrated to the private sector.
Around the continent national eID schemes are widely used, for example in Norway (BankID), Denmark (NemID), Finland (TUPAS) and Estonia (E-Estonia), which all offer greater security and stronger protection for users than a simple username and password combination. The UK needs to follow in the steps of its continental cousins to effectively minimise the risk of fraud and to protect its citizens’ data.” Arne Vidar Haug, Co-founder and VP Business Development, Signicat
“Serious steps need to be taken by financial services companies to strengthen the security systems they have in place and the way they verify identities, especially for online applications. Companies need to consider investment in biometric processes to validate identities, and implement multi-layer approaches to challenge fraudsters’ attempts to compromise systems. Consumers are embracing biometrics in their everyday lives, for example using them to access their smartphones and in their passports, and financial services companies can maximise this technology to protect their customers and their businesses.
There is a worrying knowledge gap in terms of how consumers determine safe places to share personal information. People are not aware of the value and opportunity their most basic personal details offer to fraudsters. Just a name, address and date of birth can be enough information for a criminal to steal an identity and financially exploit it, for example, by applying for a loan or credit card. With the increasing inclusion of personal information on social media, fraudsters are able to access an expanding pool of data which they can easily abuse. Individuals must take care to protect their details, and the financial industry must continue to work together to educate its customers to support this.” John Marsden, Head of Identity and Fraud, Equifax