technology in financial services
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Technology in Financial Services. Presented to: Centre of Excellence in Financial Services Education. - PowerPoint PPT PresentationTRANSCRIPT
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Technology in Financial Services
Presented to:Centre of Excellence in Financial
Services Education
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“There is a convergence: the line between what we used to call technology and the business almost doesn’t make sense anymore – the technology is the physical manifestation of the product we make.”
(Christopher Perretta, Executive Vice President and Chief Information Officer, State Street, September 2011)
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Growth in Electronic Transactions
5Source: Canadian Payments Association
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Changing Banking Preferences
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Banks’ Spending on Technology
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Implications
Technology is creating new demands and new challenges.
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Demands
Customers are demanding that technology provide:
1. Speed
2. Simplicity
Safety and security are table stakes.
Competition drives innovation.
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Transaction Speed
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Simplicity
Customers want transactions to be simple.
Response: - Mobile Banking
- Mobile Wallets
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Mobile Banking Mobile NFC Payments
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Result of the investment in mobile:
The MasterCard Mobile Readiness Index recently ranked Canada as the second most mobile payment-ready country in the world, behind only Singapore.
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Payments Technology is an Emerging Business
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Domestic International
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Challenges
The pace of change is creating new challenges in:
1.Security
2.Consumer awareness
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Security
“At OSFI, cyber risk has become one of our top concerns.”*
“While the cost of attacking bank systems is going down, the resources needed to identify, monitor, and mitigate against vulnerabilities and potential attacks are increasing.”**
*OSFI Superintendent Julie Dickson, May 2, 2013
**US Comptroller of Currency Thomas Curry, September 18, 2013
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Importance of Customer Awareness
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LE
AS
T
MO
ST
Customer flexibility and responsibility
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Security
More channels to transact = more vectors for fraud Cyberattacks
Response: - Stronger authentication
- Diagnostics
- Predictive analytics (a.k.a. “big data”)
- Technological countermeasures
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Growing demand for
• Mobile commerce / mobile payments
• IT security
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What it Means for Education
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Increasingly, financial services needs people who understand the business of finance and the technology of e-commerce.
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