Thursday 15 December 2016
As we get ready to say goodbye to 2016, the team at TechKnowChat is reflecting on the year’s biggest technology trends and events by sitting down with some of the leading players in the sector to see how business and government transformed, what fizzled, what we binge watched and what we can look forward to in 2017.
For our second instalment, Maddocks senior associate Sonia Sharma manages to catch a few moments amid the mad Christmas rush with Bob Green, head of Card Platforms & Services, Payments and Cards, Group Technology at one of the ‘Big Four Banks’. As the digital transformation continues at a rapid pace in the banking sector, the competitive landscape intensifies with the likes of internet giants Apple, Google, Facebook and Amazon all looking to expand on their consumer relationships and make further inroads into payments solutions as well as fintech start-ups entering the space. But according to Bob, this digital disruption also presents opportunities for organisations who are nimble enough to adapt to the change.
What is the most significant technology transformation or change banking went through in 2016. How were business and consumers impacted?
The accelerated digital transformation and mobility of banking services had a major impact to customers, with new generation online banking and mobile payments solutions becoming available.
Zooming out, banks are increasingly seeing themselves as technology companies, as well as financial institutions. What was the most significant trend or event that happened with technology and banking in 2016?
We saw an increasing focus on innovation in products and services across the board for customers with banks and fintech start-ups partnering to develop new solutions.
Sometimes things don’t always live up to the hype. What disappointed you in 2016?
Personally for me, cloud computing was over-hyped, particularly for large scale secure usage.
Christmas is a busy time of year for all banks. Can you give us some statistics on how many transactions happen in the lead up to Christmas?
The lead up to Christmas is the busiest payments processing period for all banks and peak volumes seem to increase 10 percent + year on year.
What is the one piece of technology or tech service you just couldn’t live without in 2016 and why is it so essential to your day-to-day?
I can’t live without my smart phone of course, for banking and payments, and the related security alerting services.
Looking ahead, what is your prediction for the biggest technology trend in the financial sector in 2017?
We are likely to see a maturing and integration of data analytics and big data solutions to provide added value for customers, and we can continue to see more innovative payments solutions for both business and consumers in 2017.
To read our first instalment in our end of year mini-series, visit TechKnowChat end of year mini-series with Michael Bishop.