Technology in Financial Services Presented to: Centre of Excellence in Financial Services Education.
21
Technology in Financial Services Presented to: Centre of Excellence in Financial Services Education
-
Upload
philippa-warner -
Category
Documents
-
view
215 -
download
1
Transcript of Technology in Financial Services Presented to: Centre of Excellence in Financial Services Education.
Technology in Financial Services
Presented to:Centre of Excellence in Financial
Services Education
2
“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)
3
4
Growth in Electronic Transactions
5Source: Canadian Payments Association
Changing Banking Preferences
6
Banks’ Spending on Technology
7
Implications
Technology is creating new demands and new challenges.
8
Demands
Customers are demanding that technology provide:
1. Speed
2. Simplicity
Safety and security are table stakes.
Competition drives innovation.
9
Transaction Speed
10
Simplicity
Customers want transactions to be simple.
Response: - Mobile Banking
- Mobile Wallets
12
13
Mobile Banking Mobile NFC Payments
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.
14
Payments Technology is an Emerging Business
15
Domestic International
Challenges
The pace of change is creating new challenges in:
1.Security
2.Consumer awareness
16
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
17
Importance of Customer Awareness
18
LE
AS
T
MO
ST
Customer flexibility and responsibility
Security
More channels to transact = more vectors for fraud Cyberattacks
Response: - Stronger authentication
- Diagnostics
- Predictive analytics (a.k.a. “big data”)
- Technological countermeasures
19
Growing demand for
• Mobile commerce / mobile payments
• IT security
20
What it Means for Education
Increasingly, financial services needs people who understand the business of finance and the technology of e-commerce.
21
