1 / 21

Technology in Financial Services

Technology in Financial Services. Presented to: Centre of Excellence in Financial Services Education.

herman
Download Presentation

Technology in Financial Services

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 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. Growth in Electronic Transactions Source: Canadian Payments Association

  4. Changing Banking Preferences

  5. Banks’ Spending on Technology

  6. Implications Technology is creating new demands and new challenges.

  7. Demands • Customers are demanding that technology provide: • Speed • Simplicity • Safety and security are table stakes. • Competition drives innovation.

  8. Transaction Speed

  9. Speed

  10. Simplicity • Customers want transactions to be simple. • Response: - Mobile Banking - Mobile Wallets

  11. Mobile Banking Mobile NFC Payments

  12. 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.

  13. Payments Technology is an Emerging Business Domestic International

  14. Challenges The pace of change is creating new challenges in: • Security • Consumer awareness

  15. 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

  16. Importance of Customer Awareness • Customer flexibility and responsibility MOST LEAST

  17. Security • More channels to transact = more vectors for fraud • Cyberattacks • Response: - Stronger authentication - Diagnostics - Predictive analytics (a.k.a. “big data”) - Technological countermeasures

  18. What it Means for Education • Growing demand for • Mobile commerce / mobile payments • IT security

  19. Increasingly, financial services needs people who understand the business of finance and the technology of e-commerce.

More Related