Top comments made about financial and banking technologies

22 November 2017

Conventional financial and banking systems no longer meet expectations of even the least squeamish customers, if they have ever done, and springing up startups shrewdly capitalize on major drawbacks in the existent ecosystem. We decided to collect some interesting comments from leading managers and executives, talking about the needs and trends in global financial structure.

General fintech

Our list of comments should be naturally opened with the remarks and ideas expressed on the fintech topic itself, showing how big players and influencers view this new market.

Ernst & Young Report “Unleashing the potential of Fintech in banking”: “The global FinTech industry is growing rapidly, driven by a powerful blend of innovative start-ups and major technology players. Banks that want to leverage its potential must act now to find ways to engage with these innovative organizations to achieve value-creating collaboration. Unless banks and FinTech firms get better at working together, neither will reap the full benefits of innovation. They must partner, or they may perish.”

General fintech

World Economic Forum Report “Beyond Fintech: A Pragmatic Assessment Of Disruptive Potential In Financial Services”: “Fintechs have materially changed the basis of competition in financial services, but have not yet materially changed the competitive landscape”

World Bank “Fintech and Financial Inclusion”: “Technological developments and increased interest from new players is leading to a fundamental re-imagining of the processes and business model of the financial services industry.”

Prepaid cards

Prepaid cards appeared long before the formation of a full-fledged concept of the fintech term, however, they are currently an integral part of the fintech industry, as many electronic, digital, mobile and blockchain-based transactions are closely associated with the use of prepaid cards. Below are the comments of prominent senior management officials on prepaid cards.

Wesley Wright, senior vice president of global payments options for American Express: “There are 60 million consumers in this country that are underbanked. They wait in lines to cash checks and to pay bills, it’s highly inconvenient. A product like prepaid cards saves them a lot of time and inconvenience.”

“Higher preference of prepaid cards to bank account cards has attributed to cost-effectiveness and flexibility,” said Yogiata Sharma, Research Analyst, BFSI Research at Allied Market Research. “Moreover, increase in awareness and convenience of these cards enhance the adoption of prepaid cards. Furthermore, emerging applications & acceptance of these prepaid cards for various transactions and increasing popularity among individuals traveling abroad are expected to boost the market growth in the future.”

Mobile payments

Bill Gates: “When somebody has a mobile phone in Africa, you can see their whole transaction history. Would you rather have that, or an economy based on untraceable dollar bills?”

Rajat Taneja, Executive Vice President, Technology, Visa Inc.: “When the history of mobile payments is written, it is worth recognizing the efforts of a small team at Visa, working against a near-impossible deadline with an incredibly challenging set of requirements. In years to come, as our children pay with the latest computing device without a second thought, it is likely this group will have played an important part.”

Peter Olynick, a Card & Payments Practice leader for Carlisle & Gallagher, said in 2012: “Within five years, half of today’s smartphone users will be using their phones and mobile wallets as their preferred method for payments.”

Mobile payments

Blockchain

Al Gore, 45th Vice President of the United States: “I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government] … is actually pretty cool. I am a big fan of Bitcoin”

Eric Schmidt, an Executive Chairman of Alphabet, Inc.: “Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value”

Bill Gates: “Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”

Vitalik Buterin, a co-founder of Ethereum and as a co-founder of Bitcoin Magazine: “Instead of putting the taxi driver out of a job, blockhchain puts Uber out of a job and lets the taxi driver work with the customer directly.”

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