Adrian Toynton – Is Banking as a Service the future of banking?

@Adrian Toynton, head of solutions, Banking at @FIS, offers expert opinion on what must a Financial Services CIO have in her/his agenda.

Adrian stresses the importance of finding the right partner, the tough choice of whether to re-engineering your core banking platform to handle the new channels and the ongoing pursuit of that “Ferrari” API.

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TRINA: Adrian, I’ve got another question for you.

So acquiring a license imposes not only significant capital capital requirements but more importantly compliance with strict regulations on money, laundering and deposit protection to name a few, some of reverted to banking as a service solution. We recently had some success stories from this front. Some are already offering this as an option is this the future of banking. And if so, what does this mean to modernize your technology?

ADRIAN: I’m going to do it. Very typical Australian guy yeah I know it’s not necessarily the future of banking but they could be I look after asia-pacific and I think a lot of the countries in a pack and moving towards banking service, it’s just two sides to the coin. I mean, first of all, it’s does Banks want to look at different channels for how they get their customers to access so they’re going to form relationships with vintage,or with telco so over three times and we’re going to look to provision Banking and in a different way and so that would by definition be banking service.

The other side of the coin is whether it be social media or retailers, or or telcos, same list by want to get into banking. So, how do I provision banking services, how do they offer additional services? So yeah, is it going to happen? Absolutely, I think from a technical Technology perspective, the bank’s challenge is and I know a particular Bank that run for a cause right, and I won’t wanna call for their core one, call for their digital and they run one call for a well-lit and and one call for a corporate entity, that’s not sustainable moving forward. So if you don’t can do banking as a service and you have to then look at new architecture so you have to look at multi, tenant based solutions, you have to look at multi multiple entities, entities running on unknown solution so as an organization, you can set your hierarchy, you can understand how all of your different parts of the business of running whether they be you or whether they be a partner and then you are able to actually understand and and differentiate and segment, the kind of products and services to do so I think as you move towards banking as a service in that multi-tenant, multi entity based technologies can enable you to do that.

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