The commoditization of Banking, with API's several attackers will have access to core banking functions, which will increasingly need to be managed for 10X cost reduction and 100% stability. Big challenge for the attackers is the Security part as financials have difficulties with delegated KYC
20 February 2015 | 2260 views | 0 FS industry is going through a big disruption cycle, where they are trying to redefine the business model, create and sell differentiated product and services, engage customer and community at large to provide value added services, innovate and optimize business to stay ahead of the competition. Biggest threats for FS Industry are coming from innovators like Google/Apple (digital wallet & mobile CX platform) and traditional industries like Telecom (m-Pesa) & Retail (Ali-Pay etc), cryptocurrency (BitCoin, Ripple etc) and Digital society (P2P, Crowdsourced lending etc.) at large. This requires a hard and fresh look at the way FS industry runs IT and operations. An Open banking approach is needed to fuel innovation, increase agility, reduce business risk and improve customer satisfaction.