New norms in banking: more than 30 new areas emerging. Pick your Fights!

| 28-11-2016 | Hans de Vries | treasuryXL |

motherboardWe came across an interesting ‘panorama’ from McKinsey& Company about the key Fintech trends and asked our expert Hans de Vries to comment on it. He came back with interesting insight, that we want to share with you:

Blockchain, PSD2, Bigdata, Crowdfunding, Bitcoins: never a dull moment in the banking world. The McKinsey Panorama provides a perfect overview of the rapid technological changes taking place in the banking world today. However it’s hard to predict the impact of all these developments on the day to day operations of the corporates. Over the years we have seen trends like the “Holy EDI Grail” never coming fully of the ground due to a lack of general acceptance and interoperability. Some corporates stepped-in really early and now finally reap the benefits as a result of a generic acceptance of for example XML standards for the information exchange. This does not mean that you’ll have to lean backwards and wait for the future developments to start materializing. The challenge is to keep moving forward while optimizing the internal processes according to the latest more or less standardized techniques. In some cases you may not be using the latest technical solutions, however you achieve the goals in a more practical way and it leaves room for further improvement on the way. The main message should be: don’t get overwhelmed by all these new developments, keep moving forward and pick your fights carefully.

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Hans de Vries

Sales Consultant at PowertoPay

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