From biometrics to mobile banking, the pace of innovation in financial technology is accelerating faster than ever before. With consumer adoption of digital technology changing the expectations they have of service providers like financial institutions, it’s helping drive rapid change in an industry that’s remained largely the same for hundreds of years.
Speaking in an interview in the Finetics™ Studio by The Bancorp at Money20/20 in Las Vegas, The Bancorp’s CIO, Peter Chiccino, scopes out some of the newest trends in the space and shares his thoughts on where finance is headed.
“We’ve never been in a time where technology has changed so fast,” says Chiccino. “When you think about the past when it was just humans creating technology, things progressed a bit slower. Now it’s technology creating technology so things happen almost at light speed now.
“Millennials and the generation behind them really want an easy-to-use experience, they don’t want to fill out a 20-page form like we used to do, just to create a new account. It’s all about ease and simple use.”
Access Pete Chiccino’s full interview, plus more insights on ‘The Shift from Digital Banking’ from Ryan Caldwell, Founder and CEO, MX; Ben Katz, CEO and Founder, Card.com; Hamed Shahbazi, CEO, TIO Networks, Lars Sandtorv, CEO, MeaWallet on The Bancorp’s Finetics blog.
Whitepapers
Related reading
Open Banking: Going from regulatory mandate to global scale
Building the infrastructure to make open banking possible Open banking means different things to different people, but one thing is sure: it ... read more
Pandemic boosts P2P platform use
By Shari Krikorian, senior vice president, Mastercard
Tech innovation vital for mitigating airline crisis
The airline and travel sector’s coronavirus crisis may spark tech innovation in the industry, market participants predict. Customers will look to travel ... read more
Bank of England slashes interest rates amid coronavirus outbreak
By Aaran Fronda The Bank of England (BoE) has announced an emergency cut to the base interest rate from 0.75 percent to ... read more