Dear Subscriber,

Organizations operating in financial services – and particularly banks – are still lagging behind other industries in terms of technological adoption, PaymentEye heard this week.

“It feels like financial services has been marooned a little bit in terms of the tech culture and the way they do things,” says Paul Taylor, CEO of banking software firm Thought Machine. “It’s also difficult to get from where they are now to where they should be.”

Regimes such as strong customer authentication (SCA) are putting pressure on banks still reliant on legacy systems, according to Taylor.

“As soon as you stray from ‘add money, spend money, look at my balance’ then problems begin to appear, and it doesn’t take long for the user experience to be disrupted.”

This and much more on PaymentEye this week.

Read, enjoy and share.

Michael McCaw.

Editor

PaymentEye