In the run-up to this year's Sibos conferece, Funds Europe asked leading figures in the industry about the hot topics of 2016.
BILL GOURLAY, CHIEF EXECUTIVE, IDEA GROUP
Is ‘fintech’ more than just a buzzword?
We are in a period where innovation is actively encouraged and many great ideas are being pursued, but the proof of the pudding will be to see whether financial services organisations have the ambition or foresight to adopt them on a widespread basis. Legacy systems and processes will need to be replaced, so firms need to be prepared to take the plunge, rather than stick with what they do today.
Does regulation discourage technological innovation in financial services, or can they coexist?
The old phrase “the regulator is the greatest innovator” definitely applies here. Established firms still need a clear business case to justify the implementation of a fintech solution, and regulation is still a dominant feature in budget allocation discussions.
Many innovative fintech ideas have struggled to gain adoption on the basis that they don’t have a regulatory driver, which is a great shame, but this is a business reality in today’s times of tighter controls on spending.
Apart from what you have already discussed, what topics do you expect to be important at this year’s Sibos conference?
Brexit will undoubtedly be a major topic of discussion, as the uncertainty has already caused impacts across small and medium-sized enterprises.
The traditional summer lull in business has definitely been extended and accentuated by Brexit, as target client firms have gone into their shells for an extra quarter in order to watch how this impacts the market.
For many fintech firms, this will impact their financial positions and, in some cases, could have a devastating effect.
For full article and quotes from other leading figures in the industry, please click here.
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