Fintech & The Payments Industry
SVP and Head of Transaction Products & Services, HSBC (USA)
SVP, Card Products Technology Executive, Bank of America
Ana Liza Grandner
Senior Vice President, Director of Private Label Banking Services, The Bancorp
Sr. Sales Engineer, BitPay
CEO and Co-Founder, Banking Up
Lead Principal Advisor, North America, UL Transaction Security
Globally there are about 12,000 FinTech firms that collectively have attracted about $20B in financing in 2015. These firms are spread across the financial services industry with products and solutions ranging from savings and personal financial management, to payments, lending, wealth management, and insurance. These firms are driving the mobile and digital transformation through better products, a better customer experience, better back-office efficiency, better security, etc.
The promise of “better” does have its issues, particularly the disruption and disintermediation risk for the incumbents: banks, payments processors, investment managers, etc. In a report earlier this year Citigroup Inc. estimated that the banking industry would lose about 2 million jobs over the next 10 years across US and Europe.
On the other hand, there is the potential opportunity of collaboration, and the promise and embrace of new technology. Machine learning, artificial intelligence, and blockchain are no longer novelties. Morgan Stanley in a research report points to the potential of blockchain technology in addressing capital markets infrastructure inefficiencies and improving cross-border payments, and most recently the World Economic Forum gave blockchain a strong endorsement calling it the “beating heart” of the financial system.
This panel will discuss the impact and intersection of the FinTech sector and the payments industry, specifically debit and prepaid cards.