The Bankwatch

Tracking the consumer evolution of financial services

Tomorrows Transactions – final thoughts – #TTTU2015

@dgwbirch @debgamble1

Some personal and final payments takeaways from todays unconference in Toronto:

  • Canada is Canadian – conservative and sees the status quo as a barrier to change
  • Common agreement that what is needed is real time and cheap payments (P2P, P2B, B2B)
    • How and why this should happen gets fuzzy for most
  • Canada has the potential to be world leading edge in payments given:
    • shared national infrastructure (CPA, Interac, national P2P system)
    • the postive has the corollary of a shared infrastructure owned by those with least to gain from change (big 5 banks)
    • postitive regulatory environment looking for a greater pro-consumer approach from financial services; note a member of the Government Privacy Department (PPIDA) was present with a mandate to understand whats holding us back
    • old infrastructure (in payments)
  • banking and payments are emotional in nature (@heathervescent)
  • Bitcoin and blockchain is about technology but it brings out a certain mindset and set of beliefs in transparency and enablement
  • No real sense that there is a burning platform for big 5 banks to change anything without some intervention

@dgwbirch @debgamble1 #TTTU2015

Written by Colin Henderson

September 8, 2015 at 17:59

Posted in Uncategorized

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