Exploring the future of payments with the Commonwealth Bank of Australia In brief"Based on industry data, more than 30% of Australians have been using mobile wallets when they make payments instore. As compared to US, that’s 1.7% and for Germany at 6.1%, and I see that trend continue to grow.""Banks have a large and trusting customer base and extensive in-person and digital distribution network, which provides a strong starting point for gaining scale with payments innovation. But the growth of non-bank disruptors proves that customers are willing to switch for convenience, lower cost, and other personalised benefits that help them to achieve specific tasks.""Banks have built a lot of payments infrastructure and we are the primary participants, but we also need to ensure the regulatory settings are also capturing the new entrants or new participants in order to maintain ongoing safety and security and trust in the payment’s ecosystem."In the VISION by Protiviti podcast, Susan Yang, General Manager, International Payments and Network Management at the Commonwealth Bank of Australia, sits down with a pair of Protiviti payments experts to discuss how she and her team are leading the ISO 20022 program and the digital international money transfer (IMT) strategy execution for CBA. Protiviti’s Ruby Chen and Rupesh Mahto ask Yang about the future of the payments space, including the impact of emerging technologies such as cryptocurrencies and blockchain, as well as the increasing number of international payment remittance fintechs entering the market.In this podcast:1:15 - Australia’s payments ecosystem maturity4:30 - How are banks positioning themselves to stay competitive in the payments space7:01 - International payments – banks and other players9:09 - Emerging risks for banks and future growth11:50 - The future of payments in Australia, near term and long term Read Transcript Topics Digital Transformation Industries Banking and Capital Markets Payments Find out more about our solutions: Payments Services We follow industry trends closely and work with retailers to utilise emerging payment systems while mitigating fraud and managing risks. We help design an infrastructure that supports a secure and seamless omnichannel customer experience. Banking and Capital Markets Consulting Protiviti's banking consulting helps financial institutions to be more effective and efficient in a way that is risk-sensitive, regulatory compliant, well-controlled, and enabled by leading technologies. Transaction Services Preparing for an IPO, merger, acquisition, divestiture or restructuring, requires an understanding of the potential for risk. We help organisations navigate risks arising from complex or unique transactions by providing Project Management Support. Leadership Rupesh Mahto Rupesh is a senior director specialising in strategy, technology assessment and enabled execution, digital transformation, cloud migration, and application of emerging technology to business demands. He successfully leads interactions with CXO, focusing on increasing ... Learn More Ruby Chen Ruby is a director with over 12 years of experience in the financial services industry, of which about ten years worked in the Big Four banks before transitioning into consulting. She has had a broad range of experience providing advisory services and secondments across ... Learn More Leslie Howatt Leslie is a managing director, and Protiviti’s technology consulting solution lead. She specialises in digital and technology strategy as well as transformational change with over 25 years’ experience across consulting, industry, and government sectors. She has ... Learn More Krishnan Venkatraman Krishnan is a director with over 14 years’ experience in professional services. He has specific expertise in technology risk consulting and has been advising clients both in the public and private sector in designing and implementing information security controls.Major ... Learn More Tim Speelman Tim is a director with a track record of developing and implementing strategic plans that align with the demands and gaps of global and local enterprises. Before joining Protiviti, Tim was a regional CISO responsible for APAC within a large recruitment company with core ... Learn More Hanneke Catts Hanneke is a director in Sydney with over 15 years’ experience focusing on technology consulting, including privacy, technology risk, project management and assurance, IT controls and security compliance, enterprise risk management, and internal audit and regulatory ... Learn More Featured insights and client stories BLOGS How AI and compliance shape the future of banking The future of banking — and banking regulation — is digital and AI-driven.Risks will increase, especially around crypto, fraud and bias in machine-made decisions.Upskilling of compliance officers and risk professionals is needed to function in this... 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