Exploring Future of Payments | Protiviti Singapore

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 maturity

4:30 - How are banks positioning themselves to stay competitive in the payments space

7:01 - International payments – banks and other players

9:09 - Emerging risks for banks and future growth

11:50 - The future of payments in Australia, near term and long term

Read Transcript

Topics

Digital Transformation

Industries

Banking and Capital Markets Payments

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.