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Technology in Financial Services. Presented to: Centre of Excellence in Financial Services Education.

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technology in financial services

Technology in Financial Services

Presented to:Centre of Excellence in Financial Services Education

slide2
“There is a convergence: the line between what we used to call technology and the business almost doesn’t make sense anymore – the technology is the physical manifestation of the product we make.”

(Christopher Perretta, Executive Vice President and Chief Information Officer, State Street, September 2011)

growth in electronic transactions
Growth in Electronic Transactions

Source: Canadian Payments Association

implications
Implications

Technology is creating new demands and new challenges.

demands
Demands
  • Customers are demanding that technology provide:
    • Speed
    • Simplicity
  • Safety and security are table stakes.
  • Competition drives innovation.
simplicity
Simplicity
  • Customers want transactions to be simple.
  • Response: - Mobile Banking

- Mobile Wallets

slide13

Mobile Banking

Mobile NFC Payments

slide14

Result of the investment in mobile:

The MasterCard Mobile Readiness Index recently ranked Canada as the second most mobile payment-ready country in the world, behind only Singapore.

challenges
Challenges

The pace of change is creating new challenges in:

  • Security
  • Consumer awareness
security
Security

“At OSFI, cyber risk has become one of our top concerns.”*

“While the cost of attacking bank systems is going down, the resources needed to identify, monitor, and mitigate against vulnerabilities and potential attacks are increasing.”**

*OSFI Superintendent Julie Dickson, May 2, 2013

**US Comptroller of Currency Thomas Curry, September 18, 2013

importance of customer awareness
Importance of Customer Awareness
  • Customer flexibility and responsibility

MOST

LEAST

security1
Security
  • More channels to transact = more vectors for fraud
  • Cyberattacks
  • Response: - Stronger authentication

- Diagnostics

- Predictive analytics (a.k.a. “big data”)

- Technological countermeasures

what it means for education
What it Means for Education
  • Growing demand for
    • Mobile commerce / mobile payments
    • IT security
slide21

Increasingly, financial services needs people who understand the business of finance and the technology of e-commerce.