SWIFT panel: Innovation in UK is too slow 25 April 2018London Reporter: Jenna Lomax
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Some 45 percent of an audience at this year’s SWIFT Business Forum in London thought innovation and change within payments in the UK is moving too slowly.
Around 14 percent of the audience thought the change was happening too quickly, while some 41 percent said they thought it was moving at a good pace.
One panelist said that “the world of payments needs competition, collaboration and people in the industry to listen to their clients”.
The panel, made up of bank CEO’s and heads of product management, cited that these three ‘C’s’ were the key to dealing with innovation and financial growth in the UK.
According to a panellist, if UK payments could get this right, the UK could be “the model of the world”, while another said: “You [the bank] can collect the intelligence from a lot of different places but ultimately it is the customer who you need to consider.”
Elaborating on the theme of innovation, one panellist said: “I think in future, 2018 will be looked back upon as a slow year—the start of the PSD2 journey—it has begun to lead the way but has had a reasonably slow take-up, but I think it will accelerate.”
When considering this innovation journey it is still more important to retain safety of the payment side and to ensure customers security, above anything else, said another panelist.
The panel concluded: “The crystal ball moment isn’t here yet about what’s going to happen in the future. Ensuring safety now in technology is important moving forward and is key for customers.”
She added: “It is my prediction that payment apps will be copied within the payments sphere, as the technology can be replicated by all the big banks — if all banks replicate all those programmes, how can they compete?”
“No one will survive if they are a low cost provider. The competition of the future, will be on a cost basis, not actual apps and the technology available”, she warned.
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