Ask anyone where they think the financial capitals of the world are, and nine times out of ten, the answer will be New York, London and Tokyo. Those who are following the markets closely or want to be more precise might include other cities like Shanghai, Hong Kong and Singapore. But Atlanta, Georgia isn’t likely to make anyone’s list of top digital payment powerhouses.
Regulatory changes mandated by the European Union aim to give consumers choice, transparency and data control. But the prospect of open banking—which requires sharing customer data via open APIs with competitors such as other traditional banks, online-only challenger banks, financial services aggregators and potentially retailers—may give those in traditional banking pause.
With the annual Mobile World Congress (MWC) conference looming, it is an important time to see what trends are evolving across the digital landscape. The buzzword phrase this year is the “internet of things” (IoT). IoT is contributing to digital disruption globally and across industries, revolutionising the transportation industry.
Today, we are still some distance from achieving such harmonious co-existence, but the financial institutions recognize that in the emerging era of distributed ledgers, such as blockchain, and digital currencies, such as Bitcoin, there is an imperative to adjust to this new and radical paradigm.