While there is no shortage of innovation in the sector, the adaptation may be slower than expected due to integration issues, said Bruce Nixon, the ch
While there is no shortage of innovation in the sector, the adaptation may be slower than expected due to integration issues, said Bruce Nixon, the chief executive of Holocentric, a Business Management System (BMS) platform, in an interview with The Adviser (theadviser.com.au).
“With any new technology, there is hype and prototyping and testing and a lot of start-ups involved, but it takes a while for that to be melded into something that is robust and can be mutually accepted by a certain market.”, added Nixon.
In the last decade, financial institutions have faced calls to implement much needed structural changes. On the other hand, financial technologies are expected to disrupt the market by offering an alternative to traditional banking and payment services.
“Name one person who loves their bank –it’s hard, because their customer experience, based on legacy systems and legacy thinking, is lagging behind. Because they have no technical debt, and because the design of the solution begins with the user experience, FinTech companies will have the upper hand when it comes to building better services for users.”, commented Erik Engellau-Nilsson, vice president of communications at Klarna, a Swedish company offering easy-to-use payment solutions to e-stores, as quoted by the publication.
Speaking to The Adviser, Holocentric`s chief executive explained: “With any new technology like this and new opportunities, start-ups typically dominate the space and are in better position to action innovative ideas because they are less constrained.”
“The whole fintech space is breaking down the old barriers to the way things are done, but we`re not going to see it adopted as quickly as we`d like. I do think there`s going to be excitement for quite some time.”, as Nixon concluded.