RAPHAEL BIANCHI SENIOR PARTNER AT SYNPULSE AND PRESIDENT OF THE OPENWEALTH ASSOCIATION
BRYAN GAYNOR EU CEO AND VP OF PRODUCT , BLUESNAP
However , given the extensive timescale legacy banks face when onboarding the services of fintechs and other relevant partners , it ’ s a matter of when , not if , most legacy banks will integrate into broader ecosystems . “ We ’ re already seeing banks moving everything to the cloud , it ’ s just a long and costly process ,” says Pattni .
“ At IBM , we ’ re taking a hybrid approach , to help some banking clients accelerate a tech upgrade , moving relevant operations over to the cloud .” Though an expected undertaking from one of the world ’ s biggest technology providers , IBM ’ s work with banks firmly
implies a growing willingness from legacy institutions to hasten their open banking capabilities and enter wider ecosystems .
IS BIG TECH A THREAT ? As more banks cotton on to the financial ecosystem ball , it ’ s small wonder McKinsey has estimated the future of banking represents a US $ 70tn opportunity for those who break up their services into broader cross-industry platforms . Banks are coming to terms with the importance of financial ecosystems in providing revenue-boosting opportunities . fintechmagazine . com 53