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Innovation in transaction banking: What can emerging technologies deliver?
Journal of Payments Strategy & Systems,
13
(1),
66-71
(2019)
Abstract
The speed of technological change in transaction banking is building pace, with a multitude of new innovations coming to the fore that are tipped to transform existing processes. But while these emerging technologies are generating growing interest in the industry, how could they impact existing processes and what are the practical challenges and benefits of implementing them for banks? This paper examines some of these new technologies, and how they could be harnessed by banks to deliver enhanced transaction experiences for clients.
Keywords: technology; application programming interfaces (APIs); robotic process automation (RPA); artificial intelligence (AI); internet of things (IoT); distributed ledger technology (DTL); innovation
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Author's Biography
Christopher Mager is Managing Director, Digital Office, BNY Mellon Treasury Services. He leads a team responsible for digital strategy and planning, managing the structured innovation process and strategic innovation projects, and research, development and thought leadership for emerging payment technology including blockchain and FinTech engagement. Christopher was a member of the Federal Reserve’s Faster Payments Task Force, and is a frequent speaker on payment modernisation initiatives.
