Share these talks and lectures with your colleagues
Invite colleaguesPractice paper
Establishing the trust anchor in the digital economy: The case for banks to become ‘data custodians’
Journal of Payments Strategy & Systems,
15
(2),
150-164
(2021)
Abstract
This paper argues that the entry of non-bank and/or non-financial players (eg FinTechs and Big Techs) into the payments and banking industry is eroding the role of banks as ‘money custodians’. To survive, banks must therefore embrace new strategic initiatives. This paper discusses how banks can establish themselves as the trust anchor in the digital economy and secure their future relevance and business. Specifically, it presents a strategic roadmap for banks to assume the role of ‘data custodian’ in the everyday lives of their customers. This role will enable them to provide the secure and reliable exchange and management of data-driven digital transactions across all sectors in the digital economy. The proposed roadmap describes the key implications for banks to succeed in their new role. The paper concludes with three critical transformation success factors for bank executives to consider in their transformation journey.
Keywords: data custodian; data economy; digital ecosystem; digital transformation; open banking; digital identity
The full article is available to subscribers to the journal.
Author's Biography
Mounaim Cortet is an experienced strategy consultant at Innopay. He specialises in helping banks and various payment service providers operating in the payments value chain navigate through times of change in consumer behaviour, advances in fintech, and regulatory intervention (PSD2, IFR). He possesses resilient analytical and problem-solving skills with a track record in digital (growth) strategy, (open banking, API), business model innovation, and value proposition development.
Maarten Bakker is a partner at INNOPAY, where he conducts in-depth business analyses in order to develop strategic, board-level solutions for clients. He has applied his skills in various industries, including banking, insurance, asset management, pension funds, payments, energy and mobility. He is presently engagement lead for the Data Sharing Coalition.
Pepijn Groen is a manager at INNOPAY. He is well versed in multi-stakeholder projects that aim to design, develop and implement innovative product and service concepts in open, collaborative ecosystems. In this capacity he has facilitated various industry collaborations in developing innovative services in such areas as public transport payments, asset-based finance, energy and mobility as a service.
Denise Hoppenbrouwer is a strategy and innovation consultant at INNOPAY. She combines her experience in the area of digital payments, digital identity and data ecosystems with a customer-oriented approach to build bridges between technological solutions and business implementations, and facilitate the adoption of digital transactions in multiple contexts.
