The most significant news, events and trends of Q3: Fintech recap 2017

By Alex Hammond | 22 December 2017

For the past month we have been looking back at fintech in 2017 from every angle, in order to determine the most significant developments in the industry during that time.

Previously we examined the headlines that caused most industry interest in Q1 and Q2, today we cast our minds back to our highlights of Q3.


With Money20/20 Europe concluding at the end of June, thoughts of the impending PSD2 implementing date, including a six month countdown commencing in July, remained high on the agenda.

PSD2 is pushing banks to reinvent themselves, but are they up to the task? was a questions asked on repeat, with Paul Bowen of Avanade Europe answering: “Fintech companies like PayPal and TransferWise have already proved themselves highly successful at breaking into the market. Competition is extending to social media providers too. Facebook recently secured an e-payments license from the Central Bank of Ireland, indicating that its users may soon be able to pay people through its Messenger app in Europe. As more competitors emerge, banks face the risk of being reduced to a bit player in the customer journey; estimates for the potential loss of market share to new payment initiation service providers are high as 33% for online debit card transactions by 2020.”

Andrew Steadman, VP of International Group Product Management at Fiserv, was more optimistic with his outlook of how banks can thrive in a post PSD2 world.

PSD2 enables banks to shift from being a provider to a partner Steadman argues, in no small part due to the head start huge volumes of data on customers provides the banks.

“In today’s digital age, consumers expect access to their banking services wherever and whenever they want them, on a channel that suits them best. Larger financial institutions have huge amounts of customer data at their fingertips and therefore have access to valuable insights into what consumers want. These insights are vital to financial institutions when they are looking to validate and align new offerings and initiatives that tap into individual consumer preferences. With the move to open banking, including the PSD2 rule, a strategy that fully utilises mobile and digital solutions is needed for a true banking revolution.”

Other significant announcements this month included:

Morningstar’s First Study of UK Investor Returns Finds Poor Timing Costing Some Investors Dearly

Infosys Announces Commitment to Create 2,000 Tech Jobs in North Carolina by 2021

Oman Arab Bank selects Finastra for retail banking to future-proof its business

Citi Signs the Women in Finance Charter

FundCount Signs 11 New Clients for a Record First Half 2017

Equiniti International Payments announces EQ Global rebrand

UK Finance Launches

UK leads Europe as one of world’s “digital elite” economies

UBS Asset Management granted Private Fund Management license in China



Undoubtedly the rise and rise of blockchain has been a key focus for financial services professionals throughout 2017, bobsguide took a closer look at the developments in blockchain in August.

Also in August, new research indicated that blockchain will boost revenues by more than 5% say three-quarters of financial services executives and that there were multiple benefits for businesses to adopting blockchain technology also.

One of bobsguide’s other highlights included an exclusive interview with Madhur Jain, Global Head, Pre-Sales at SunTec Business Solutions. In a long sit-down interview Jain explained how banks are getting the digitisation of core banking wrong.

“The main message I am trying to get across is that digitalisation does not stop at the channels. While a number of banks are earning huge amounts of money through making their channels better and by bringing in new channels and beginning to implement an omnichannel experience, it is still not enough.

“Digitalisation means the fundamental shift in your thinking, and a fundamental shift in the way you approach your customer relationships.

“Everything needs to change fundamentally, real digitalisation comes from ultimately being customer centric in its true sense, with the support of technology. Currently if you look at how financial services are measured or how they are organized, it is not with the customer at the centre; they are new product centric. Rethinking that strategy is one part of the message.

“The second part of the message is that while banks have been investing in these new channels to expand core banking systems over the years, in order to bring more capability and more functionality they have added “bolt-on” software to the core system which is now not strong enough to meet what I would call the new rules of engagement we see today.”

Other significant announcements this month included:

Lawrence Wintermeyer steps down as CEO of Innovate Finance

HSBC and IBM develop cognitive intelligence solution to digitise global trade

Metro Bank Appoints New Chief Information Officer

Al Masraf selects Temenos’ digital banking technology to drive growth and innovation

Deutsche Bank Hires Geoffrey Paul as Managing Director and Head of Americas NRG Equity Capital Markets

BNY Mellon Wealth Management Names Pamela Murray as Managing Director of Business Development in Boston, MA

Wolters Kluwer Recognized as Category Leader in Chartis MiFID II Report


Following the publishing of bobsguide’s risk management buyers guide, September saw us speak to several thought leaders in risk management to discover how the priorities, responsibilities, and importance of the role is shifting within corporates.

Patricia Jackson, a non-executive director and chair of the risk committee for Atom bank, BGL, Lloyds of London and SMBC Nikko, told bobsguide that the responsibilities of the CRO are currently evolving at a rapid pace due to the constantly shifting regulatory landscape: “What CROs would really like is a halt to regulatory change so that they can deal with what’s happened so far - continuous change makes life impossible. Along with that, they’d like more IT budget to make their areas more efficient.”

In addition, two milestones on the fintech timeline also bookended September, both of which were worthy of recognition. The beginning of the month marked 10 years since the launch of contactless payments in the UK. The evolution of contactless payments since the launch of the Barclaycard service in 2007 has been staggering, and is set to continue as eWallets and mobile payments continue to increase in adoption year-on-year.

The end of September signified start of the 100 day countdown to MiFID II. Laura Glynn, Director of Regulatory Compliance at Fenergo, told bobsguide it was now critical that FIs the impact that the wide-ranging regulation is set to have on client onboarding and lifecycle management.

Other significant announcements this month included:

L&G partners with SSP to transform its customer journey

London Stock Exchange approved as an ARM for MiFIR reporting

Temenos celebrates commitment to the Australian market

Financial crime compliance costs soar, new research shows

Cloud will only reach tipping point if SMEs become ‘confident adopters’

Capital One UK lands in Silicon Roundabout

Xero and Santander Announce Next Generation Small Business Banking Service

Global Corporate Banking Revenue Growth Poised to Double by 2020, say Celent and Finastra

Sage Bank feeds service goes live with Lloyds

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