Before the rise of PayPal, Venmo, and dozens of other new payment solutions, banks didn't look at the payments function as an epicenter for innovation. Times have changed.
Digitization of front, middle, and back office processes, plus an explosion of fintech experimentation around the world, have turned the payments function into a competitive weapon rather than a cost center. In parallel, the rise of contextual or embedded finance mean that payments innovation is changing the operating models for banks and the industries they serve.
Our guest is Mike Cook, global payments leader at IBM. We discuss how the center of transformation in banking is focused on payments and how legacy financial institutions can keep pace with a new generation of providers.
This episode of Banking Transformed is sponsored by IBM:
IBM has created a payments fabric where ecosystem members can easily, quickly and economically collaborate and consume payments services from banks, other Financial institutions, or FinTechs.. The IBM Payments Center brings together all elements of IBM to offer clients payments modernization services in a Payments as a Service offering.
For more information visit ibm.com