Evolving a payments business to meet the demands of a distributed economy

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Abstract: Payment services are in the frontline of the ongoing digital technology revolution. Financial technology (FinTech) companies are breaking boundaries and offering services such as digital cash, cognitive systems and distributed ledger technology to offer customers a more streamlined, user-friendly and cost-effective experience. Some traditional financial institutions are partnering with FinTech firms in an effort to be part of the digital revolution rather than be left behind. But such partnerships and experiments with financial technology products and services need to be managed carefully. This article discusses the current and future state of the payments innovation environment, key change drivers, disruptors, and considerations for a strategic transformative journey which balances speed of innovation with risk.

Keywords: responsible innovation, transformation strategy, FinTech, risk management, blockchain, open APIs

Tyrone Canaday is a managing director in Protiviti’s Financial Services Technology Strategy and Operations practice in New York City. He has over 17 years of experience in the financial services industry with an accomplished career in strategic management, delivery of key transformational initiatives, and top/bottom line solutions to global firms. Previously, he served as chief information officer of a privately-held, independent advisory firm offering a behavioural economic incentives platform. Earlier, Tyrone spent over ten years in strategy and management consulting firms aligning business to technology and operations across functional and organisational boundaries to improve growth and profitability.