Community

not being completely dependent of commercial parties for all payments and the ability to pay anonymously. The use of physical cash becomes increasingly harder due to decline of ATMs and cash is not accepted everywhere anymore.

I'm not surprised and it confirms what we have experienced in the market. Note that this survey is related to cororate banks and not retail banks. Corporates expect banks to meet their specific needs and if not, they switch to a bank (or Fintech company) that can. Large corporate banks have bad experiences in being locked in by 'closed' system from software vendors. When the bank wants to implement a specific feature that the vendor's product doesn't cover, it completely depends on that vendor to have it added (or not). To avoid this dependency, an increasing number of banks has plans to build their own technology stack/frameworks on basis of which they can build their own specific functionality. But this is easier said than done. Building a mature and proven framework takes easily 4 to 5 years before its is mature enough for a widescale implementation and requires many millions of investment. Not mentioning the risks of failure or rework that comes with it. But there is also good new. New generation technlogy frameworks from vendors offer banks the best of both worlds. The bring a proven, mature and ready to use domain (e.g. payments) specific frameworks with a large amount of out-of-the-box functionality, but based on an open architecture that allows the IT team of a bank to add the bank's own specific functionality/features without being dependent on the vendor. This approach saves the banks a lot of time, investment and risk, but at the same time offers the same amount of flexibility and vendor independency as a complete self build from scratch. Interested? Please, do not hesitate to contact us. 

I fully agree with Steve's statement on the 'secure enclave of the mobile phone'. This technology is already used by payment schemes like Apple Pay and Android Pay. The key issue is that this capability is not made available/accessible to any party/App, but only to the ones that are permissioned by the owner of the phone eco-system. The question is whether legislation should be created that force the owners/controlers of the phone eco-system to open up the 'secure enclave' to any party that wants to make use of it, in the same way banks (ASPSP) have been forced to open up the payment account. The application area and value of this 'secure enclave' goes way beyond payments, but can be applied for every type of (2F) authentication and digital signing.