It is about time. I’ve been in the business for 44 years. I thought this would have happened in Eighties and Nineties. Better late than never. Bank will need $ millions on the digital transformation. I expect the pace to accelerate.
Another opportunity is the convergence of different payment platforms. The CIOs are afraid to talk about this one because it just like going through a merger. Technology exists to have a single platform for checks, ach, Swift, Sepa, corporate payments and faster payments. There is an opportunity to drive operational and IT expenses down by 75%.