Sibos 2020: Søren Skov Mogensen, chief growth officer at Banking Circle
FinTech Futures caught up with Søren Skov Mogensen, chief growth officer at Banking Circle. He discusses the firm’s recent research which looks at financial institutions’ approaches when it comes to digitalisation, and the impact COVID-19 has had on those attitudes and business plans.
Key highlights:
- History, experience and taking the long view being some of the reasons that just 5% of the retail banks said they were concerned about the threat of recession compared to 31% of fintechs and 41% of payment service provider (PSPs).
- Specifically on the COVID-effect: the most common response, at 41%, was that the crisis has had ‘a little’ impact, and recovery is expected to be swift.
- 90% of banks and financial institutions are building technology design and architecture into their business planning.
- 80% of retail banks and 74% of commercial banks have already worked with infrastructure providers.
- Banking infrastructure has become a much more strategic concern, as a significant number of businesses now have an interdisciplinary team looking at the latest technology innovations.
