Exploring an evolving payments landscape with the Commonwealth Bank of Australia
IN BRIEF
- "Based on industry data, more than 30% of Australians have been using mobile wallets when they make payments instore. As compared to US, that’s 1.7% and for Germany at 6.1%, and I see that trend continue to grow."
- "Banks have a large and trusting customer base and extensive in-person and digital distribution network, which provides a strong starting point for gaining scale with payments innovation. But the growth of non-bank disruptors proves that customers are willing to switch for convenience, lower cost, and other personalised benefits that help them to achieve specific tasks."
- "Banks have built a lot of payments infrastructure and we are the primary participants, but we also need to ensure the regulatory settings are also capturing the new entrants or new participants in order to maintain ongoing safety and security and trust in the payment’s ecosystem."
In the VISION by Protiviti podcast, Susan Yang, General Manager, International Payments and Network Management at the Commonwealth Bank of Australia, sits down with a pair of Protiviti payments experts to discuss how she and her team are leading the ISO 20022 program and the digital international money transfer (IMT) strategy execution for CBA. Protiviti’s Ruby Chen and Rupesh Mahto ask Yang about the future of the payments space, including the impact of emerging technologies such as cryptocurrencies and blockchain, as well as the increasing number of international payment remittance fintechs entering the market.
In this podcast:
1:15 - Australia’s payments ecosystem maturity
4:30 - How are banks positioning themselves to stay competitive in the payments space
7:01 - International payments – banks and other players
9:09 - Emerging risks for banks and future growth
11:50 - The future of payments in Australia, near term and long term
Susan Yang is General Manager, High Value and International Payments, at the Commonwealth Bank of Australia where she and her team are leading the ISO20022 program and the digital IMT strategy execution for CBA. Susan is also responsible for the bank’s correspondent banking network and is actively involved with the domestic ISO20022 Industry Migration Steering Committee, the domestic Cross-border Payments Advisory Council and the global Cross-border Payments Interoperability and Extension Taskforce charged with providing faster, cheaper, more transparent and inclusive cross-border payments. Prior to joining Commonwealth Bank in 2017, Susan spent 16 years with Citigroup.
Rupesh Mahto is a senior director specialising in strategy, technology assessment and enabled execution, digital transformation, cloud migration, and application of emerging technology to business demands. He successfully leads interactions with CXO, focusing on increasing operational efficiencies, growth, and cost reduction.
Ruby Chen is a Protiviti director with over 12 years of experience in the financial services industry, for 10 of which she worked within the Big Four banks before transitioning into consulting. She has a broad range of experience providing advisory services and secondments across all three lines of defense.
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