Mobile Payments, Regulatory Headaches and Slow Growth: Top Quotes of the Week in Banking
1. Wave of the Future
Within five years, half of today’s smartphone users will be using their phones and mobile wallets as their preferred method for payments.
—Peter Olynick, Card & Payments Practice leader for management and tech consulting firm Carlisle & Gallagher. The firm conducted a survey of 607 U.S. consumers that found nearly half would be interested in using mobile wallet services. More alarmingly for banks, eight in 10 respondents said they would use PayPal as their mobile wallet provider, while six in 10 said they would use Google or Apple.
Source: Bank Systems & Technology
2. Strange Bedfellows
Instable.
—Timothy Mayopoulos, the former general counsel of Bank of America who held that same position at government-backed mortgage finance company Fannie Mae after being ousted from BofA (shortly before its acquisition of Merrill Lynch). Mayopoulos was named the new CEO of Fannie this week, and said he won't personally get involved with making decisions relating to issues on which he had special knowledge about Bank of America, but that it wouldn't be practical to continue his recusal.
Source: Wall Street Journal
3. Winds of Change
The financial services industry has gone through considerable change in the last few years, with growing pressure on financial institutions to be more transparent, manage risk more effectively and serve their customers better.
—Bret Bollin, CEO of U.K. financial services vendor Misys, which recently merged with business banking software provider Turaz.
Source: Bank Systems & Technology
4. Slow and Steady
The new normal for the industry seems to be slow and steady growth as banking leaders streamline costs and evaluate strategies to drive future revenue.
—KPMG's Brian Stephens, commenting on a report that the tax and advisory firm released this week that polled 100 bank senior executives. Most of the execs surveyed predicted modest to little growth in the industry over the next year.
Source: Bank Systems & Technology
5. Regulatory Rethink
We are not limiting our inquiry to the particular transactions at issue. We are assessing the adequacy of risk management throughout the bank.
—Thomas J. Curry, head of the Office of the Comptroller of the Currency, regarding that agency’s inquiry into risk management measures at JPMorgan Chase, after the bank’s infamous $2 billion-plus trading loss last month.
Source: Los Angeles Times
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio