He said one of the emerging opportunities for all banks was the impending arrival of the New Payments Platform (NPP) for low value payments, which would provide a very fast and data-rich payments platform, including the ability to make payments to aliases such as email addresses and phone numbers, and to attach 100MB of data to a payment.
"The plumbing is great, but what it is coming along with that is the overall services which have been developed in accordance with open source principles," Murrell said. "And we foresee many new entrants developing value-added services on top of traditional payments. This is where we see the Uber-isation of financial services coming to life.
"Our organisations are going to need to totally shift in terms of how we look at digital, data and payments to deliver very innovative services to our customers."
Source: CMO Australia
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