There is an increasing focus on cost ownership within asset servicing, according to Vincent Kilcoyne, executive vice president of product at SmartStream.
Kilcoyne revealed in the latest issue of Asset Servicing Times, that people in the service capability sphere are “increasingly wanting to develop relationships with organisations, such as SmartStream, that not only specialise in software but also software services”.
He added: “Previously, organisations would go through lengthy decision making, with a lot of concern around implementation timeframes, footprint and budget, but now the main concern is supplying faster services.”
“The industry itself is changing radically. Traditionally, financial institutions had you and I as customers, now the banks increasingly have emerging digital banks as massive competition.”
In the interview, Kilcoyne also touched on the changing use of payments and transfers.
He said: “There’s also an incredible growth of the disintermediation community who are
predominantly looking at payments and transfers. The banks need to evolve to be able to compete with them, even though they’re providing services to those services providers.”
And when asked his predictions for 2019 and in which direction the market may go, Kilcoyne concluded: “Digital will be one of the main elements, and there will be real growth in the volume of that business.”
“Traditionally, people have looked at new programmes as being the risk assessment. Very
few people are concerned with it all going wrong, but what if it all goes right?”
Click here to read the full interview with Vincent Kilcoyne of SmartStream in the latest issue of Asset Servicing Times. Also, make sure you subscribe to receive the latest news, features and analysis.
