Welcome back to CYBOSS 2018! I’m Des Blanchfield, and today, I had the pleasure of sitting down with Morten Nygaard from IBM. Morten is a part of the IBM Global Payments team, where he helps clients around the world transform their payment systems, become more modern, agile, and reduce costs. In our conversation, Morten shared some valuable insights into the evolving landscape of fintech and the role of IBM in this space.
The Dynamics of Incumbents vs. Fintechs
One of the key takeaways from our conversation was the dynamic relationship between established players and emerging fintech companies. Morten highlighted the following points:
- Established players are being disrupted by fintechs, leading to a shift in their approach to innovation.
- Many banks have set up special units to cultivate innovation and have even established their own fintech companies within the organization.
- Collaboration and acquisition of fintechs are becoming common strategies for established players to complement their legacy solutions.
The Role of IBM’s Linux 1 Platform in Fintech Innovation
Morten also shed light on the role of IBM’s Linux 1 platform in meeting the needs of fintechs and disruptors. Here are some key insights:
- Security is a paramount concern for fintechs, and IBM’s Linux 1 platform offers pervasive encryption, ensuring that everything from network traffic to transactions is encrypted.
- The platform’s security features are integrated into fintech apps, enabling scalability and robust security without additional investment in development.
The Future of Fintech and IBM’s Contribution
As we wrapped up our conversation, Morten emphasized the growing significance of the relationship between incumbents and fintechs, predicting that this topic will continue to be a major focus in the next 3 to 5 years. He also highlighted the role of IBM in supporting fintechs and enabling them to focus on their core business while IBM takes care of security and scalability.
In conclusion, our discussion with Morten Nygaard provided valuable insights into the evolving landscape of fintech and the pivotal role of IBM’s Linux 1 platform in meeting the needs of fintech companies. As the fintech industry continues to disrupt traditional financial services, collaboration and innovation will be key in shaping the future of this dynamic space.
Thank you for joining us at CYBOSS 2018, and stay tuned for more insights and updates from the world of fintech and technology.
