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editor
Dear Readers’
Welcome to Issue 70 of Global Banking & Finance Review. As we move into 2025, the financial landscape continues to be shaped by transformative innovation, evolving consumer expectations, and the need for greater resilience in an increasingly competitive environment. This issue delves into the critical trends, challenges, and strategies that will define the year ahead, featuring expert insights from industry leaders.
Innovation and transformation remain at the forefront of banking, and OCBC Bank’s efforts in digital evolution and customer experience stand out. In "Setting the Standard: How OCBC Bank is Leading the Future of Consumer Banking" (Page 24), Sunny Quek, Head of Global Consumer Financial Services, shares insights on how OCBC is redefining consumer banking in Singapore and the region. Recognized for its excellence in digital transformation and customer experience, OCBC Bank is setting new benchmarks for the future.
The financial services industry is also preparing for a year of change and strategic shifts. In "Growing Financial Services to New Heights in 2025: Top Predictions" (Page 28), Helena Müller, VP Banking Europe at Diebold Nixdorf, explores how financial institutions are balancing costs, mitigating risks, and embracing transformation to stay competitive.
The insurance sector is also undergoing rapid evolution. In "The Future of Insurance Payment Processing: AI, Automation, and Beyond" (Page XX), Piers Williams, Global Insurance Manager at AutoRek, discusses how AI and automation are redefining payment processing, fraud detection, and claims management.
Meanwhile, as businesses navigate budget constraints, brand advocacy is emerging as a powerful growth tool. In "Scaling Brand Reach: How Employee Advocacy Can Fill the GTM Budget Gap" (Page XX), Jennifer Herbison, Interim CMO of Exclaimer, explains how companies can harness the power of their employees to strengthen brand visibility in a costeffective and authentic way.
At Global Banking & Finance Review, we remain committed to bringing you in-depth analysis and expert insights on the forces shaping the financial sector. Whether you are a leader in banking, fintech, insurance, or investment, we hope this issue provides valuable perspectives to help you stay ahead.
Enjoy the journey through our latest issue!
Wanda Rich Editor
Stay caught up on the latest news and trends taking place by signing up for our free email newsletter, reading us online at http://www.globalbankingandfinance.com/ and download our App for the latest digital magazine for free on Google Play and the Apple App Store
Decentralized
Deon Crasto Velocity Global
How Smarter Applications Will Shape Industries in 2025
Tony Judd, Managing Director, Nordics, UK & Ireland, Verizon Business
Time to scale? 4 ways to get your business ready
Brandon Spear, CEO, TreviPay
Jennifer
Beyond verification: How can robust validation and standardisation in entity verification drive growth and innovation
Henry Balani, Global Head of Industry & Regulatory Affairs, Encompass Corporation
How can the financial services industry confront bullying, discrimination and harassment?
Paul Taylor, Vice President, Product Management, Smarsh
Minding the culture and digital experience gaps, managing maturing customers, digging for data: Four key banking trends for 2025
Tom Castle, Strategy Principal, Futurice
Growing financial services to new heights in 2025: Top predictions
Helena Müller, VP Banking Europe, Diebold Nixdorf
Key trends shaping the
services industry in 2025
Murray Cambell, Product Manager,
Nada Ali Redha, CEO and Founder, PLIM Finance
Eric Marts, Industry Principal,
Arun
Rob Paisley, Strategic Industry Director, Global Team Lead, SS&C Blue Prism The
of insurance payment processing: AI, automation and beyond Piers Williams, Global Insurance Manager, AutoRek Decentralization in
Zach Herbert, Cofounder and CEO, Foundation Devices
Jeremy Bradley, COO, Zama
Nadish
Decentralized Workforces Pioneer New Payment Paradigms
As global markets continue to evolve at breakneck speed, distributed teams and cross-border transactions are becoming second nature for businesses of all sizes. Deon Crasto has witnessed this shift firsthand—his career spans leadership roles in fintech, payments, and AI-driven risk models. In this feature, Wanda Rich of Global Banking & Finance Review spotlights Crasto’s vision for the crossborder ecosystem in 2025.
“Just a few years ago, remote work was a fringe concept,” Crasto says. “Now, it’s integral to how businesses operate. By 2025, I expect the majority of mid-sized and large corporations to have talent distributed across multiple regions. It’s partly about tapping specialized skill sets, but it’s also about broadening the company’s footprint to serve local markets more effectively.”
Crasto, who leads payments at Velocity Global—an employer of record (EOR) provider—emphasizes that robust payment systems and sound compliance practices are vital to the success of distributed teams. “If you can’t pay your remote workforce efficiently and transparently—wherever they happen to be—you introduce friction into the entire system,” he says. “People want to be compensated in their local currency, without delays and confusing fees. That’s where global rails and real-time capabilities step in.”
Much of Crasto’s optimism about real-time cross-border transactions is anchored in India’s Unified Payments Interface (UPI). Launched by the National Payments Corporation of India (NPCI) in 2016, UPI processed over 16 billion monthly transactions by late 2024, illustrating how a government-led framework can ignite an ecosystem-wide shift.
“UPI proves that a centralized, standardized infrastructure doesn’t kill innovation—it supercharges it,” Crasto explains. “Banks, fintechs, and tech giants can all plug into the same rails, delivering near-instant payments with minimal fees. That level of interoperability has huge implications for cross-border transactions if other governments adopt a similar approach.”
He notes that until recently, many countries operated siloed payment systems—multiple digital wallets within a single region, each with different fees and wait times. By contrast, UPI shows how setting clear guidelines and open protocols can unite disparate players under one umbrella, enabling frictionless P2P and business payments.
Building open payment rails inevitably raises the specter of fraud and money laundering. That’s where KYC (Know Your Customer) and AML (Anti-Money Laundering) rules come into play. Crasto, who has a front-row seat to these challenges through his work at Velocity Global—doesn’t view them as red tape but instead sees them as integral to building trust in digital finance.
“When transactions are fast, the potential for exploitation grows,” he says. “But new technologies—particularly machine learning—make it possible to scan large volumes of transactions in real-time. The system can flag suspicious patterns within milliseconds, routing them for human review only when necessary.”
By linking identity verification to payment rails at the infrastructure level, governments can lay a foundation of trust that private players build on. “If you register with a verified ID or meet certain compliance criteria at onboarding, every subsequent payment becomes safer,” Crasto adds. “It’s a virtuous cycle of convenience and security.”
AI’s Supporting Role
Crasto’s insights on machine learning trace back to his work at OnDeck, where he helped deploy AI-based lending models that tapped into unconventional data points—from Yelp reviews to neighborhood foot-traffic metrics. “Seeing how AI could unlock financing for overlooked businesses taught me that automation adds its greatest value when it’s enhancing existing workflows, not completely replacing them,” he explains.
This philosophy shapes his current view on AI’s role in payments: “We don’t need AI to reinvent everything,” he says, “but we do need it to seamlessly handle risk assessment and KYC checks.” He describes scenarios where machine learning can adjust risk thresholds on the fly, especially in high-risk geographies. “If a new account is created in a country with stricter AML rules, the system automatically asks for more documentation. Meanwhile, a lower-risk customer might go through fewer steps— reducing friction while staying compliant.”
Ultimately, these adaptive rules offer a smoother onboarding experience for distributed teams. “The goal is to ensure employees in Singapore, Brazil, or France get paid without ever thinking about the complexity behind the scenes,” Crasto says. “That’s where AI quietly does the heavy lifting, striking the balance between compliance needs and a frictionless user journey.”
Distributed Teams and Payment Rails: A Symbiotic Relationship
How does this all connect back to the future of work? According to Crasto, the growth of global teams and the need for real-time, compliant payments form a mutually reinforcing cycle. As more companies hire abroad, the demand for seamless payment solutions rises—pushing regulators and fintechs to innovate more quickly.
“If my dev team is in Eastern Europe, my designers are in Canada, and my sales reps are in New York, I have to deal with multiple currencies, tax laws, and compliance frameworks,” he explains. “That complexity drives a demand for unified platforms capable of handling local nuances and instant disbursements.”
In turn, well-designed payment rails lower the barrier to global expansion, allowing even mid-sized firms to think internationally. “When it’s easy to pay someone across the globe, you no longer hesitate to hire the best person for the job, regardless of geography,” Crasto says.
Regulatory Harmonization: Opportunity, Not Obstacle
Some fear that intensifying regulations around data privacy, tax compliance, and money laundering could hamstring the sector. Crasto suggests the opposite: “Clear, universally accepted rules reduce uncertainty. Companies know the playbook upfront. Once governments or international bodies set consistent standards, it’s easier for fintechs to scale without reinventing their compliance approach for every region.”
He anticipates more countries adopting a collaborative model: “We might see broader partnerships across Asia or Africa, where multiple nations align on frameworks akin to UPI, thereby creating near-seamless regional payment corridors. That could be a game-changer for businesses building truly distributed teams.”
Predictions for 2025
1. UPI-Inspired Ecosystems Proliferate
Expect a wave of national or regional payment rails that mimic India’s success, each encouraging private-sector innovation on top of a unified infrastructure.
2. AI-Driven Compliance at Scale
Machine learning will help flags and checks become highly adaptive, ensuring real-time transactions don’t compromise security or transparency.
3. Global Collaboration on Standards
Nation-states and regulatory bodies may increasingly coordinate on data-privacy and AML protocols, reducing the patchwork of rules that currently dissuades smaller players from going global.
For Deon Crasto, the intersection of distributed teams and payment frameworks promises a more inclusive financial future—one where distances and national borders matter less than shared digital infrastructure. “We’re inching toward a world where hiring is about talent, not location,” he says. “Getting there requires an ecosystem that allows a company in San Francisco to pay someone in Singapore instantly while meeting compliance in both places. By 2025, we’ll see more governments and fintechs rallying together to make that vision a reality.”
Deon Crasto Velocity Global
Thriving in Uncertainty: How IA Is Turning Challenges to Sustained Growth for Financial Services
In a world gripped by economic uncertainty, financial services (FSI) organisations face a stark choice: evolve or be left behind. With inflationary pressures mounting, regulations tightening, and customer expectations shifting faster than ever, the financial sector is at a turning point.
But amid this turbulence, one thing is clear: intelligent automation (IA) and artificial intelligence (AI) are no longer optional—they’re now essential. As markets fluctuate, AI is stepping up to drive operational resilience, enabling financial firms to anticipate market shifts, safeguard assets, and streamline operations.
The numbers paint a complex picture.
The latest figures from the European Central Bank show that the financial outlook for the broader Euro area in the first quarter of 2025 is cautiously optimistic, with the region expecting modest recoveries after challenging economic periods in 2023 and 2024.
Europe expects a modest recovery, the U.S. economy is slowing, and AsiaPacific remains a beacon of strong demand. Key drivers include easing inflation and resilient wage growth in each region as consumer spending is expected to remain relatively strong.
Despite optimism in pockets of the global economy, challenges such as continued geopolitical tensions and supply chain disruptions are still causing uncertainty. Yet, those leveraging AI are not merely weathering the storm, they’re thriving.
Rob Paisley Strategic Industry Director, Global Team Lead, SS&C Blue Prism
How is this possible? Research from our latest Total Economic Impact™ (TEI) study conducted by Forrester Consulting shows that 76% of organisations surveyed expect to see a positive impact on business growth in the next two years from their intelligent automation program.
We expect that savings from fulltime equivalent reductions or operational efficiency gains will play a part in this growth. However, there is much more to it than that. Where the magic happens is when IA significantly enhances operations, helping organisations become much more effective at releasing improved products, attracting new business and, ultimately, growing revenue.
Disruptors, efficiency and metrics driving innovation
The financial services industry has always been driven by data, but the real question is: Are you using your data in the best way to unlock growth? Generative AI, chatbots, and 24/7 customer access are no longer novelties – they’re table stakes in an environment where customers demand seamless, real-time experiences at lower costs.
First impressions and the early stages of the experience journey are essential to growth and winning new customers. Whereas once, banking customers were for life. Now, they’re as happy to leave as they are signing up
When it comes to shopping around for a bank or financial services provider, in the U.S., more than half (52.5%) of Gen Zers go straight to a trusted brand when choosing a new banking product or service. Just 15.8% shop around.
It’s no surprise that, for the fourth year in a row, U.S. consumers now do most of their banking with mobile apps more often than any other method, according to the American Bankers Association.
Maximising their time, they’re embracing digital banking, with almost half (48%) of bank customers using phone apps as their main way of managing their finances on a smart phone or tablet. Just under a quarter (23%) use a computer to access online accounts. Once the doyenne and heartbeat of main street America, the bricks-and-mortar branch of a bank is visited by just nine percent of the population.
So, process automation isn’t just about efficiency anymore; it’s about survival. Whether it’s onboarding, loan processing, or managing compliance, AI is empowering financial institutions to scale rapidly without sacrificing quality.
The competitive landscape is shifting too. Fintech disruptors are shaking up the market, leaving traditional institutions to decide whether to adopt or get left behind. Bain’s latest global consumer survey of 29,805 consumers in 11 countries, reveals the banking industry is fragmented.
Consumers who feel they have been long-time underserved by their bank are switching to digital-native and neobanks, offering more modern, flexible, affordable tech-driven products. Cash also isn’t still king. The rise of e-wallets and payment fintechs, are threatening to make banks less relevant in consumers’ daily lives. The focus for traditional lenders is to better engage with new and existing customers with better digital experiences and more personalised offerings.
Those embracing IA and orchestrating end-to-end processes are discovering a competitive edge – boosting employee satisfaction, driving innovation, and ultimately, delivering sustained growth.
Overall, our TEI study supports these findings, with 69% of FSI organisations agreeing that automation improves business metrics such as growth and customer satisfaction. It even reveals an incremental revenue growth of 5.4% CAGR for customers along with a host of other benefits including increased productivity, improved employee retention and compliance cost avoidance.
The future belongs to those bold enough to reimagine financial services through the lens of AI. By leveraging intelligent automation, financial institutions can both survive economic uncertainty and define it on their own terms.
Beyond verification:
How can robust validation and standardisation in entity verification drive growth and innovation
Banks and financial institutions are consistently looking to transform their corporate ‘Know Your Customer’ (KYC) practices to help streamline customer journeys. However, banks are currently tackling the lack of established corporate digital identities (CDI) creating a further hurdle for streamlining corporate KYC and meeting regulatory compliance obligations. So, with compliance and regulation becoming more stringent, banks and financial institutions need to ensure they help corporate customers establish a robust CDI, which can then be utilised across multiple industries as a verification tool to streamline the validation process for customers.
Establishing business entity verification and CDI is core to the ‘Know Your Customer’ (KYC) process that financial institutions rely on to establish the potential risk of a business profile and act accordingly. As a result of this, there has been a proliferation of entity verification offerings and banks and financial institutions now recognise the need to deploy technology solutions to establish robust verification and standardisation processes to meet regulatory requirements.
However, experts are sounding the alarm on a critical oversight: verification alone is insufficient without comprehensive validation and industry-wide standardisation. As businesses increasingly depend on these processes to safeguard transactions and data, the failure to integrate robust validation measures and adhere to standardised
practices leaves systems vulnerable, undermining the very security they aim to ensure. This gap exposes them to significant risks, necessitating an urgent call for a more comprehensive approach to entity verification.
There is an inherent risk associated when financial institutions verify customers using different KYC processes and any exposed weaknesses could be exploited by criminals looking to launder illicit funds, leaving banks vulnerable to financial crime, fines and reputational damage. As a result of this, criminals can share the knowledge of which banks have weaker validation processes. However, with enhanced CDI, banks can rely on a robust level of standardisation which, in turn, will elevate industry processes to tackle financial crime collectively.
With this comprehensive approach, industry coalitions, such as the Financial Services and Markets Bill (FSMB) and Centre for Finance, Innovation and Technology (CFIT) are calling for further standardisation of business entity verification to ensure an adaptable industry standard is created to align with key KYC processes, regulations, and compliance laws.
Verification vs validation
First, we must look at ‘entity verification’ vs ‘entity validation’. These terms are often conflated, but they serve distinct purposes in business authentication. Entity verification refers to the process of confirming the identity of an entity —be it an individual, organisation, or business— this process checks that the entity is who or what it claims to be.
This process typically involves checking company registration records, organisation charts, and other official data sources. The goal is to ensure that the entity exists and is legally recognised, but it does not dive deeply into the accuracy or legitimacy of an entity based on the sources used.
In contrast to this, entity validation goes a step further by assessing the authenticity, accuracy, and credibility of the information provided during the verification process. Validation involves cross-referencing data
across multiple sources, checking for consistency, ensuring source documents are authentic and legitimate, and ensuring that the entity’s claims hold up under scrutiny. This process helps identify discrepancies, such as inaccurate or outdated information, which could pose risks to businesses.
While verification confirms identity, validation ensures that the identity is both legitimate and trustworthy. For this reason, entity verification is not enough without validation, making it a crucial component in building a robust and secure CDI.
Establishing a standardised framework
After establishing the differences between verification and validation, experts are continuing to call for industry standardisation of these processes, but what does this mean?
The standardisation that experts are calling for refers to the required data elements/attributes that need to be gathered and analysed as part of both the verification and validation processes. The consequent lack of standardisation is resulting in inconsistent KYC processes, both within financial institutions and subsequent interactions with their corporate customers.
With a lack of industry standards, client onboarding processes can be unnecessarily complex and costly with multiple requests for data and documents from customers, leading to time delays and incomplete data coverage, often leaving the customer frustrated during time-consuming processes. This also results in banks needing to hire expensive experts to interpret regulations and develop policies, but industry-wide standardisation would create clarity for this process and drive down compliance costs for banks.
Regulatory compliance requirements may also be at risk, given that data collected from a corporate customer in a specific jurisdiction may differ from another region’s jurisdiction, adding an extra layer of complexity for banks to navigate. While regulatory requirements may differ across authorities, the establishment of common standards, with specific requirements on top of these common standards, will allow for the identification of potential gaps in coverage even before the KYC processes are initiated.
This standardisation is critical for ensuring consistency, reliability, and compliance across industries. A unified framework helps establish clear guidelines that all organisations can follow, ensuring that the same criteria and procedures are applied universally. This consistency not only enhances the accuracy and trustworthiness of entity verification and validation but also streamlines operations and client onboarding, reducing the burden on businesses to navigate varying protocols.
In an ever-changing regulatory environment, as regulations evolve to address new challenges, including cyber crime, financial institutions must adapt both their verification and validation processes to remain compliant. A standardised approach ensures that these processes are aligned with legal and regulatory requirements, mitigating the risk of non-compliance and the potential penalties that accompany it.
Shaping the future of the financial service industry
The future of standardisation, entity verification and validation, and CDI is poised to be shaped by several emerging technologies and trends that promise to revolutionise the way financial institutions operate.
The industry will see a greater reliance on automation and AI, enabling more sophisticated analysis of vast datasets to detect fraud, anomalies, and patterns that traditional methods might miss. These technologies, such as intelligent document processing, can enhance the accuracy and efficiency of both verification and validation processes, reducing manual errors and accelerating decision-making. Standardisation will also make the processes more transparent and predictable, allowing for auditability and efficient oversight from regulators.
Blockchain technology is also gaining traction as a tool for creating immutable, transparent records of transactions and identities, which could significantly bolster trust and security in CDI practices.
These technological advancements will have profound implications for the financial services industry. As these innovations become more integrated, they will transform how financial institutions manage risk, compliance, and customer relationships. Banks that incorporate automation, AI and blockchain technologies into their CDI strategies will be better positioned to meet increasingly stringent regulatory requirements while also enhancing the customer experience through faster, more secure onboarding processes.
However, adopting these technologies will also require careful consideration of data privacy, ethical concerns, and the need for interoperability between systems. For banks establishing their CDI strategy, the challenge will be to balance innovation with compliance, ensuring that they remain agile and competitive in a rapidly evolving financial landscape.
Henry Balani Global Head of Industry & Regulatory Affairs, Encompass Corporation
The future of insurance payment processing: AI, automation and beyond
Imagine a world where insurance payments are processed within minutes, fraud detection happens in real time, and customers never face delays in claim payouts.
The insurance industry is transforming, and payment processing is central to this change. Advanced technologies like artificial intelligence (AI) and automation have the potential to reshape how insurers process payments and handle transactions.
So, with this in mind, how can emerging technologies transform insurance payment processing and what does the future hold?
The current state of insurance payment processing
As insurers aim to streamline workflows and meet customer expectations, innovation is becoming a strategic imperative, not just an option. Today, insurance payment processing is characterised by slow processing times, operational inefficiencies and underinvestment. Challenges such as reliance on legacy systems, manual processes, and outdated tools are central to the issue.
These approaches are unsustainable for business growth and often lead to inefficiencies. Skilled employees frequently find themselves performing repetitive, manual tasks such as data entry, reconciliations and claim tracking. As payment and data volumes grow, these manual tools and processes are struggling to keep up, exacerbating operational challenges.
While spreadsheets and legacy systems are widely used in payment processing for insurance, excessive reliance on such tools can be detrimental to an organisation. Especially when these tools are stretched beyond their intended capacity.
The impact on businesses is significant, leading to high-value premium write-offs, an increased risk of human error, lengthy processing delays of 60, 90, or even 120+ days, and inaccurate reporting. These inefficiencies not only reduce profitability but also diminish the customer experience, making modernisation a pressing priority for insurers who are looking to remain competitive.
Piers Williams, Global Insurance Manager, AutoRek
The role of AI in transforming insurance payment processing
AI is one technology poised to address these challenges. The technology can streamline claims and payments by automating repetitive tasks and using machine learning algorithms to assess claim documents and process payments more quickly.
Additionally, AI can detect fraud by identifying patterns and anomalies in data that signal fraudulent activity that may indicate fraudulent activity, which costs the industry billions annually. Furthermore, customer satisfaction can be enhanced through AI-powered chatbots and virtual assistants, which provide instant responses to payment inquiries, such as billing issues or payment statuses.
Despite its potential, adopting AI comes with challenges, such as ensuring data privacy and ethical use. AI should be seen as more of a supplementary or supporting technology, rather than a solution to all problems.
How automation can reshape insurance payment processing
Automation offers another key opportunity to transform insurance payment processing. It can streamline premium collections by simplifying premium allocation, accounts payable and settlements, while also ensuring regulatory compliance and providing audit trails. Automation reduces administrative burdens on skilled employees, allowing them to focus on value-add tasks such as investigating exceptions and reconciliation breaks.
Moreover, a common pain point for those working in insurance payment processing is dealing with vast numbers of disparate data sources and systems. Automated tools enable the seamless integration of data between disparate systems, improving data connectivity and operational efficiency.
By enhancing workflows and consolidating processes, automation has the potential to significantly improve the overall efficiency of insurance payment processing. For insurers, this means reduced costs, faster turnaround times, and a more seamless customer experience, strengthening their ability to compete in a rapidly evolving market.
Beyond AI and automation – what’s next?
Technology is only part of the solution. Data standardisation, such as adopting common data standards will be hugely transformative in reducing costs and driving the efficiency of the process.
ISO 20022, for example, provides the opportunity to exchange richer and more detailed levels of payment information. Integrated services through application programming interfaces (APIs) can open the way for faster and more effective data transfer and ingestion. This allows for more responsive workflows and better connectivity between insurers, banks and payment platforms.
Real-time payment systems further enhance efficiency by improving speed and accuracy, alleviating common challenges faced in traditional payment processing. Organisations that successfully integrate these technologies will be well-positioned to offer smoother payment experiences, reduce errors, and strengthen trust with their customers.
The state of insurance payment processing
For many firms, the existing state of insurance payment processing is inefficient, costly and prone to errors. Firms who fail to embrace the latest technological evolutions and wider trends within the market, risk falling (further) behind, facing operational efficiencies and costly errors.
However, not all hope is lost. The future of insurance payment processing is bright, driven by AI, automation, and emerging technologies. By embracing innovation, firms can transform their operations, improve customer experiences, and secure their competitive edge.
How Smarter Applications Will Shape Industries in 2025
Prediction 1: Data-driven applications will evolve, unlocking smarter, faster decisions across industries
In 2025, the digital landscape will be dominated by the relentless march of data-driven applications. The maturation of generative AI and other data-intensive technologies will not just drive this trend—they will redefine it, demanding robust and flexible infrastructure to support their everexpanding capabilities.
Imagine a world where every decision is backed by real-time data insights. Businesses will need to invest in scalable and secure infrastructure, including multi-cloud resources and dynamic networks, to keep pace. Picture a manufacturing plant where data analytics optimises machinery performance, improving efficiency and reducing downtime. This will necessitate advanced IT and OT segmentation strategies to secure these vital data flows.
As we embrace this data-driven future, security will be paramount. With third-party data hosting becoming the norm, the attack surface for cyber threats expands. Implementing zero-trust architectures and microsegmentation will be our shield, protecting sensitive information and maintaining operational integrity in this brave new world.
Prediction 2: The rise of emergent technologies such as AI, IoT, and quantum computing will be a marathon, not a sprint— adopted incrementally but with profound long-term impact.
The future is now, however, it’s arriving gradually. In 2025, the integration of emerging technologies such as AI, IoT, and quantum computing will continue at a measured pace, driven by specific use cases and ROI considerations. Businesses will adopt these technologies incrementally, helping each investment to deliver tangible benefits.
Picture AI and machine learning enhanced decision-making and automated routine tasks. In manufacturing, predictive maintenance powered by AI will reduce downtime and boost efficiency. IoT devices will provide real-time insights into operations, enabling proactive management and swift responses to changing conditions.
Quantum computing, while still in its infancy, will begin to find its niche. Businesses will explore its potential cautiously, balancing the promise of revolutionary capabilities against the costs and technical challenges. By taking a measured approach, companies can harness the power of these emerging technologies without overextending their resources, enabling a steady and sustainable path to innovation.
Prediction 3: In 2025, the cloud-first mentality will give way to smarter, more strategic investments in both cloud and edge computing, optimising data flows while balancing cost with performance.
In 2025, businesses will master the art of strategic cloud and edge computing investments, focusing on optimising data flows and balancing cost with performance. The initial rush to move everything to the cloud will evolve into a more sophisticated approach, leveraging both centralised and edge computing resources.
Tony Judd Managing Director, Nordics, UK & Ireland, Verizon Business
Visualise a world where data-driven applications thrive, demanding low-latency processing. Edge computing will be the hero, bringing processing power closer to the source and reducing latency. This will be crucial for applications requiring real-time decision-making, such as autonomous vehicles or industrial automation. By processing data at the edge, businesses can achieve increased responsiveness.
At the same time, companies will avoid the pitfalls of vendor lock-in and manage cloud costs more effectively. A hybrid approach, blending public cloud, private cloud, and on-premises solutions, will become the norm. This flexibility will allow businesses to optimise their IT infrastructure for both performance and cost efficiency, helping them to stay ahead in the digital race.
Prediction 4: Zero-trust architectures will be the cornerstone of cybersecurity, as businesses bolster defenses against rising cyber threats in increasingly complex multi-cloud environments
As the digital frontier expands, so too does the battlefield of cybersecurity. In 2025, businesses will place an even greater emphasis on protecting their data and ensuring the integrity of their digital operations. The stakes have never been higher.
Imagine a fortress of digital security, where robust measures such as zero-trust architectures and advanced threat detection systems stand guard. These strategies will be essential in safeguarding data against breaches and managing compliance with regulatory requirements. As more data is hosted in multi-cloud environments, securing these platforms will be a top priority.
But technology alone won’t suffice. Businesses will invest in cybersecurity training and awareness programmes for their employees. Human error remains a significant vulnerability, and educating staff on best practices will be crucial. By fostering a culture of cyber risk awareness, companies can better protect themselves against the ever-evolving threats of the digital age.
Prediction 5: In 2025, private 5G networks will go mainstream, offering businesses the scalability and capacity needed to navigate the next era of digital transformation.
The revolution is here: private 5G networks will take centre stage in 2025, offering businesses increased flexibility and capacity. This technology will be a game-changer for industries that crave reliable and high-speed connectivity, such as logistics, manufacturing, and retail.
Imagine the seamless connectivity of a private 5G network, effortlessly supporting a myriad of applications. These networks will outshine traditional LAN and Wi-Fi infrastructures, providing superior coverage and supporting a higher density of connected devices. Envision a bustling port or a sprawling manufacturing plant where private 5G connects devices, from sensors to autonomous vehicles.
The magic happens when private 5G meets edge computing. This powerful combination will unlock new possibilities for real-time data processing and automation. Picture drones conducting automated inspections in ports or autonomous robots navigating warehouses with precision, enhancing operational efficiency and safety.
Time to scale?
4 ways to get your business ready
Business leaders everywhere are seeking opportunities to expand operations and capture new markets. This growth mindset brings a surge of excitement heading into 2025. Yet, scaling a business—particularly in the B2B space—comes with its unique set of challenges. From navigating complex regulatory environments to managing financial strain and developing robust strategic plans, the path to growth requires careful consideration. As only 22% of new businesses launched in the past ten years have successfully scaled, it’s not something that can be done well without a plan.
By 2027, the global B2B payments market is expected to grow to USD 137 trillion, representing a significant opportunity for merchants looking to capture more share of wallet. McKinsey cites two-thirds of the value created in new-business building is created in the scale-up phase, highlighting that businesses who are ready and equipped to execute a global expansion strategy will see tremendous growth. As we head into the new year, it’s time to break free from legacy payments models and embrace innovative solutions that drive customer loyalty, streamline operations and boost sales.
But how do we make that happen? Let’s explore four key considerations to position your business for successful entry into foreign markets.
1. Understand Your Customer
Success in B2B payments starts with a deep understanding of your buyers’ needs and preferences around payment preferences, cultural distinctions and loyalty drivers. Payment choice is paramount for building loyalty and increasing average order value. While some businesses instinctively choose the convenience of using a credit card, 78% of global business buyers claim it is necessaryfor merchants to offer invoicing with a flexible net terms program (offering 30-, 60- or 90-days to pay). Detailed line-item reporting for reconciliation is also an important B2B preference that should not be overlooked for these buyers.
Different countries and regions have cultural nuances that savvy business leaders should recognize when looking to do business in new geographies. For instance, sending a payment remittance may not be common in every region. Tax regulations and VAT invoice requirements may also vary significantly across jurisdictions. A successful scaling strategy must account for these differences to help maintain operational efficiency and build a strong buyerseller relationship.
Loyalty programs are also gaining traction in the B2B space. Rewarding your clients will result in more revenue and a more positive association with their buying experience.
To help incentivize growth, merchants should tailor these programs to address specific B2B value propositions. Rather than thinking in points, consider other loyalty-driving features like volume discounts or contract price verification to define buyer pricing tiers down to the SKU level.
2. Incorporate Strong Risk Management
By shifting more operations online to reach global buyers, business identity theft has become a growing threat. More than one-third of online merchants experienced identity theft in 2024, highlighting financial and reputational risks for retailers and e-commerce merchants. Successful scaling requires robust risk management strategies that evolve with emerging threats. This includes maintaining and constantly revising data sets to recognize warning signs and embedding identity verification systems into your tech stack.
Partnering with an expert can be a great option to help ensure the right tools are in place to balance security with user experience, ensuring legitimate transactions flow smoothly while effectively blocking fraudulent activity. The continuous monitoring of transactions and accounts also supports the expanding role of the CFO who uses this information to better forecast and support teams.
3. Be Easy to Do Business With
Automation and streamlined invoicing systems are transforming global supply chains. To effectively scale new payments or A/R automation initiatives, understanding foreign mandates is a must to ensure your technology is ready to integrate with other business systems. For example, governments around the world have begun mandating e-invoicing to impose and collect taxes. While sending international invoices digitally can reduce paperwork and enable businesses to report transactions in real-time, many merchants aren’t set up to support this capability. Without a compliant e-invoicing system, global companies can run up additional costs to process invoices and might pay regulatory penalties. This lack of harmonization between invoicing standards and formats makes it harder for sellers to do business with you. Before you can properly scale, take time to address these operational obstacles.
In the case of a national retail franchise, standardizing payment acceptance across all locations while maintaining local payment preferences can also reduce complexity for corporate buyers. It’s why Mastercard has incorporated net terms financing into its global acceptance network, so buyers can seamlessly shop at different locations. The Universal Acceptance solution allows B2B buyers shopping at retailers that accept Mastercard to pay on 30-, 60- or 90-day terms with an invoice – a key preference of this group.
4. Leverage Partnerships in a Network Model
Businesses don’t need to own the entire order-to-cash ecosystem. Collaboration creates greater efficiencies in payment processing, supplier relationships and financing options. Strategic partnerships and composable architecture offer a way to build a modernized tech stack. This is especially true in B2B, given the complex buying process and crossborder nuances.
By integrating technology, services and financing options into a network model, businesses can track and manage transactions more effectively while maintaining operational agility. Partnerships with industry experts enable businesses to offer a more seamless, consumer-like purchasing experience while catering to the unique needs of B2B buyers. This collaborative, composable approach allows organizations to focus on their core competencies while leveraging specialized expertise for payments and financial services.
The Path Forward
The opportunity to scale B2B payments operations has never been more promising. By focusing on customer needs, embracing automation, leveraging partnerships and maintaining strong risk management practices, businesses can create sustainable growth trajectories. The key is to act with strategic intent, understanding that successful scaling requires both technological innovation and operational excellence.
As we look toward 2025, organizations that take these considerations to heart will be better positioned to capture market share, drive buyer loyalty and deliver the seamless payment experiences that modern B2B buyers demand. The time to transform is now— your competitors certainly won’t wait.
with expertise in managing large, diverse global teams. His strength is discerning and focusing on the most important challenges facing an organization at a particular point in time and unifying all stakeholders behind accomplishing a set of specific goals. Brandon has a unique ability to connect across all levels of an organization, motivate staff with diverse skill sets, while ensuring a common alignment and results. Connect with Brandon on LinkedIn.
Brandon in the CEO of TreviPay
Brandon Spear CEO, TreviPay
How can the financial services industry confront bullying, discrimination and harassment?
The financial services and insurance industries are among the most important to the UK economy, but the sector has faced issues when it comes to non-financial misconduct (NFM), including bullying, discrimination and harassment. This is particularly impactful in pivotal sectors, as misconduct leads to higher staff turnover, increased stress amongst employees and damaged reputations for companies who fail to take a clear stand.
The extent of the issue was brought to the fore even more so this year with the House of Commons’ Sexism in the City Report, quickly followed by FCA findings that allegations of NFM increased between 2021 and 2023. Similarly, our own recent research into this area showed that over half (59%) of employees in the sector have witnessed or experienced instances of NFM in their organisation.
All of this points to the very real need to address the issue at hand so there is no further potential of cultural deterioration within the industry, and so that financial services firms can rebuild trust with employees and the wider public. In order to do so, it’s imperative that leaders take action on three key areas.
Collaborative compliance
Ensuring organisations are compliant is one part of the task and requires a joined up approach, from connecting individuals across the business, to working with regulators. This is where collaboration is key.
The Financial Conduct Authority (FCA) is expected to introduce new industry standards around NFM in 2025. At the same time, our research showed that employees are clearly eager for regulatory intervention, with 9 in 10 (89%) in the sector saying that they are supportive of potential incoming rules and regulations.
As such, it’s important for business leaders to communicate openly and transparently with their employees. It’s important that employees are brought along on the journey, not only having the insight, but being able to directly contribute to making these improvements. Leaders must create a working framework for individuals across each department, from HR and recruitment to sales and IT, to be champions of implementing this change. Leaders should also continue to engage with regulators, which will help them to understand what measures may come into force and can therefore better prepare their organisation and support them in this rollout.
Proactive and reactive
Another important part of this is that firms must be both more proactive and reactive to issues around NFM. Being more proactive means getting to the root of the problem before it becomes an issue. If we were to liken it to financial misconduct, it’s common practice to do as much as possible, and put as many measures in place, to ensure you aren’t waiting for market abuse activity to take place, but are actively preventing it. While NFM is more nuanced, firms need to be applying the same principles to putting in place measures and processes for prevention. Equally, organisations need to be reactive when incidents are reported. Having appropriate measures and processes in place can also then help firms to be more reactive, equipping them with the insight to start investigations and take matters seriously.
Once again, financial firms already have the support of employees to identify and respond to these issues, with our research showing that 94% of employees in the industry say that it’s “very important” that NFM in their workplace is identified and responded to. In fact, 78% say that knowing NFM is being identified and responded to plays a part in whether they would stay at their current organisation.
Deploying AI
It’s clear that putting in place processes to detect and act on NFM will form a core part of how we solve this issue, and this is where a clear use-case for AI emerges. In recent years, companies in the industry have implemented AI in some form, most notably to increase productivity and cut repetitive tasks. However, they now have a real opportunity to leverage the technology to improve cultural challenges, like NFM.
Luckily, there is already support from employees in the space, with 66% saying they are open to AI being used to help identify instances of NFM over workplace communications in their organisation. Indeed, it is over communication channels whereby NFM can often occur or originate.
Paul Taylor, Vice President, Product Management, Smarsh
Firms are already archiving communications data for regulatory and compliance processes, largely for the detection of market abuse through industry guidelines such as the FCA’s Market Abuse Regulation, so it is a logical starting point to analyse this data that they are already storing. They can then leverage purpose-built AI to help identify NFM instances at scale that threaten organisational culture, reputation and their bottom line.
Only when the financial services industry brings together these three core elements can it truly begin to tackle the issue of NFM. While a deeply cultural problem, getting the processes and systems in place to help proactively identify and combat instances will be key, but thanks to AI, there is an opportunity to make this a streamlined and effective process.
Minding the culture and digital experience gaps, managing maturing customers, digging for data:
Four key banking trends for 2025
Interest rates coming down, a resurgence in cryptocurrency valuations, Revolut finally securing its UK banking licence, and Klarna deploying AI to do the work of 700 customer service assistants, 2024 was far from dull for the financial services sector.
And 2025 looks set to be just as much of a financial firecracker. Already this year, rising bond yields may have the effect of pushing interest rates back in the wrong direction – threatening to derail the UK government’s spending plans. Santander, meanwhile, has floated the idea of quitting the UK.
And then there is the Donald Trump factor. As the mercurial US entrepreneur re-enters the White House for his second term as President, the smart money is on banking deregulation – quickly followed by a new wave of consolidation in the sector.
But what about the technological tectonic plates that underpin the sector? How will digital and AI innovation impact the frontline relationship between consumers and their banks? Here are my key predictions for high street banks, neobanks and fintech startups.
1. The digital experience gap between legacy banks and neobanks will narrow
In 2025, incumbents will continue to close the gap with the neobanks in terms of the quality of digital experiences and features they offer. In part this is because they have learned the importance of doing the simple yet essential things well: ensuring the customer’s journey is smooth, and that their apps can handle peak demand without compromising speed or user experience. In addition, however, they have the muscle to take the fight to their nascent rivals. With deeper pockets and the ability to provide a wider suite of banking products and services, they are well-placed to challenge neobanks for younger demographics.
This narrowing digital experience gap is a problem for the neobanks, which have sought to grow market share by positioning themselves to experimental early adopters as digitally native and therefore cooler than their legacy rivals. And it’s exacerbated by the fact that most fintech early adopters have now been snapped up by Monzo, Revolut, Starling and co. For emerging generations of banking customers the neobanks are arguably no newer or cooler than the incumbents.
In 2025, the neobanks need to widen the experience gap with incumbents by going all in on innovative personalisation in order to help customers meet their unique banking needs and goals. In a recent survey we conducted, 66% of respondents said they would consider switching to a provider that offered more innovative app features. In practice this means neobanks leveraging AI and user-centric design, to redefine what it means to deliver value and support in a digital-first world. From offering hyper-relevant and personalised financial advice, to providing virtual assistants that simplify complex decisions, personalisation is moving from a nice-to-have, to an essential part of modern banking.
2. To capitalise on AI, legacy banks will need to exploit their customer interaction and transaction flow data
When it comes to harnessing the power of AI and LLMs, the vast amount of data flowing through incumbent banks gives them a head start over neobanks. This pool of data is a critical point of differentiation and a potential source of value they will be looking to exploit in 2025. But to do so they will need to increase their investment in next-gen IT.
Historically, banks haven’t made the most of their data. With data points stored in different locations and aligned to different products, they haven’t had the unified view of their customers necessary to exploit AI’s strengths in terms of predictive modelling, and helping to boost productivity and innovate new customer experiences. It doesn't matter how smart AI is, if it hasn't got access to all the data it needs, it can’t fulfil its game-changing potential. Citi and JP Morgan are leaders in terms of updating data and infrastructure, but most major legacy banks are aware that increased IT investment is needed in order to bring data and AI closer together within their organisations, and unlock AI’s full potential.
3. Predicting customer transitions will be the new market share battleground
This year, the ability to proactively identify when a customer’s banking needs are changing will be a key battleground. Currently, data silos within banks mean these transitions become real friction points for customers, which may encourage them to look elsewhere.
Banks looking to get ahead will need to combine user data, situational insights and AI’s predictive capabilities to develop proactive, context-aware guidance around changing customer needs. For example, an effective AI-powered bank will be able to predict when a small business banking customer is ready to transition to a commercial banking customer, or when a young person wants more products and services than a junior account allows. This predictive capability equips banks to offer a highly proactive and personalised approach to their customers. For the small business banking customer, this could include tailored advice on the best way to scale, signposting to appropriate business loans and grants, as well as advice on the best bank account options. For the young person, a proactive approach to their changing needs could include a personalised quiz helping to work out their individual money management style, guidance on budgeting, as well as advice on the best account features to opt for.
4. In 2025 embracing AI will be about closing the cultural gap not the tech gap
Going into 2025, the maturing capabilities of AI tools means banks will find it easier to build AI products and services. Already, sophisticated tools like ChatGPT and Microsoft Copilot are accessible and easy to adopt. However, the momentous task of melding legacy culture with AI’s potential, remains.
Tom Castle Strategy Principal, Futurice
Setting the Standard: How OCBC Bank is Leading the Future of Consumer Banking
OCBC Bank is redefining consumer banking in Singapore with a focus on innovation, customer experience, and sustainability. In 2024, the bank was recognized as Best Digital Transformation Bank Singapore and Best Consumer Banking Experience Singapore by Global Banking & Finance Review. Leading these efforts is Sunny Quek, Head of Global Consumer Financial Services, who oversees initiatives in digital transformation, customer experience, and regional growth.In this exclusive interview with Global Banking & Finance Review Editor Wanda Rich, Sunny Quek unveils how OCBC Bank is navigating industry challenges, capitalizing on emerging opportunities, and transforming consumer banking in Singapore and beyond.
1. What do you see as the biggest challenges and opportunities currently facing OCBC Bank, and how do you plan to address them?
In my view, the macroeconomic outlook for 2025 remains uncertain with continued geopolitical tensions and expectation of rate cuts. Despite ongoing headwinds, OCBC Global Consumer Financial Services will remain nimble and stay focused on executing our strategy to navigate the volatile economic landscape successfully.
We will continue to capitalise the opportunities from rising Asian wealth, which is also a key pillar of our OCBC corporate strategy. We have observed that individuals are looking at different markets for diversification opportunities, leading to more wealth flows in the region.
Hence, we must accelerate acquisition to capture customers across the region. We doubled down on our efforts to grow our customer base by leveraging on digital acquisition where today, 1 in 2 of our newto-bank customers are onboarded digitally.
Acquisition for our Premier Banking segment is also strong to power our wealth management growth. Here, our twin wealth hubs of Singapore and Hong Kong SAR are especially attractive. We will continue to extend our regional capabilities and leverage our digital strengths to capture wealth flows.
Another way that we acquire is by tapping on the strengths of OCBC Group, where we have a powerful One Group, One Brand proposition. By leveraging our collective strengths, we can harness the synergies and deliver results across the region.
2. As one of Southeast Asia’s leading banks, how does OCBC set itself apart in the market?
With our extensive coverage across Southeast Asia, I firmly believe OCBC is well-positioned to optimise our linkages to achieve our ambition to be Asia’s leading financial services partner for a sustainable future.
Particularly, OCBC offers an entire continuum of wealth services for our customers as they grow their wealth at every stage.
For example, when businesses come from Greater China to ASEAN, not only can the businesses itself bank with OCBC, but their owners can become OCBC Premier Banking or Premier Private Client customers too. From there, they could eventually become customers of our private banking arm, Bank of Singapore. Same for businesses that would like to set up in multiple locations such as Singapore and Indonesia, OCBC is present in both locations to support this need. Everywhere these customers go, they can bank with us as one OCBC Group.
Looking ahead, regional collaborations would also be a key priority to drive beyond-banking experiences for our customers and enable us to differentiate ourselves in the market. In October 2024, we became the first bank in Southeast Asia to launch Disney-themed cards and offer customers special experiences inspired by Disney, Pixar, Marvel and Star Wars characters and stories. Collaborations like these enable us to attract new customers and bring to the market products and services that are not based on pricing or rates alone.
3. OCBC Bank has achieved remarkable milestones in digital transformation, especially with a high rate of digital onboarding for new customers. Could you share how the bank approaches innovation to ensure it remains competitive in the fast-paced digital banking landscape?
For OCBC Global Consumer Financial Services, our approach to innovation is no different from how we look at any other product or service proposition or offering. At the centre of any work we do in the consumer franchise, it is always the human we are serving - they can be a customer, business partner or colleague.
Investing in innovations is but one piece of the puzzle to be future-ready. The way we curate and implement these investments and bring our end users along the journey, are equally important. To do so, we must embrace the mindset to begin with the end in mind –speak to end users and think from their perspectives, does the idea solve a pain point or need? Then, we look at trends, data and draw links to develop products and services that truly make a difference.
For example, recent launch of the Singaporefirst OCBC MyOwn Account follows 18 months of extensive research into the behaviours, psychology and aspiration of parents and their children. Through customer labs, we gathered extensive feedback and insights from parents of teenagers and older children aged under 16, where they want to give their children an early start to learning digital banking basics and financial independence, yet still want to supervise their child’s financial behaviours.
Additionally, innovation does not always have to mean looking at the latest technology. It can be pooling together what we have today to create a brand new and differentiated offering. This, to me, is also a way to innovate. A good example would be how OCBC implemented Money Lock. It started off as a regulatory initiative but once we understood the intent, the team took a step back, put ourselves in the shoes of the customers and asked how we could tap on the channels we have to empower customers in safeguarding their funds. This is when we came up with the idea for customers to ‘lock’ funds anytime, anywhere via OCBC digital banking platforms, and ‘unlock’ funds anytime via our ATM network island wide in Singapore. Since launch, the customer journey was very well received not just by our customers, but also our industry partners.
4. With the success of initiatives like OCBC Digital Silvers and the 20,000-square-foot Wisma Atria branch, how does OCBC balance the growing trend towards digital banking while maintaining a physical presence?
I believe customer-centric digital offerings, complemented by the human touch, is key in setting us apart and helping to move customers towards primary banking relationships with us.
Hence, even as we double down on digital banking capabilities, we will continue to improve the branch experience. We must ensure that our physical presence remain relevant, coupled with digital innovations to transform the branches. All customers, regardless interacting with the ‘physical’ or ‘digital’ space, should always feel they can engage with just one channel – the bank. We will leverage data and design to create seamless and personalised experiences for customers to achieve this.
At the heart of it all, banking is a people business. It is also vital that we have meaningful engagements with our customers so they can bank with confidence. OCBC Digital Silvers is one area where we made concerted effort this year. The programme is now in its third year, and we have expanded beyond conducting workshops at branches to hosting mini carnivals at various community spaces near the homes of seniors. All seniors – regardless if they bank with OCBC – can participate in these community events to learn basic banking and scam prevention skills. We are very heartened by the results of our consistent educational efforts, as many seniors had found the programme useful.
5. How does OCBC approach the development of new products and services to ensure they align with evolving customer needs and market trends?
We have continuously accelerated our digital efforts by investing in technology infrastructure to be more agile and responsive to meet new customer and market requirements. This includes building greater capacity to harness analytics, AI and selfservice digitised banking as we embrace the digital wave.
One aspect that we have been focused on is sharpening our personalisation capabilities, especially those served on our mobile app and internet banking platforms. Data alone will not be valuable to customers - data has value when it is delivered to customers in a way that helps them make sense of their finances, and is accessible. When our customers use our digital banking platforms, we are able to leverage artificial intelligence to provide customers with a personalised experience and guide them to take action with “nudges” curated just for them. The goal is to empower them to embark on their banking needs with us seamlessly, be it for investment, wealth planning, payment and many more.
As customers’ needs evolve, We also want to introduce more innovative digital products and services that address these needs. For instance, as travel continued to pick up, we beefed up our OCBC mobile app’s cross-border QR payment capabilities. Today, our app has the most comprehensive cross-border payments amongst banks in Singapore, led by our partnerships with Alipay+, UnionPay, Thailand’s PromptPay, Malaysia’s DuitNow, Indonesia’s Quick Response Indonesian Standard and now – most recently in November 2024 – we were the first bank in Asia Pacific to launch instant fund transfers to Alipay and WeChatPay wallets.
6. As customer expectations continue to evolve, how does OCBC plan to enhance its customer experience and ensure it remains responsive to the needs of both new and existing customers?
At OCBC Global Consumer Financial Services, we believe that a successful customer experience strategy lies in understanding our customers’ needs and redefining customer journeys in line with these needs.
Besides further investing in our people, and digital capabilities for the creation of new competitive advantages, it is vital that we “co-create” our products and services with customers to ensure that their needs are met.
Prior to any launch, we spend hours engaging customers across different life stages and profiles to understand their needs and behaviour. Based on their feedback, we continually revise the prototype designs and content through an iterative process to eventually create simple and seamless journeys for customers.
For example, we realised through our engagements with property agents that being self employed, they often miss out on certain benefits available to full-time employees. Hence, we introduced the OCBC PartnerCare programme to close this gap, as the first comprehensive financial and personal wellness programme for more than 35,000 property agents in Singapore. The progamme draws on the strengths of OCBC Group, including not just banking benefits, but also trading and insurance benefits. The programme benefits were availed as a result of insights drawn from interviews with property agents, so as to give them the right support in this fast-paced industry.
7. OCBC has emphasized sustainability through initiatives like the Sustainability Hub and ESGthemed investment opportunities. Could you elaborate on the bank's key sustainability goals, and how you see them evolving in the coming years?
As a bank, OCBC recognises that environmental and social issues are among the pressing global issues of our time, posing both business risks as well as significant opportunities. We have therefore, adopted a robust and holistic approach to positive environmental, social and governance (ESG) factors. This is integrated across how we operate our business and manage our risks.
OCBC Global Consumer Financial Services too focuses on the same imperatives to give greater focus on our sustainability agenda. Over the years, we have accelerated our ongoing efforts relating to sustainability by advancing digital ESG solutions and widening our sustainable product offerings to encourage our customers to go green.
We launched our market-first OCBC Sustainability Hub with personalised ESG rating and expanded range of ESG products in 2024, with more on the way. Today, more than 90% of our fund product shelf have a minimum ‘BB’ MSCI ESG rating.
8. How do you believe the focus on sustainability and ESG principles will reshape the banking industry, and what role should banks play in driving this change?
We believe sustainability is set to fundamentally reshape banking and the flow of capital, influencing how money is saved, lent & invested.
Moreover, we have observed our customers’ needs and preferences evolving with diverse motivations: some investors seek to create a positive impact on the planet with their money while others want to protect their investments from climate risks. There are also investors who want their wealth to reflect their deeply held values, and those who view sustainability trends as opportunities for growth in emerging sectors.
This diversity underscores our belief that there is no one-size-fitsall approach to sustainability and that we, as a bank must remain adaptable, and evolve strategically, while remaining focused on our transition towards a net-zero future.
9. Looking ahead, what are your top priorities for OCBC Bank over the next few years, and what new initiatives can we expect to see?
For OCBC Global Consumer Financial Services, we will continue to accelerate acquisition, deepen engagement with customers, and grow our Premier Banking business.
Even as we move full steam ahead, we are anchored on doing the right thing and helping customers achieve their aspirations. To me, this is what it means to serve from the heart, which in turn is true customer engagement. Digital will continue to play a key role in this area, along with our obsession with delivering value to our customers. They must feel real value in our digital propositions for them to continuously engage with us.
As a regional bank, I also firmly believe that we are wellpositioned to replicate our Singapore success in Malaysia, Indonesia and Hong Kong, while on the constant lookout for opportunities to create the highest impact by helping our customers locally.
Like how customers have put their trust in us, we will continue to serve and safeguard their needs in banking and beyond. We look forward to being their go-to financial services partner for years to come.
Sunny Quek Head, Global Consumer Financial Services, OCBC Bank
YEARS STRONG
We celebrate the lives impacted, dreams realized, and futures secured through our financing solutions.
Growing financial services to new heights in 2025: Top predictions
The financial services industry remains under immense pressure, which will undoubtedly continue into the coming year. Balancing costs and risk in an increasingly competitive market with the need for progression and transformation is a complex challenge. Alongside this, the identities of financial institutions are evolving as the boundaries of traditional banking dissolve. Consumer expectations on the role and delivery of services continue to mature, driving new agendas and influencing strategic decisions across the industry. With this in mind, what are the top areas of focus for the financial services industry for 2025?
Customer, customer, customer
It would be amiss to start with anything other than the customer. Improving customer experience, offering secure solutions and fostering greater loyalty have long been core focuses, and as we move into another year, there will be a laser focus on these topics. Consumers are increasingly intolerant of disconnected and vulnerable banking experiences, and we will see meaningful progress this year. The concept of omnichannel experiences has been discussed for many years, but truly seamless experiences are still not the standard, creating opportunities for competitive advantage.
As the role and identity of financial institutions remain in a state of evolution this year, a more holistic approach to the customer is also required. With the rise of digital solutions and self-service banking, financial decisions are required to be made in real time throughout a person’s daily life. Therefore, financial literacy and consumer education are increasingly important as part of a financial institution’s customer-based strategy and offering.
Simply put, the basic provision of services is no longer enough. Across the industry this year, we will see a heightened urgency on customer-focused progress to maintain the core of trust needed for growth, profitability and consumer loyalty.
Competing creatively
Competitive complexity is a topic that will persist. Competition will continue to intensify as non-banks integrate financial services into other offerings. In some cases, the ability of non-traditional players to compete in the banking arena is creating waves of new entrants, but in other cases, it is also driving market consolidation. Navigating the complexities of industry demands alongside consumer needs in a profitable way is hugely challenging and often only allows the strongest organisations to survive.
To drive growth, products and services need to add tangible value to a customer, alongside removing any friction or barriers when using those services. The delivery of this is two-fold. In the back end, modern and efficient technology stacks and solutions are needed for seamless integration, speed to market and the ability to be agile and pivot quickly. In many countries we are seeing the rise of expanded strategic technology and innovation partnerships to deliver a solid long-term foundation for this. On the front end, data-backed experiences, adopting hyper-personalisation and implementing user-friendly journeys are required to remain competitive.
Sustainability spotlight
As the going green agenda continues to propel organisations into new ways of working, the focus on sustainability will continue to dominate. Research shows that sustainability will be a driving priority for 70% of millennials and Gen Z, alongside 70% of consumers in emerging markets, when making purchasing decisions in 2025.
In line with this, accurate reporting will become more important. The ability to shift from a high-level focus to tangible and meaningful results will establish the difference between those organisations creating genuine change for good and those falling short.
Helena Müller, VP Banking Europe, Diebold Nixdorf
With stricter ESG regulation likely to be on the horizon, building organisational accountability now will allow financial institutions to leapfrog ahead and build greater competitive resilience as consumers make conscious-based choices this year and beyond.
Tying ESG priorities into strategic decisions, as well as current and future product offerings, ultimately loops back to the topic of trust. Acting with intention and integrity will elevate brand identities and nurture more meaningful relationships.
Lean and keen
Operational efficiency initiatives will also continue to be a top strategic priority. The drive for streamlining processes and ways of working is nothing new, but a renewed focus will play a significant role in the 2025 agenda for many organisations. The need for future-proofed decisions on cost efficiencies based on longer-term outlooks has never been more important. To achieve this, data will play a valuable role. Utilising data more effectively will not only allow organisations to make informed investment decisions to remain profitable and relevant but can highlight potential efficiency hotspots and areas for simplification and cost saving.
Adopting a lean mindset supports another timeconsuming aspect of daily operations – regulation and compliance. Regulations, such as the Digital Operational Resilience Act (DORA), are currently in the spotlight as operational resilience and IT security become increasingly critical. Introducing or modernising solutions where compliance is ‘baked in’ will help simplify audit processes and create the platform for more flexible and resilient product offerings and enterprise management for the future. Slow progress or failure to act in this area will create organisational risk and potential reputational damage, highlighting the importance of a future-ready mindset.
In summary, 2025 has the potential for growth and embracing opportunities, provided the right strategies are in place. Keeping the customer at the core of all decisions is essential. This foundation should be reinforced by a commitment to embracing technological innovation, leveraging the power of data, keeping a sharp eye on competition and regulation, and, of course, ensuring operational efficiency. The moment for the financial services industry to secure customer value and maintain a key role in consumers’ daily lives is now.
Key trends shaping the financial services industry in 2025
The complexity and volume of data in the financial services industry is growing at an unprecedented rate. As we move into 2025, a rapid evolution of technology is set to redefine how businesses operate, connect, and grow. This will open the door for more efficient data management, streamlined operations, and the opportunity to implement innovative resource-saving solutions.
In this article, we’ll explore the key trends shaping the industry in 2025, including the expanding role of AI and automation, how Application Programming Interfaces (APIs) will enable greater connectivity, and the potential of digital assets to transform how financial service firms operate.
AI and automation: driving efficiency
A report conducted by the Bank of England and the Financial Conduct Authority revealed that 75% of firms (and 95% in the insurance sector) were already using AI in 2024, while 10% said that they were planning to adopt AI within the next three years. Although the industry might be agreed on the importance of using this technology in general, the full breadth of its applications is only now beginning to come to fruition.
For example, in back-office operations the adoption of AI and automation remains largely untapped but offers immense opportunities. Many firms continue to rely on Excel spreadsheets and other technologies that struggle to keep up with the pace of change.
Due to the speed at which technology progresses, even solutions implemented five years ago can be considered “legacy tech” if they do not allow for interoperability between systems, let alone those implemented 20 years ago. By replacing these outdated tools with automated and AI tools, in 2025 firms can streamline claims and payments, improve fraud detection, and find ways to enhance customer support.
With more data than ever before, automated reconciliation will play a vital role. This technology will give valuable time back to skilled employees, letting them work on higher value tasks like investigating and resolving exceptions, while automated tools handle repetitive activities like data ingestion in the background.
While firms may enjoy unparalleled gains in efficiency through the use of AI and machine learning, there is also understandable concern about the potential risks posed by such technologies. Firms need to be clear on the associated risks and the extent to which they can rely on the output from AI solutions.
Recent scrutiny on the Big Four firms for having failed to meet regulatory standards underscores the need for greater transparency. But with 62% of firms in agreement that keeping up with regulatory compliance has become more difficult during the last five years, and as fines for failures in client money protection become more punitive, AI and automation could offer much needed solutions. For example, by storing data in a single unified database and validating and tracking every data point, automated reconciliation platforms let auditors see the full data lineage from ingestion to enrichment, matching, sign offs and journal entries. This provides an audit trail that can be referenced when reporting.
APIs: the future of integration
APIs will continue to be the backbone of integrated financial services firms. By streamlining communication between platforms, APIs will create faster transactions, real-time data ingestion, and more responsive workflows.
Gone are the days of manually uploading file-based bank statements into reconciliation platforms. An API connection can pull data directly from the bank’s system, cutting out the need for file exports, transfers, and loading. When reconciling data from 10 or more sources, these out-of-the-box connections drastically reduce complexity and eliminate much of the manual labour that was once required.
APIs are driving operational efficiency across the board, giving firms the opportunity to gain a competitive edge. The scalability they unlock will allow businesses to easily manage the evergrowing volume and complexity of transactions and data. As firms across the industry prioritise building scalable and flexible tech stacks, APIs are a clear path toward achieving efficiency with real time insights.
Digital assets: complexity meets opportunity
Elon Musk will soon take up a position in the White House and his influence may see digital assets play an even bigger role in shaping the financial services industry. With the price of Bitcoin surging to record highs in early December and other cryptocurrencies like DOGE expected to skyrocket in the new year, digital assets and tokenisation signal a massive shift in how businesses approach reconciliation and payments processing.
We’re also seeing growing experimentation with Central Bank Digital Currencies (CBDCs), which, unlike traditional cryptocurrencies, operate under centralised governance. Governments worldwide, including the UK, China, and India, are actively exploring CBDCs as part of their economic strategies. For now, this points to a near-future where physical and digital assets coexist, adding more complexity to manage rather than replacing traditional systems outright.
Reconciling the two worlds will become an essential focus for financial institutions, as managing this will be critical to success. The continued interplay between centralised and decentralised systems, and therefore digital and physical assets, will require firms to make long-term investments in automated reconciliation technology.
Whether through traditional crypto, tokenised assets, or CBDCs, digital assets are forcing firms to rethink their basic processes. Firms that embrace automated technology will be more likely to stay afloat.
Get ready to embrace change
The financial services industry stands at a precipice. Legacy systems and outdated processes are no longer viable in a world driven by realtime processing, AI breakthroughs, automation, and API integrations. These technologies bridge the gap between technology and operations, offering great potential to those ready and willing to embrace them.
In 2025, to remain competitive businesses must prioritise innovation and adaptability. By replacing outdated systems with modern, integrated solutions, financial institutions can position themselves for long-term success.
Murray Cambell Product Manager, AutoRek
Decentralization in Danger: Why Hardware
Wallets Are Betraying Us All
The decentralization revolution promised to reshape the world of finance and digital identity, offering users the power to control their assets and data with transparency and security. But when it comes to one key aspect of this vision— consumer hardware wallets—there’s a glaring problem. Despite manufacturers’ claims, these devices remain built on outdated technology and closed ecosystems that undermine the very principles they should be supporting.
At the heart of the issue lies the adoption of proprietary, "black-box" technology by many hardware wallets, particularly the most popular brands like Ledger. These wallets have made the conscious choice to rely on a closed, unverified technology stack, keeping users in the dark about the security and functionality of their own devices. In the world of decentralization, this is not only a major contradiction – it puts the entire revolution at risk.
Decentralization Betrayed
Decentralization represents a new way of thinking about trust that’s rooted in the belief that financial systems should not rest in the hands of a few central authorities, but in open, verifiable systems. Cryptocurrencies like Bitcoin encourage users to verify every transaction and examine the code, not put blind faith in intermediaries. But hardware wallets, especially those that follow closed-source models, betray this principle.
Devices like Ledger often present themselves as the gold standard for security. They promise to keep users' private keys and digital assets safe from online threats. However, the technology behind these wallets is built on legacy systems, like the same smart card technology used in bank cards. This technology was never designed for the world of digital assets and, while secure for its intended purposes, fails to meet the growing demands of the decentralized ecosystem.
The problem is not just the technology but the hidden nature of the device. Unlike open source systems that can be examined, audited, and improved by the community, hardware wallets typically operate within a closed, proprietary environment. How can we trust the tools we use to safeguard our wealth – and, increasingly, our digital identity – if they’re impossible to verify?
Another major flaw in many hardware wallets is their “walled garden” approach. In the early days of the internet, centralized companies like Google and Facebook created ecosystems where everything from user data to services was controlled by a few key players. Now, history is repeating, this time as farce, with wallet providers acting as gatekeepers to the ecosystem they control. To make matters worse, every application that interacts with these wallets often requires approval from the manufacturer. This creates a bottleneck for innovation, as only approved apps can operate on the wallet, stifling competition and creativity.
This is a stark contrast to the open source nature of cryptocurrencies, where new projects and functionalities evolve through community collaboration and transparent development. Hardware wallets that keep users within a closed system limit this natural progression, consolidating control in the hands of a few providers. The result is a centralized model that mirrors the very centralization we thought we’d left behind.
Innovation Withers in The Walled Garden
Moreover, the concentration of control in the hands of a few companies increases the vulnerability of the entire ecosystem by concentrating security risks. If these companies were ever compromised, the consequences would be disastrous for millions of users.
Embracing Open Source
The solution to these problems is both simple and radical: embrace open source technology. Just as decentralized networks like Bitcoin rely on open source protocols to ensure transparency and security, the tools we use to access and store digital assets must follow the same principles. Fortunately, we now have the tech to make this shift possible.
Next-generation hardware solutions, built on open source microkernel-based operating systems, already offer a secure, transparent, and flexible foundation for decentralized wallets. These systems enable anyone to inspect the security of the device, ensuring there are no hidden backdoors or vulnerabilities. Developers can freely create applications without requiring approval from a central authority, fostering innovation while maintaining the security and integrity of the entire ecosystem.
By embracing open source hardware and software, the industry can not only enhance security but also encourage the growth of a truly decentralized digital economy. Developers can build apps in isolated sandboxes, preventing malicious or compromised applications from affecting others. This approach supports the core values of decentralization: transparency, openness, and trust in the collective power of the community.
To transparency…and beyond
The decentralization revolution can only succeed if the tools we use to participate in it are built on the same principles of openness and transparency. Today’s hardware wallets are the complete antithesis of this goal. As the crypto ecosystem continues to expand, the need for truly secure and open devices becomes more urgent. The future of digital finance and self-sovereignty depends on the widespread adoption of open source solutions that enable security, innovation, and trust for all users. Only by opening the door to these new technologies can we hope to build a truly decentralized future.
Zach Herbert, Cofounder and CEO, Foundation Devices
The Future of Financial Health in Wellness: Empowering Health Choices through
Personalised Financing and Technology
Nada Ali Redha, CEO and Founde, PLIM Finance
The wellness industry is evolving rapidly, and its future lies at the intersection of personalised financing solutions, advanced technology, and a stronger emphasis on preventive care. As consumers continue to prioritise their health and well-being, there is a growing need to make wellness services more financially accessible and sustainable. Key trends such as flexible payment models, digital health platforms, insurance integration, and valuebased care are reshaping how individuals approach their wellness journeys. These innovations empower individuals to make informed health decisions without the burden of financial strain, while also fostering a more inclusive and holistic approach to wellness.
1. Flexible Payment Models: Making Wellness More Accessible
One of the most significant trends shaping the future of financial health in wellness is the rise of flexible payment models. From Buy Now, Pay Later (BNPL) solutions to subscription services and microloans, these payment options are making wellness services more accessible to a broader audience.
BNPL has gained immense popularity across various industries, and its impact on wellness is no different. Consumers can now spread out the cost of treatments such as fitness memberships, mental health counseling, or even spa services over manageable installments, making it easier to incorporate these services into their lifestyle. BNPL is not just for those seeking affordability, but for individuals who prefer to manage their finances more strategically, enabling them to invest in their health while maintaining control over their budget.
Similarly, subscription-based models are gaining traction in wellness, offering consumers access to a range of services on a regular basis without the commitment of upfront payments. Whether it’s a monthly yoga class pass, a mental health app subscription, or access to personalised nutrition coaching, these models offer flexibility and convenience, encouraging longterm engagement with wellness services. Microloans are also emerging as a viable option for financing more significant wellness investments, such as elective surgeries or comprehensive health programs, providing individuals with the means to prioritise their health goals without depleting their savings.
2. Digital Health Platforms: Personalised Financial Management for Wellness
The integration of technology into wellness is another critical trend transforming the industry, particularly through fintech-enabled digital health platforms. These tools are not only enhancing the way consumers track their health progress but also revolutionising how they manage their wellness spending. Fintech solutions are making it easier for individuals to keep tabs on their financial health while pursuing wellness goals.
Digital health platforms equipped with fintech tools can offer personalised budgeting advice based on spending patterns, helping users allocate funds toward health-related expenses. For example, if a user regularly spends on fitness classes, these platforms can offer insights into how to budget effectively for ongoing wellness services. Additionally, some platforms are beginning to incorporate rewards programs that incentivise healthconscious decisions, such as discounts or cash-back offers for participating in fitness programs or choosing healthier food options.
By integrating financial health management with wellness tracking, these platforms create a comprehensive approach to well-being. Consumers can better understand the impact of their financial choices on their overall health, enabling them to make more informed decisions that support both their physical and financial well-being.
3. Insurance Integration: Reducing Outof-Pocket Costs for Wellness
Insurance integration is another trend that will play a crucial role in the future of financial health in wellness. As wellness services such as mental health therapy, fitness programs, and preventive care gain more recognition for their long-term health benefits, there is a growing movement toward expanding insurance coverage for these services.
Traditionally, wellness services have been viewed as optional or nonessential, often resulting in high out-of-pocket costs for consumers. However, the tide is shifting as more insurance providers recognise the value of preventive care and its potential to reduce long-term healthcare expenses. For example, many insurance plans now include mental health coverage, and some even offer partial reimbursement for gym memberships or wellness programs aimed at improving overall health.
This expanded coverage helps alleviate the financial burden of wellness services, allowing more individuals to access the care they need without facing prohibitive costs. As insurance providers continue to embrace the importance of wellness in promoting long-term health, consumers will benefit from more comprehensive and affordable options that support their well-being.
As the wellness industry continues to evolve, the integration of personalised financing solutions, technology, and preventive care will be critical in making wellness more financially sustainable and inclusive. The trends of flexible payment models, digital health platforms, insurance integration, and value-based care are setting the stage for a future where individuals can prioritise their health without the stress of financial strain.
These innovations are not only making wellness services more accessible but also empowering individuals to take control of both their health and financial well-being. By offering flexible and personalised solutions, the future of financial health in wellness is one that emphasises long-term health outcomes, preventive care, and smart financial choices.
Ultimately, the goal is to create a wellness ecosystem where consumers can invest in their well-being confidently and sustainably, knowing that the tools and resources they need to manage both their health and finances are readily available. This shift represents a new era of holistic care, where financial health and physical health are equally prioritised, enabling individuals to lead healthier, more balanced lives.
How privacy-preserving technologies are tackling the trust issues plaguing tokenised economies
For me, tokenisation is a transformative force for the digital economy, with decentralised systems and new forms of asset ownership opening the door to fractional ownership, enhanced liquidity, and broader access to financial systems. And I’m not alone in that thought. The tokenised economy is expanding, and fast—by 2027 it’s forecast to exceed $24 trillion in asset tokenisation.
However, a key issue remains, becoming ever more critical as this expansion develops: how to secure user identities and sensitive data while upholding privacy standards. Right now, the main issues include:
• A lack of privacy in public blockchains: Transaction details on public ledgers are transparent by design, exposing sensitive information about participants.
• Complexity of balancing transparency and confidentiality: Tokenised platforms often struggle to meet regulatory requirements for transparency without compromising user privacy.
• Smart contract vulnerabilities: Exploitable smart contracts could lead to large-scale exposure of sensitive information, eroding trust in decentralised systems.
If privacy and security are neglected, the very foundation of trust that underpins the tokenised economy would crumble. Not only would platforms that fail to address privacy concerns risk being overtaken by those that prioritise security, but there’d be reduced adoption overall, with both enterprises and individuals hesitant to engage with any insecure systems on the scene.
Should privacy breaches occur, it could also lead to significant financial losses and undermine confidence in tokenised ecosystems, while governments could impose prohibitive restrictions that may hinder innovation.
Tackling trust with tech
On the upside, there are a number of emerging privacy-preserving technologies that can help solve this challenge.
Firstly, let’s look at Fully Homomorphic Encryption (FHE) – an encryption method that enables data to remain encrypted even during processing – which is a potential cornerstone for secure, decentralised environments.
With FHE, every stage of tokenisation – asset creation, transfer, and smart contract execution – can occur on encrypted data, perfectly aligning with the privacy needs of tokenisation platforms.
FHE can also enable computation on encrypted data within smart contracts, allowing for complex functionalities without compromising privacy, and can integrate seamlessly into existing Layer 1 or Layer 2 solutions, enhancing their security without redesigning entire systems.
Alongside FHE, there are also a number of other complementary technologies that contribute to privacy and security. These include:
• Zero-Knowledge Proofs (ZKPs): While FHE keeps data encrypted during computations, ZKPs provide verifiable guarantees about the computations’ correctness. As such, ZKPs allow users to prove ownership of assets or compliance with rules without exposing sensitive details. For instance, users could demonstrate eligibility for a tokenised asset transfer without revealing their entire portfolio .ZKPs are particularly relevant here as the global DeFi market, expected to grow 42% annually over the next five years, demands these reliable and private verification methods.
• Secure Multi-Party Computation (MPC): MPC enables collaborative computations across multiple parties without exposing individual inputs, ensuring security in multistakeholder environments. FHE can work with MPC to enhance it by allowing computations on encrypted inputs, further securing the process without additional decryption steps.
• Differential Privacy: Differential privacy adds statistical noise to aggregate data, safeguarding individual privacy while enabling meaningful analytics. FHE then ensures the entire data pipeline, including noise addition, remains encrypted, preventing unauthorised access to raw data.
Challenges and how they’re being addressed
While at first glance it may seem as though a solution to the trust issues plaguing tokenised economies is ready and waiting – but there is still work to be done before these technologies can be implemented at scale.
Performance overheads are a significant barrier, as the computational intensity of cryptographic methods like FHE can lead to latency issues that hinder real-time processing. Additionally, blockchain integration poses a technical hurdle, requiring these technologies to align seamlessly with decentralised consensus mechanisms without compromising performance or security.
Usability is another pressing issue, as developers often face steep learning curves when working with these advanced tools, which can slow adoption and innovation. Finally, interoperability remains a persistent challenge, as ensuring that privacypreserving technologies can function across diverse blockchain ecosystems demands standardisation and robust cross-platform solutions.
However, right now efforts to overcome these challenges are already making significant progress. Advancements in FHE algorithms are underway, aiming to reduce computational overhead and bring the possibility of real-time privacy closer to reality, while the development of developer-friendly tools is a top priority for the industry, so that we can address usability issues. By creating intuitive SDKs and APIs, we aim to empower developers to integrate FHE seamlessly into their applications without requiring deep cryptographic expertise.
Additionally, collaboration with blockchain communities is underway in an effort to create a standardised approach to privacy-preserving technologies, ensuring interoperability and accelerating adoption across diverse platforms.
With these initiatives underway, privacy-preserving technologies like FHE have incredible potential to address the security issues within tokenised economies. But the key is to take a layered approach – to combine FHE with the likes of ZKPs, MPC, and Differential Privacy to build a scalable, secure foundation where tokenised economies are not only efficient but also secure, private, and inclusive.
Only then can we not only drive mass adoption and ensure the growth of a digital economy – but ensure that this digital economy is one that we can trust.
Jeremy Bradley, COO, Zama
Three Strategies to Modernize Payments in 2025
Financial institutions must consider their strategies for managing the expected surge in 2025 digital commerce from businesses and consumers. Already, signs are pointing to increased retail activity from previous years, with Ecommerce Europe reporting an e-commerce turnover of €958 billion and U.S. e-commerce sales expected to reach $6.33 trillion in 2024.
However, many decades-old payment systems are not well suited for spikes in demand. Furthermore, some of these systems comprise a patchwork of legacy technologies that are difficult to change and costly to operate. Payment systems are frequent targets of cyberattacks, and connections between disparate technologies can leave them vulnerable.
Every year, technical debt continues to grow, making modernization even more costly. This has made it more difficult to make the necessary changes to simplify operations and avoid serious service disruptions.
The situation is untenable, but there is hope for 2025. Let's explore three strategies that financial organizations can adopt to ensure that their payment services can handle what promises to be another record-setting year for financial transactions.
Begin migrating from individual systems to a cohesive payments platform.
Many financial institutions use multiple types of technologies to manage different payment rails. For example, they might have one system handling domestic payments, another for credit card payments, and another for cross-border payments. They may even have separate systems for real-time and scheduled payments.
This "system" isn't a system at all. These technologies operate independently and require different management protocols. The lack of cohesiveness makes using consistent operating tools and processes challenging, increasing overall operational costs. When an outage occurs, it can be hard to identify its root cause. Teams might spend precious time attempting to fix the issue, which can draw the attention of regulators and result in lost business from consumers and retail partners.
In 2025, organizations should begin or accelerate the movement from traditional payment systems to a modern cloud platform that combines disparate technologies. Overlaying technologies on top of a common platform makes it easier and more efficient for managers to control and monitor various systems, which will help reduce operating costs and mitigate risk.
Measure capacity and automate scalability for expected and unexpected surges.
As organizations prepare for 2025, they should measure the capacity levels they experienced at different times in 2024, particularly in November and December. The volume of transactions processed then can help inform teams of how much they can expect at similar times next year. This data can help them calculate cost-per-transaction savings via modernization and optimize future cloud infrastructure purchases.
Traditionally, organizations have invested in new payment infrastructure to account for capacity increases. Many companies either leave these running at full scale or shut them down after the shopping period is over, only to be rerun in the following year. They may also schedule them to scale up during scheduled batch processing periods and turn them down after those periods have ended.
This method is inefficient, however. Organizations spend more time and money than necessary on equipment and time to manage the process, and it doesn't account for unexpected surges or the need to process real-time payments in seconds.
A cloud-native payment platform can automatically scale payment services up or down, depending on capacity needs. The platform provides elasticity and the ability to scale as payment volumes rise and fall, allowing organizations to cope efficiently and effectively with payment volume volatility.
The ability to scale automatically based on demand isn't just beneficial for specific times of the year. More countries, including the United States, are embracing realtime payment models, necessitating the need for platforms that can easily handle unexpected increases in demand. Basing payment infrastructure on a flexible platform gives financial institutions the agility to support real-time payments and expected increases in transactions during busy shopping periods.
Ensure business continuity plans and teams are in place.
Building off a common platform can help minimize the chances of an extended outage, but it will not eliminate the risk. Although the platform provides greater visibility into the entirety of the infrastructure and allows teams to respond more quickly to problems, there may still be downtimes while managers remediate issues.
In these cases, having pre-prepared contingency plans and business continuity processes helps. Organizations may wish to develop playbooks that clearly define roles and responsibilities and courses of action that administrators must take if an outage occurs. Teams should know what to do in these scenarios and have the necessary resources and materials to take action and rapidly recover and restore systems to their original state. They should also be readily available when transaction volume is expected to be heavy, such as during holidays.
Whatever financial organizations have planned for 2025, it is clear that failure to modernize payment systems is not an option. Inaction will inevitably result in undesirable consequences, including loss of business and reputation and potentially regulatory action.
As such, financial institutions that still need to do so should begin proactively planning their move toward a common, modern payment platform. This critical function warrants investment and will yield significant returns in the near and long term.
Eric Marts Industry Principal, Banking & Payments, Red Hat
A defining year for crypto– what does the FCA’s latest roadmap mean for crypto firms?
2025 is poised to be a watershed moment for crypto firms operating in the UK. With the UK Financial Conduct Authority (FCA) recently publishing its roadmap for crypto regulation and the sector energised by the prospect of a firm advocate for cryptocurrency in the White House, firms face a future where running like traditional securities firms may become a necessity rather than a choice.[1]
The FCA’s latest roadmap is set to bring in a host of new rules around capital requirements, insider trading, and execution, with the regime going live in 2026. The FCA has also now implemented parts of their Roadmap, potentially in response to the quicken pace in the US, by publishing their first proposals for new regulations in Discussion Paper DP24/4. Operational shifts to comply mean that costs may be driven up significantly, underscoring the need for strategic planning and investment in regulatory readiness as the industry gears up for the new year.
The FCA’s vision signals a shift from the current anti-money laundering (AML)-focused regime to a more comprehensive framework that will provide the full spectrum of regulatory oversight. The FCA has said that it intends to shape a cryptoasset marketplace which is sustainable, robust, and trusted which in turn will promote long-term investment and
innovation in the UK and is encouraging the industry to actively participate in the process and share expertise which help shape these new rules.
For crypto firms, preparation must begin now, as failing to adapt in a timely manner may restrict them from activity in one of the world’s major financial hubs.
What are the FCA’s timelines?
The FCA’s roadmap provides a useful insight into the areas and activities it will be consulting in the next 18 months. While the FCA has already published a Discussion Paper on regulating stablecoins in November 2023, shortly after publication of its roadmap, the FCA has published another Discussion Paper on regulating cryptoassets. This is being used to inform the development of FCA rules for cryptoasset admissions and disclosures and cryptoasset market abuse – these are areas which the FCA believes are crucial to improving the integrity of crypto markets and helping investors make informed decisions.
The FCA is asking for comments by 14 March 2025.
These will be followed by several additional discussion and consultations papers in 2025 focusing on lending, staking, prudential matters, custody, consumer duty, conduct standards, disclosures and governance.
The roadmap is expected to be a huge turning point for the UK crypto landscape, having highlighted the regulator’s ambition to push forward plans and embrace a crypto culture.
Although the timelines and rule exact changes are yet to be revealed, the implications are already clearly significant, requiring effective planning and preparation.
Earlier statements from the UK Government on the new regime have suggested at eliminating the flexibility previously afforded to offshore crypto businesses through potential offshore licencing arrangements. If this change goes ahead, firms will either have to comply fully with UK regulations or operate entirely outside its jurisdiction. Firms both in the UK and outside of it, must be ready for a new regulatory environment that demands compliance and clarity of operation.
All crypto businesses operating in the UK will need to secure a new license under the new FCA framework. Existing firms are likely to benefit from some form of transitional grace period to align operations with the new requirements, but new entrants will have no such luxury. These new firms will need to apply and comply with a broader spectrum of compliance and operational requirements before entering the market.
The UK is an important market for crypto activity, and the regulatory bar is already high. For firms, it will be critical to factor in the costs and investments required to achieve compliance with new rules. Neglecting this could lead to operational delays or barriers to market entry, undermining long-term growth.
How does the FCA framework compare to previous plans for UK crypto?
The FCA roadmap somewhat parallels the EU’s Markets in Crypto-Assets Regulation (MiCA), set to come into force in January 2025. Both aim to bring crypto into the fold of mainstream financial services regulation, but navigating both markets will be a challenge.
For crypto firms operating across jurisdictions, the challenge lies in aligning their compliance strategies. A pragmatic approach might be to prioritise MiCA first – given its earlier enforcement date – before mapping over compliance efforts to the UK’s requirements. However, firms must account for the requirements to have physical substance in both the UK and EU as well as differences in scope and jurisdictional nuances, ensuring that systems and processes can adapt to each regulatory framework seamlessly.
Arun Srivastava Fintech and Regulation Partner
Paul Hastings
A shifting landscape in the US
Across the Atlantic, the landscape for crypto diverges significantly. Unlike the UK and EU, the US has yet to establish a comprehensive legal framework for crypto assets. Instead, the sector has been shaped by piecemeal enforcement actions, often characterised by aggressive crackdowns and a lack of clarity. This regulatory ambiguity has left crypto firms grappling with uncertainty and mistrust in US markets, compounded by cultural friction between the crypto community and US regulators.
The upcoming Republican administration, however, could signal a shift in tone. The new government is expected to adopt a more pro-crypto stance, however the exact impact of new legislation remains unknown. While enforcement will remain a part of the landscape, clearer laws and a more supportive regulatory environment could reduce fear among crypto businesses considering the US as a target market. However, much like in the UK and EU, the industry will need certainty and a cohesive framework to achieve sustainable growth.
Action must be taken now
Entering the new year, the magnitude of changes required to comply with shifting regulations in the UK and further abroad, will mean acting now is essential. Building resilient operational models, revising governance practices, and preparing for potentially heightened territorial restrictions are not just prudent steps but essential for survival.
For crypto firms, the key to navigating change lies in early preparation, strategic prioritisation, and adaptability to jurisdictional differences. As a new dawn looms, the evolving regulatory landscape promises both challenges and opportunities for those ready to meet the moment. Firms that act now will be best positioned to thrive in the new era of global crypto regulation.
Nina Moffatt Fintech and Regulation Partner
Paul Hastings
Scaling brand reach: How employee advocacy can fill the GTM budget gap
With marketing budgets contracting for the first time in fourteen quarters, as shown in this year’s Q3 IPA Bellwether report, empowering employees as brand advocates is critical.
When go-to-market (GTM) funds are tight, every employee interaction – through emails, social media or conversations – becomes a vital way to promote the brand. Branding, after all, is a company’s secret weapon, and this approach is both cost-effective and deeply authentic. But it requires critical foundations: alignment between the external brand and the internal culture, the right tools and an empowerment mindset.
Why brand is both external and internal
A brand isn’t just a logo or tagline – it’s the essence of a company, visible to the outside world but rooted firmly within its internal culture. Employees need to not only understand the brand but also believe in it. Without this buy-in, attempts to scale brand reach risks feeling hollow or inconsistent.
Authentic branding starts with a strong internal culture. Employees must grasp the company’s vision, mission and values so they can naturally extend them to every customer touchpoint. When a company’s internal identity aligns with its external brand, employees become genuine ambassadors, and the brand resonates more deeply with customers.
Jennifer Herbison, Interim CMO, Exclaimer
Turning employees into natural brand advocates
Our research shows that 65% of consumers expect brand emails to maintain a professional tone, reinforcing trust and credibility. At the same time, a Lucidpress study found that consistent branding across all platforms can increase revenue by up to 23%. This consistency isn’t achievable without employees who understand and embody the brand.
Leaders can empower their teams with the right tools and mindset to amplify the brand, even in budgetstrapped times. For example, email signatures, often overlooked, are daily touchpoints that can showcase initiatives, campaigns or contact details in a polished, professional way. Similarly, branded backgrounds for Zoom or Teams meetings ensure the brand stays visible, even in casual interactions.
The power of a brand-centric culture
To scale branding authentically, a company’s culture must reflect its external promise. This starts from within. All employees must embody the brand’s values – not just in words but in actions. Employees are far more likely to act as brand champions when they feel inspired by their colleagues and teammates who live and breathe the company’s mission.
Leaders can also reinforce the connection between culture and brand by hosting sessions that delve into brand values and unique selling points. When employees truly understand what the brand stands for, they can carry its essence into the world with confidence and authenticity.
Recognition plays a key role in sustaining this cultural alignment. Incentivising and celebrating employees who actively champion the brand – whether through shout-outs, bonuses or awards – encourages others to follow suit.
Simplifying advocacy with user-friendly tools
Employees are at their best when equipped with tools that simplify the branding process. Intuitive platforms that automatically incorporate brand elements – logos, colour palettes or taglines – into daily tasks allow employees to focus on impactful, creative work without worrying about compliance.
Centralised digital asset libraries ensure that employees always have access to the latest brand materials. Training sessions or quick-start guides can further boost confidence, making it easy for employees to create on-brand content in minutes.
The true reflection of the brand
In a tight-budget environment, leveraging employees as brand advocates offers a scalable, cost-effective solution to maintaining brand visibility and consistency. But for this strategy to succeed, the brand must be a true reflection of the company’s culture.
When internal alignment is strong, external messaging naturally follows. Employees who understand and believe in the brand take it into the world with authenticity and purpose, creating a ripple effect that extends far beyond traditional marketing channels.
By building a brand-centric culture, equipping employees with the right tools and fostering internal buy-in, GTM teams can turn every interaction – no matter how small – into a moment of impactful brand advocacy.
New Year, New Goals: Aspiring for holistic success in 2025 and beyond
As 2024 winds down, many of us will reassess our lives for the year ahead. Achieving prosperity in the upcoming year is about preparing for the events and decisions that can significantly impact your family, finances, and career trajectory. The new year brings a prime opportunity take a deeper look at your priorities—a crucial period of reflection for aligning your financial strategies with life changes and goals. Whether it’s tax or estate planning, making more time for family, or considering a job change, being proactive can help you become an even better, thriving version of yourself in 2025 and beyond.
Financial Reevaluation
While it’s great to start the new year with financial goals, it’s imperative to assess your existing financial situation before setting those goals. Take a close look at your income sources, expenses, and savings strategies. Assessments could also mean a review of charitable contributions, setting aside important tax documents and consider available tax benefits, or examining whether your assets are positioned for a smooth transition to the next generation. By implementing a thoughtful approach now, you can better position yourself to potentially reduce stress and supporting long-term financial stability.
Consider meeting with a financial advisor to discuss your long-term goals. Northwestern Mutual’s Planning and Progress Study shows Americans are much more confident and retire earlier with a financial advisor than without one. But realize it's not just about numbers— it’s about aligning your financial choices with your values and life goals. Whether you’re looking to buy a home, save for retirement, or pay your child’s tuition, a proactive plan tailored to your unique financial situation will set the tone for the upcoming year.
Family Priorities
The daily grind of life can lead us to neglect checking in with our loved ones as often as we should. This time of reflection should include those relationships, and how you can strengthen them in the coming year. Whether it’s scheduling regular family gatherings or even simple one-on-one time with those who matter most, do not underestimate the value of investing time with the people you care about most.
For example, a great way of making that investment is talking about financial goals and including your children in family conversations about money. Open discussions on finances with your loved ones is a way to help bring the entire family closer together. The financial education your children get will last longer than any formal schooling as you set a solid foundation of building wealth and prosperity.
Career Growth and Development
I was blessed to realize early in my life that I wanted to enjoy an entrepreneurial career where I could make a positive impact in my community and with people I work with. Being a financial advisor has given me that opportunity and so much more, including unlimited earning potential, the freedom of having my own business, and the flexibility to enjoy my life outside of work. However, it’s not lost on me that many people are still searching for the career that fulfills them personally, professionally, and financially.
If you’re not satisfied with your current career trajectory, take time to outline your professional goals. Think of the skills you have to learn to achieve those goals. Look for mentors or networking opportunities within your industry—perhaps outside of it if you’re looking to make a significant career change. Remember, your career is a major part of your life, and investing in it can yield strong returns in every aspect of it.
As we look to the new year, be sure to take time to reassess and realign your priorities. By doing so, you’ll have an updated and customized blueprint for your life that leads to success. This perspective can bring about resilience, self-care, meaningful relationships, and even greater wealth financially and holistically. Now is the time to align your actions with your values—with the goal being a more joyful and harmonious life.
Here's to a fulfilling and prosperous 2025—and beyond!
Chris Cruz, CLU®, CFP®, is a Wealth Management Advisor and serves as the Managing Director of Northwestern Mutual’s Addison, Allen, and Waco offices. With more than a dozen years of experience, he leads a team of approximately 75 advisors and staff. Chris specializes in serving his clients through holistic financial planning.
Chris Cruz Wealth Management Advisor
Seizing the Opportunity: Leveraging ISO 20022 for Growth
As the 2025 ISO 20022 compliance deadline looms, financial institutions (FIs) using the Fedwire Funds Service are gearing up to meet regulatory requirements. While some FIs may not feel ready to maximize the new messaging standard’s benefits, come March 10, 2025, they will have no choice but to move forward if they wish to continue using Fedwire.
Thankfully, systems and solutions are in place to help them make the required transition. While compliance is undoubtedly crucial, it's essential to recognize that ISO 20022 is more than just a regulatory mandate. It's a powerful tool that can revolutionize operations, drive innovation, and unlock new growth opportunities.
With the analyst firm Datos Insights reporting that 45% of mid-tier bank clients plan to utilize ISO messaging, FIs who embrace ISO 20022 messaging will modernize their payment systems, enhance data exchange, and deliver superior customer experiences. This strategic approach positions institutions to meet compliance obligations, facilitate digital transformation initiatives, and see their innovation efforts thrive in the digital age.
ISO 20022: Beyond Compliance
ISO 20022 is a global messaging standard for electronic data interchange that enables standardized and interoperable financial communication across institutions. It replaces outdated messaging formats with a structured, data-rich framework for greater transparency, accuracy, and efficiency.
A 2024 Celent survey found that the available budget for innovation is on the decline, with a fall of 10% since 2022. Historically, ISO 20022 has been viewed through the lens of compliance. However, for forward-looking institutions, this represents an opportunity to modernize legacy systems and innovate services.
The standard facilitates operational efficiency and strategic growth by empowering financial businesses to use enriched transaction data for predictive analytics, customer insights, and streamlined operations. As FIs look to ISO 20022 as a steppingstone rather than a hindrance to their business continuity, there are a few key benefits of ISO 20022 transformation, including:
1. Enhanced Operational Efficiency
ISO 20022 introduces structured data formats that reduce manual intervention, streamline transaction processing and lower operational costs. Automation accelerates payment flows, ensuring faster, more reliable transactions. These efficiencies enable institutions to enhance customer satisfaction while driving down expenses.
2. Improved Data Transparency and Analytics
ISO 20022's data-rich nature provides FIs with detailed, standardized information for every transaction. This allows businesses to derive actionable insights, enabling better decision-making and the creation of tailored, data-driven services that more effectively meet customer needs.
3. Superior Risk Management
With ISO 20022, institutions gain real-time visibility into data for each individual transaction, significantly improving fraud detection and risk mitigation capabilities. This proactive approach to risk management ensures compliance with regulatory standards while protecting customer trust.
4. Industry-Wide Innovation
By enabling real-time payments and enriched remittance data, ISO 20022 fosters the development of new financial products and services. Secure, accurate, and transparent payment solutions can benefit a broad spectrum of industries, such as healthcare, logistics, and wealth management. Financial businesses that embrace these innovations are better positioned to differentiate themselves in competitive markets.
PaaS + ISO 20022: Technology's Moment
Integrating ISO 20022 with payments-as-a-service (PaaS) solutions offers an even greater advantage. Using low-code technology, PaaS quickly composes ISO 20022-based solutions to simplify complex transaction processing, reduce errors, and improve service quality across industries. These tools include pre-built message formats and transformation capabilities, ensuring accurate processing of ISO 20022 messages. Automated validation and enrichment processes enhance efficiency, enabling institutions to meet compliance requirements while maintaining operational reliability.
It also provides the flexibility needed for global interoperability, enabling financial businesses to scale their operations without the burden of managing infrastructure. For example, using ISO 20022 with PaaS can enhance payment accuracy, speed, and transparency, offering businesses a seamless way to modernize their systems. This integration empowers institutions to focus on innovation and customer satisfaction rather than technological challenges.
Cloud-native architectures are critical in enabling FIs to scale their operations effectively. By offering flexibility and cost efficiency, cloud solutions ensure institutions can process increasing volumes of enriched data without significant infrastructure overhauls. The scalability these architectures provide also supports real-time processing, a key requirement of ISO 20022, and ensures seamless interoperability with global payment networks.
Integrating new data formats is one of the biggest challenges in adopting ISO 20022. Traditionally, this process required manual coding and configuration, which could be time-consuming and error-prone. However, AI and machine learning (ML) advancements are changing the game.
AI can automate the mapping and integration of ISO 20022 data, learning from incoming messages and predicting how fields should be mapped to payment elements. This reduces manual intervention, accelerates integration, and ensures compliance without compromising accuracy or efficiency.
By leveraging AI and ML, financial businesses can meet ISO 20022 deadlines while simultaneously unlocking the full potential of their data-rich messaging capabilities.
Real-Time Integration with Legacy Systems and Enhanced Data Management
Transitioning to ISO 20022 often involves integrating new standards with existing legacy infrastructure. Many modern solutions act as intermediaries, bridging the gap between traditional systems and the new messaging framework. This ensures operational continuity by enabling FIs to process transactions in real time without interruptions or downtime during the migration phase.
ISO 20022 introduces a rich data format that unlocks new opportunities for analytics and reporting. Advanced solutions offer data transformation and enrichment capabilities, helping FIs
handle the increased complexity of ISO 20022 messages. These capabilities allow institutions to extract meaningful insights from transaction data, improving decision-making, compliance reporting, and customer experience.
Aligning ISO 20022 with Strategic Growth
To fully realize ISO 20022's potential, FIs should adopt a strategic approach that aligns with their long-term goals. By integrating ISO 20022 into their broader strategic plans, institutions can enhance customer experience, drive innovation, and improve operational efficiency.
Given the widespread impact of ISO 20022, effective communication and collaboration with all stakeholders are essential for a successful transition. This includes engaging with internal teams, external partners, and customers to ensure a smooth adoption process and maximize the benefits of the standard.
Compliance vs. Modernization
While compliance remains a priority, FIs that view ISO 20022 solely as a regulatory requirement risk falling behind more innovative competitors. By embracing ISO 20022’s power capabilities as a modernization opportunity, businesses can unlock new revenue streams, improve operational efficiency, and deliver superior customer experiences.
FIs that move beyond a short-term compliance mindset and recognize ISO 20022's transformative potential will be well-equipped to navigate the future of payments. They can transform operations, drive growth, and redefine their role in the global payments sphere.
Nadish Lad Global Head of Product and Strategic Business, Volante Technologies
Nadish Lad heads up Volante’s Product Management organization, and he has over 20 years of design and advisory experience in Payments and related areas like Funds check, Liquidity, FATF, FX and Sanctions. Nadish started his career working on cheque Payments within the UK and has worked in leading organizations such as Jack Henry Associates, Citi London, and more recently in the Payments Advisory practice of EY, where he has implemented core products like payment hubs and corporate online channels. Nadish has extensive experience in retail and transaction banking products as well as experience developing branch and central clearings products from scratch and taking them to market. He has a 1st Class Honours degree in Electronics Engineering from Bombay University and an MBA from the Open University.
