Digital innovation, the rise of fintechs, and the growing influence of the millennial generation are creating a newfound urgency for banks to modernise cash and trade transactions. In Mexico, over 70% of banks regard digital transformation as a key board and CEO priority.
Yet how can banks best bring about this transformational change? Writing in El Economista, Margaret Guevara, BNY Mellon Treasury Services’ Head of Sales and Relationship Management for Mexico and Central America, emphasises the importance of industry collaboration; leveraging the power of multiple parties to bring about real digital change.
Already, there is growing enthusiasm in the banking industry for “wisdom of the crowd” logic. SWIFT’s global payments (gpi) initiative, designed with the aim of creating an internationally harmonized payments infrastructure, now has the backing of over 80 banks across the globe. Similarly, the R3 consortium, formed to facilitate the introduction of blockchain to the world of finance, now comprises over 70 financial institutions. For Guevera, such collaboration is essential. By working together, a network effect can be generated, and the potential for standardization and interoperability maximised.
To read the full article (published in Spanish), please click here