Speaking on the Fintech Melbourne meetup last week, Maes says there are 10 issues facing the financial services business which are in dire need of innovation. Only when these 10 issues are solved, can banks really call themselves digital. Maes says these 10 issues have the potential to be very lucrative for fintech startups that solve them.

1. Shopper payments

“Particularly from a disruptive perspective. How can we add layers upon layers upon layers of convenience atop of something that’s still old fashioned, that also has a Visa or a MasterCard scheme.

“Take a look at Apple Pay. Apple Pay is an absolute disaster. All they’re doing is building something on top of an existing scheme, and all they’re doing is making it costlier by a couple of basis points.”

2. Distributed ledgers

“Once I speak about distributed ledgers, it isn’t all the time in payments. I think there’s lots of future in using this technology in the capital markets.

“Derivatives confirmation. Where you employ the blockchain as a transport mechanism, virtually a bit truck, and put something heavy on top of it, and also you do the exchange with all of the transparency the blockchain offers you.”

2. Finish point security

“Our customers are using mobile devices for payments, we do not only need to secure the little container where we’re operating in our cosy little world. We need to secure our customers on the finish point, making certain their mobile device over there’s secure. How do you do this?”

3. Omni-channel

“How do you share info across multiple touch points? The client has checked out loans on the web, walks into the branch, and the branch officer is aware of you’ve got been looking at a loan. How can we share info in context?”

4. Enhanced scoring

Banks have already got access to a substantial amount of internal data that can be utilized to build an image of the financial health of their customers and potential customers. However there is a vast swathe of public data that is not being tapped into.

“How can we use social media (for instance) to enhancing our scoring,” he says.

“How can we use public data to make our scoring more intelligent?”

5. Serving to individual customers across multiple suppliers

“Very rarely do you’ve a customer that’s working with only financial services supplier. So how do you do this across multiple suppliers?”

6. Data analytics

“That is going to explode. And only only a few corporations will really make the most of this extraordinarily powerful science in the advantage of the client. There is a international drawback here because there is a shortage of the people who’ve the actual skills to try this.

“We’ve not really seen lots of compelling models.”

7. Trade supply chain and financial platform management

“An important perform of financial services and there is little or no innovation in that space. ”

8. Peer-to-peer lending

“To shoppers, however I might say focus more on SMEs. Lending from businesses to SMEs.”

10. Digital on-boarding

“Using electronic verification and so-on.”