Exploring an evolving payments landscape with the Commonwealth Bank of Australia

In brief

  • "Based on industry data, more than 30% of Australians have been using mobile wallets when they make payments instore. As compared to US, that’s 1.7% and for Germany at 6.1%, and I see that trend continue to grow."
  • "Banks have a large and trusting customer base and extensive in-person and digital distribution network, which provides a strong starting point for gaining scale with payments innovation. But the growth of non-bank disruptors proves that customers are willing to switch for convenience, lower cost, and other personalised benefits that help them to achieve specific tasks."
  • "Banks have built a lot of payments infrastructure and we are the primary participants, but we also need to ensure the regulatory settings are also capturing the new entrants or new participants in order to maintain ongoing safety and security and trust in the payment’s ecosystem."

In the VISION by Protiviti podcast, Susan Yang, General Manager, International Payments and Network Management at the Commonwealth Bank of Australia, sits down with a pair of Protiviti payments experts to discuss how she and her team are leading the ISO 20022 program and the digital international money transfer (IMT) strategy execution for CBA. Protiviti’s Ruby Chen and Rupesh Mahto ask Yang about the future of the payments space, including the impact of emerging technologies such as cryptocurrencies and blockchain, as well as the increasing number of international payment remittance fintechs entering the market.

In this podcast:

1:15 - Australia’s payments ecosystem maturity

4:30 - How are banks positioning themselves to stay competitive in the payments space

7:01 - International payments – banks and other players

9:09 - Emerging risks for banks and future growth

11:50 - The future of payments in Australia, near term and long term


Rupesh Mahto
Rupesh is a senior director specialising in strategy, technology assessment and enabled execution, digital transformation, cloud migration, and application of emerging technology to business demands. He successfully leads interactions with CXO, focusing on increasing ...
Ruby Chen
Ruby is a director with over 12 years of experience in the financial services industry, of which about ten years worked in the Big Four banks before transitioning into consulting. She has had a broad range of experience providing advisory services and secondments across ...