Two interviews filmed by way of The Fintech Instances at Sibos in Miami. Will Moroney on why 3 quarters of financial institution shoppers are open to leaving, and Mick Fennell on agentic bills, tokenised deposits and the virtual currencies banks could have to choose from.
Through Mark Walker, CEO and Editorial Director, The Fintech Instances
Sibos got here to Miami on the finish of September with the standard mixture of bills bulletins, panel debate and hall dialog. Temenos arrived with new analysis. The Banking Expectation Hole: World Shopper Version, produced by way of Celent and launched on the display, surveyed greater than 2,500 banking shoppers throughout 5 areas and located that almost 3 quarters of them are at perfect relatively happy with their primary financial institution. The Fintech Instances lined the record in a pre-event characteristic. On the display, we sat down on digicam with two of the folks shaping Temenos’s reaction to it.
The primary interview is with Will Moroney, Leader Income Officer, on what the analysis method for banks and why AI has modified the argument for core modernisation. The second one is with Mick Fennell, Trade Line Director for Bills, who introduced on agentic trade and programmable cash at the Sibos exhibitor degree and who has a memorable approach of sorting the virtual currencies banks are being requested to beef up. Each full-length conversations are embedded underneath.
Will Moroney: retention is not loyalty
The analysis got down to measure an opening Temenos had already noticed in its personal shopper base, between the carrier shoppers be expecting and the carrier they obtain. The discovering that shocked Moroney maximum was once its dimension. 3 quarters of respondents described themselves as relatively proud of their financial institution, a gaggle Temenos has labelled the switchable center.
“Banking shoppers have modified basically in the way in which they have interaction with banks, particularly the more youthful generations. Many are protecting more than one relationships with other banks and they may be able to transfer relatively simply. So being relatively satisfied is generally now not excellent sufficient for a financial institution to retain, no doubt to not retain the entire products and services of the client.”
Bills take a seat on the centre of the issue, and Moroney’s rationalization is ready frequency and rigidity somewhat than era. A buyer would possibly take out two mortgages in an entire life and a handful of private loans, however bills are a day-to-day touchpoint, in most cases made underneath some power: a invoice to pay, cash to transport to a chum. The benchmark has moved as neatly. Shoppers now not examine their financial institution with different banks. They examine it with social media platforms and ride-hailing apps, and be expecting the similar immediacy.
That results in the honour Moroney says Temenos spends maximum of its time explaining to financial institution management groups. Retention is a broadly tracked measure and it could possibly deceive, as a result of a buyer who has now not closed an account might nonetheless be shifting a rising percentage in their monetary lifestyles to fintechs providing a bills carrier right here or a micro-lending product there.
“Retention doesn’t essentially imply loyalty. Retention is a huge measure inside of a financial institution, and you’ll be a bit of bit misled by way of retention numbers.”
On core modernisation, Moroney is beneficiant about what banks have accomplished in virtual channels and in rapid bills, with Swift a few of the establishments he credit. The trouble is that each and every of the ones advances provides load to back-office methods constructed for a prior technology. Directly-through processing within the virtual layer will have to be matched by way of straight-through processing in the back of it, and that’s the place the bottleneck sits. What has modified, in his account, is that AI now provides banks a strategy to perceive many years of patched legacy code, trade procedure and knowledge sooner than they try to exchange it, which eliminates a lot of the chance that has stored massive banks from beginning.
“The chance that we didn’t have many years in the past with AI now could be to if truth be told perceive what’s occurring within the legacy methods, to grasp the trade procedure, to grasp the knowledge units or even to grasp the code. AI will permit us and can permit banks to boost up now the motion onto a more recent core banking device.”
Requested for the only concept he sought after Sibos delegates to take house, Moroney returned to the analysis: 3 quarters in their shoppers are within the switchable center, or even wholesome retention figures can cover that a few of the ones shoppers are already making an attempt different suppliers.
Mick Fennell: the four musketeers of digital money
Fennell’s dialog begins with a truth test on agentic trade. AI brokers are already used all over the bills procedure, he says, however agentic trade correct method machine-to-machine choices and bills, and the most powerful early use circumstances are at the company aspect, the place proofs of idea and pilots are underneath approach. The query for banks is whether or not their infrastructure can lift it. Cloud local, occasion pushed and API first are the desk stakes; a financial institution nonetheless operating on legacy methods will combat.
What breaks first at mechanical device pace is a mixture of capability and keep an eye on. Fraud coverage has to paintings at a tempo no human overview can fit, which means that agreeing with the client upfront what their agent might do, how a lot and the way frequently, after which tracking to that carrier stage. Fennell compares it to direct debit mandates: a well-recognized self-discipline implemented to a far sooner, higher-volume float. His view is that present controls don’t seem to be out of date however want improving somewhat than changing.
“We’re nonetheless shifting cash. There’s nonetheless an account on the finish. There’s nonetheless going to be a debit and a credit score. So there’s an infrastructure in position and an working out of the ones issues. We’re now simply including on best of that, making it sooner, sooner, smarter.”
Then come the musketeers. Fennell types virtual currencies into 4 classes and offers each and every a personality. Central financial institution virtual currencies are public cash, Athos: proud, simple, the ethical compass of the crowd. Stablecoins are non-public cash, Porthos: flamboyant, pushing issues ahead, excellent corporate however a bit of excessive, and to be approached with care. Tokenised deposits are financial institution cash, Aramis: willing to support issues however content material to paintings throughout the laws. Cryptocurrency is D’Artagnan: thrilling, unbacked and a case of purchaser beware.
“Tokenised deposits are the place the rubber hits the street for the banks, as a result of that is about financial institution cash. You’re taking the deposits of the client and tokenising them to be used on blockchain and to transport them round. It follows the similar rails and the similar law. It’s simple for the banks to do as it’s the cash that they’re managing for the client. They’re simply doing a brand new carrier for them.”
Each and every financial institution, he argues, has to gather its personal staff, and it might not be keen on one. Maximum will pay attention to tokenised deposits and, the place reside use circumstances exist, CBDCs, with the virtual euro the most important in teach. The choices are about prison chance, which products and services to wrap round each and every asset, and whether or not shoppers can redeem at par underneath rigidity. The financial institution stays the gatekeeper of accept as true with.
On cross-border bills, Fennell is candid concerning the limits of stablecoins nowadays. Round 97 according to cent are denominated in bucks, so a fee from Malawi to Japan nonetheless has to seek out its long ago into yen, and the on-ramp and off-ramp infrastructure to do this at scale does now not but exist. The place stablecoins are already running is within massive corporates and multinationals shifting price range between their very own entities, the place each ends can also be controlled. What they provide there’s real-time agreement and transparency on a shared ledger.
The client, he insists, does now not care which rail a fee travels on. Fennell returns to the G20 goals for cross-border bills, price, get right of entry to, pace and transparency, and says tokenised cash with sensible contracts already is helping on 3 of the 4. Price will apply as soon as liquidity swimming pools deepen. Tokenisation is not going to prevent at bills both: lending and business finance are subsequent, and the duty for a platform supplier is to regulate conventional and tokenised finance in a single interoperable position.
“The way forward for banking is tokenised, or a minimum of an important a part of banking. What banks wish to do is as a way to supply a unmarried platform that manages each conventional and tokenised finance in the only position.”
Two sensible issues spherical off the dialog. Governments and regulators fear about shedding keep an eye on of cash motion inside of their borders, which is why adoption is asymmetric throughout markets even the place laws now exist. And banks face a liquidity query no person has absolutely replied: correspondent banks already dangle swimming pools in lots of currencies, and no person can dangle liquidity in masses of stablecoins with out fragmenting their steadiness sheet. Era variety issues, Fennell says, however finding out liquidity, custody and accept as true with issues extra.
Watch and percentage
Watch the whole interviews on The Fintech Instances: Will Moroney at https://thefintechtimes.com/sibos-miami-2026-will-moroney-chief-revenue-officer-temenos/ and Mick Fennell at https://thefintechtimes.com/sibos-miami-2026-mick-fennell-business-line-director-payments-temenos/.
Each have been recorded at Sibos 2026 on the Miami Seashore Conference Heart, 28 September to one October. Brief clips from each and every are being revealed on The Fintech Instances LinkedIn and X channels over the approaching week.
Our pre-event characteristic at the Celent analysis, Banks face a ‘switchable center’ as loyalty drivers shift, is to be had right here: https://thefintechtimes.com/banks-face-a-switchable-middle-as-loyalty-drivers-shift/
AI stage 2 of five: drafted by way of our AI editorial assistant from supply subject matter our editor selected; fact-checked, edited and signed off by way of Mark Walker, Editorial Director. What the levels mean