A WHITE PAPER FROM FINEXTRA IN ASSOCIATION WITH EQUINIX MARCH 2020

THE IRISH BANKING ECOSYSTEM, INTERCONNECTION AND THE SPEED OF CHANGE CONTENTS

01 Executive summary...... 3

02 A new banking world...... 4

03 Great expectations...... 5 04 Big tech’s big threat...... 6 05 The pillar banks’ response...... 8

06 Boosting the digital presence...... 10 07 The agility challenge...... 12 08 Partnership programmes...... 14 09 About...... 17

7 What should financial institutions be doing about blockchain right now? 25 01 EXECUTIVE SUMMARY

Irish banks are operating in a rapidly changing market and must embrace 03 | new technologies and business models to keep pace and to stay ahead of THE IRISH BANKING ECOSYSTEM, INTERCONNECTION AND THE SPEED OF CHANGE energetic new entrants. But the same banks should accept that they cannot make this transformation alone and have to seek out new partners if they are to succeed or even survive in a new marketplace.

The current wave towards open banking services, increasingly digitised products and the appetite for real-time payments, is playing out globally. In , where fintechs and big tech both reside in increasing numbers, the trend is especially acute.

The race is on to carve out fresh lines of revenue in the newly unfolding ecosystem. Emerging technologies, notably AI and Machine Learning (ML), are helping to create a new online experience for banks and their customers. For incumbent banks to remain competitive, it will be key to transform into not only a digital, data-first enterprise, but also an agile one, able to deal with regulatory changes, new consumer demands and emerging technologies.

Many banks are adopting a cloud-based strategy to cope with new processing demands and to extract value from the increasing amounts of data, constantly generated from a myriad of remote devices. They are also adopting APIs to connect to a wider network of players and partners to facilitate the demand for instant payments and also to meet EU regulatory demands such as the second Payment Services Directory (PSD2).

These changes instigate new business models, which will require new skills and significant cultural change, not least because banks will be required to pursue a more collaborative approach with new external partners in order to monetise these new models and open up new revenue streams.

‘Fast, agile and secure’ is the order of the day in order to join up the dots in the emerging ecosystem and be a frontrunner in the development of dynamic new products and services. The question is, can banks do it alone and what are the key ingredients for a successful partnership?

02 A NEW BANKING WORLD A NEW BANKING business models and underlying infrastructure. underlying and models business the phrase ‘digital When they are which this referring. to is the change is invoked, transformation’ In order to cope with these changes, incumbent banks with cope all and to incumbent these recognisable changes, In order in fundamental their changes high street are brands undergoing digital-only challenger banks, laser-focused fintechs and tech banks, firms titanic and fintechs digital-only laser-focused challenger banking the traditional in on market. muscle to looking specific rules, such as PSD2 and Strong Customer Authentication (SCA), they (SCA), Authentication Customer Strong and specific PSD2 as such rules, digital new payment for consumers expectation of the heightened meet to have from services. competition of with cope And to wave they also a new have Open banking, or open finance as it is also known, encapsulates the changes finance changes it banking,Open is the as open also encapsulates or known, with comply to they have do only banks. traditional facing Not challenges and open banking, the EU’s initiative to inject more innovation and competition competition and innovation more inject to initiative banking,open the EU’s market. the payments into addition to the mountain of existing rules around money laundering and and existing laundering of rules the mountain money to around addition dealto financialalsohad have institutions with (KYC), Customer Know Your The traditional retail traditional and The banking is changing in rapidly Ireland market – fronts multiple on is also happening It over. radically is as the world it In regulatory spotlight. an intense under – and technology competition,

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03 GREAT EXPECTATIONS (BoI). Even the country’s has opened its own Innovation Hub Hub own its central bank Innovation the country’s has opened Even (BoI). start-ups. fintech of the growing number for contact of as act a point to designed accelerator programmes, including international financialservices international including programmes, firmssuch accelerator like institutions Bank Ireland of as Citi MasterCard and as as well indigenous than people. 150 and labs banks’ of innovation a number to has home alsoIreland become across Europe and further compete with the incumbent banks for payments further and banks with payments Europe across for the incumbent compete more employ base to expand its to looked has consequently It business. successful start-ups, the online payment player Stripe, has gone from strength Stripe, has gone player successful payment the online start-ups, thisyear strength.earlier firm by to licence The the was an granted e-money users for processpayments to allows it , which Central (CBI) Bank Ireland of In 2018, Irish fintechs raised more than €36m in Irish raisedmore than€36m 55 start-ups funding fintechs and In 2018, most Ireland’s of one a further creating Meanwhile shop jobs. 4,500 up set and homegrown fintech market incorporating regtech firms, money transfer regtechmoney transfer firms, incorporating market fintech homegrown and providers. payment and players This trend is playing out globally but is especially a country in Ireland, but evident globally out isThis playing trend and technology innovation, for high a benchmark on itself hasthat prided a vibrant, diverse of this the development to has led Unsurprisingly, education. security speed banks. from and their But why is it happening? The biggest driver has been changing consumer driver has changing been consumer biggest The happening? is it why But digital see the use expectations. of and They servicesdemands through their e-commerce transactions convenience, rightly and expect of level the same

04 BIG TECH’S BIG THREAT competing amongst themselves for market share. share. market for themselves amongst competing for greater collaboration between has that banks something non-banks, and collaboration greater for to used financialmore institutions among a feature been traditionally not However, Google executives have previously said that the company is the company that said previously have Google executives However, opportunities with in the in working banks interested develop to more strengthening the case than compete, to rather looking market payments it has yet to fully develop its payments offering. Meanwhile Meanwhile Amazonhas offering. also payments its fully to has yet it develop services. payment on taking the banks’ about on hold statements made Facebook was granted an e-money licence by the CBI two years ago, although although two years the ago, CBI by licence was an granted e-money Facebook In January 2020, the CBI granted authorisation for Google to operate as a operate Google to for authorisation granted the CBI In January 2020, giant significantly tech see the big could that a move institution, payment expand financial its services Union. across European the offerings risen to 14 and eight respectively. respectively. risen 14 eight and to there has been a significant rise in the number of fintech start-ups and big tech big and start-ups of fintech has there a significant been number rise in the services. banking payment operate and to firms seeking approval regulatory firms had e-money and payment licensed of the number 2019, As September of The introduction of PSD2 is designed to bring more competition to the to competition bring more to is designed PSD2 of introduction The payments sector, particularly among non-traditional banks. Consequently, fintechs because they know how to retail and they know how to personalise to retailhow how because and they know fintechs they know use data”. to how theyand know Back in March, BoI’s chairman, Patrick Kennedy, told the annual conference at at theannual conference told chairman, Kennedy, Patrick in BoI’s March, Back firms tech “alllooking the big that are School Business College University a threat purethan the bigger, not if big, “as financial services”at represent and biggest threats banks. traditional to biggest Ireland is also home to many of the big tech firms, which have chosen to to chosen firms, tech have which the big of many to is alsoIreland home the GAFA and tech big But in the country. headquarters European base their the of be one to are thought Apple and quartet Google, Amazon, of Facebook

06 | THE IRISH BANKING ECOSYSTEM, INTERCONNECTION AND THE SPEED OF CHANGE 07 | THE IRISH BANKING ECOSYSTEM, INTERCONNECTION AND THE SPEED OF CHANGE with an increasing amount done on a mobile phone or tablet.” or phone a mobile on done amount with increasing an In Ireland, some 99% of transactions are now conducted remotely outside bank branches branches bank of outside 99% some transactions conducted now are Ireland, remotely In “ have a much lower cost base than banks. can the legacy They lower try our a much copy to have cost our base.” copy they can’t features, but Frean also made clear the advantage that these challengers have over the over have these that challengers Frean clear the advantage also made maintain, to we systems legacy no and networks branch “With no incumbents. based personal and business current account that is free and loaded with is that free a host loaded and account current business based and personal tools.” management smartof money Alex Frean, Starling’s corporate affairs chief, said: “We are bringing genuine bringing genuine are affairs “We said: corporate chief, Alex Frean, Starling’s app- offering an by long so for has that it lacking been a market to competition Starling Bank, has also looked at expanding into Ireland, having applied for a for having applied Ireland, Starling Bank, expanding into at has also looked banking from the CBI. licence “significantly increase investment” in the Irish market in 2020. N26 has more more has N26 2020. in Irish in the market increase investment” “significantly fintech, London-based Another Europe. than across two million customers Meanwhile N26 has seen its Irish client base increase by 152% in 2019, in 2019, 152% base increase by Irish has its seen client N26 Meanwhile to plans the year announcing and of the end by than 100,000 more reaching both offering no fees, instant payments and more effective user interfaces. effective user As more fees,and payments no instant both offering in customers than 500,000 more have claimed to Revolut 2019, November of base in than less a year. client its than doubling more Ireland, Ireland has also welcomed a number of challenger banks to its shores, most most banks shores, its to challenger of a number has alsoIreland welcomed with Revolut, N26 and the London-based the German fintech prominently

A survey published by the Bank of England and the Financial Conduct Authority, Machine Machine Conduct Authority, Financial the and of England A survey by Bank the published promoting deployment.” ML Learning in UK Financial Services, of respondents a dedicated 52% have that Financial found UK in Learning for centre a dedicated of have excellence strategy while 19% research ML for development “

05 THE PILLAR BANKS’ RESPONSE PILLAR BANKS’ THE generated from numerous remote devices. remote from numerous generated turned in increasing numbers to cloud technology to cope with cope to the processing technology cloud to turned numbers in increasing constantly data of extract amounts to from and the increasing demands value Bank’s traditional mainframe-based operating model is no longer fit for for fit longer is no mainframe-based traditional model Bank’s operating purpose in infrastructure. this and transformation a to has led Banks have The statistics back this up. In Ireland, some 99% of transactions are now transactions are of now 99% some In Ireland, statistics thisThe back up. on with done bank branches an amount increasing outside remotely conducted tablet. or phone a mobile consumers around what type of product and interfaces need to be provided”. be provided”. to need type interfaces and what around product consumers of “We have an old proprietorial system that needs to be replaced,” he says, not not says, he be replaced,” needs that to system proprietorial an old have “We tech firms large and becauseleast “fintechs are of the raising expectations Kennedy says that BoI will “spend well over €2bn” over the next six years over with €2bn” over will well BoI that says “spend Kennedy system. processing whole its replacing on spent alone €1.2bn One reason that BoI’s Kennedy is keen to talk about the issue is that he can is he that the issue talk to is keen about Kennedy BoI’s that reason One “investing by these threats, to his ostensibly bank hashow responded promote digital offering and online services. very heavily” the bank’s and in technology

08 | THE IRISH BANKING ECOSYSTEM, INTERCONNECTION AND THE SPEED OF CHANGE 09 | THE IRISH BANKING ECOSYSTEM, INTERCONNECTION AND THE SPEED OF CHANGE opened an office in Cork employing 50 people. 50 people. employing anCork in office opened Zhejiang University, that provides tech development consultancy to Thomson Thomson consultancy to development tech provides that University, Zhejiang has It others. among AgriculturalReuters, Bank UnionPay China and of Irish banks have also increased their use of AI and ML and Ireland is home to to Irish banks also AI is home increased use their of have Ireland and ML and a Chinese these AI is Horizon8, of of specialists. ML and latest The a number partnership2004 bank Streetas a US between in State firmand tech founded 52% of respondents have a dedicated strategy for ML research development research ML development strategy for a dedicated have respondents of 52% deployment. ML promoting for excellence of centre a dedicated have 19% while Meanwhile a survey published by the Bank of England and the Financial the Bank and England by of a survey published Meanwhile Learning Machine in UK Financial Authority, Services, that Conduct found Start-up funding for AI firms globally reached a record high of $7.4bn in the AI$7.4bn fundingStart-up of for firms a record high reached globally research firm technology to CB Insights. according 2019, quarter of second so-called ‘financial wellness’ market, and going some way to meeting to the way some so-calledgoing and market, ‘financialwellness’ heightened digital expectations of modern consumers. learning (ML) technology in order to enhance the analysis and to the data of in order technology learning (ML) banks This has greatly for consumers. their insights and actionable derive typified consumers, by growth experience for thethe user of the improved There has also been greater use of artificial intelligence (AI) and machine (AI)machine artificialand has use of alsoThere greater been intelligence In this digital financialservices age, data-drivenincreasingly become have security and data. better of storage allows for the cloud use of greater and platform from nCino in order to automate a host of manual processes of – from a host automate to in order from nCino platform to opening account to origination loan to management relationship customer instant reporting. to digitalengagement In September, (AIB), the Allied largest bank with in Ireland Irish Banks (AIB), In September, banking a cloud struckimplement a deal to nationwide, branches 200 over

06 BOOSTING THE DIGITAL PRESENCE DIGITAL THE BOOSTING banks can check their balance on the KBC app. Meanwhile other providers providers other banks Meanwhile can the KBC balance their on check app. their feed users to enables that as one similar such at are products looking software.transaction directly data budgeting into In January thismulti- became year it the firstoffer bankto in Ireland other of customers bankingbanking, open by whereby a service possible made for decades, the Belgium-based bank opened its first retail branch in 2012 and and first its retail2012 bank branch in opened the Belgium-based decades, for heavily in boostinghas invested since digital its presence. challenger banks, Ireland has also welcomed Belgium’s KBC Bank to Ireland Belgium’s banks, has also Ireland challenger welcomed a digital- a pillar bankthe retail describes nor which as itself neither market lending After corporate on focusing “the both best worlds”. bank of only but Demonstrating even more as to how the lines have blurred between blurred pillar and the lineshave how as to more even Demonstrating According to AIB’s chief digital and innovation officer, Fergal Coburn,the officer, digital chief innovation and AIB’s According to thanbank is better placed “multi-product fintech rivalshasit its a because of fintechs. the products” of range or limited than rather single “the offering” considering a subscription banking model similar to Revolut and N26. And it N26. and similar banking Revolut to model a subscription considering TransferMate. start-up has acquired payment a stake in B2B AIB has also opened up its technology to external developers, enabling them them enabling external to developers, AIB technology its up has also opened is also reportedly It (APIs). program interfaces via application apps develop to physical card readers it used to employ for not just new account openings but but openings account new just not for employ usedto card it physical readers beneficiaries. payment new adding also for its mobile app, making it the number one banking app in Ireland. The app app The in banking Ireland. app one making the number it app, mobile its the to as opposed app, via an account a mobile open to allows customers It is not just BoI that has boosted its digital presence. As of March 2019, AIB As has that digital its boosted 2019, March of presence. BoI just is not It than And 1.4 more in million August digitallyclaims have customers. to active using million customers than one more had the bank it that announced 2019,

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ROBERT MULHALL,ROBERT BANKING, AIB MANAGING CONSUMER OF DIRECTOR and ensure they have the knowledge and confidence to empower our customers knowledge the to our the get to have empower they confidence and ensure and challenges.” banking digital most from AIB’s The course forms part of our Digital Excellence Programme…designed to educate our staff to educate our The course part forms Excellence Programme…designed Digital of our “ will no doubt increase, especiallywill as bank any can in licensed doubt the EU no provide passporting rules. under state services member EU other any to New World of Open Banking, 50% of consumers said they would use these they would said consumers of Banking, Open of 50% World New secure. So they a handful far were functions,have only provided fintechs of banking or services payment this provide to but the CBI by authorised been Such services are likely to become more commonplace as open banking as open and commonplace servicesSuch more become are to likely APIs a survey matures.the use According of to Brave from Accenture, The

07 THE AGILITYTHE CHALLENGE minded parties. This could signal a change in the low corporation tax corporation rate parties.minded in the low signal This a change could no financialis services there although hasthat sector, characterised Ireland’s radical any will as that yet, changes indication be made. will still commit to this ‘Ireland for Finance’ strategy. No party No a clear will won Finance’ strategy. still for this to commit ‘Ireland party Sinn Fein amassed the left-leaning although the biggest majority, with a coalition like- together put to is and looking (25%) the vote share of Following the general election in February 2020, it is unclear if Ireland if is Ireland unclear it in February 2020, election the general Following to the challenges facing banks. “Unless you can change to meet the ongoing the ongoing meet can to you change banks. facing “Unless the challenges to is a danger there dynamic modern world, our opportunities and of challenges standing stillof decline.” eventual and At the launch of the strategy, minister for finance Pascal Donohoe referred referred Pascal finance minister for Donohoe the strategy, of theAt launch May the Irish government announced its ‘Ireland for Finance’ strategy, a five a five Finance’ strategy, for ‘Ireland its announced the Irish government May for choice of location global a “top-tier make Ireland to designed year plan financialspecialistservices” 2025. international by experience. In politicians. Ireland’s of escaped the attention not have challenges The For banks, they must balance the need for robust data security data robust banks, ensuring while balance for the need they must For the quality on the user of impinge thesethat enhanced security measures don’t In addition, under PSD2, banks have had to apply SCA which requires SCA which apply to banks had PSD2, have under In addition, banking regularly to verify buying when online. and consumers identity their Furthermore, the fact that more data is being generated remotely, via mobiles via mobiles remotely, generated is data being Furthermore, more that the fact bank security of means markedly. the notion that has changed tablets, and The new operating models have created a number of challenges for banks for – challenges of a number created have models operating new The cultural. and both technological Banks be fast, agile secure. must and While agile. fast or either been banks historically not secure, been have they have

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customers to get the most from AIB’s digital banking from AIB’s the most challenges.” get to customers course forms part of our Digital Excellence Programme…designed to educate educate to partcourse forms Programme…designed Digital our Excellence of our empower to confidence and staffour ensurethe knowledge have they and changing digital landscape and changing customer expectations. changing digital changing landscape and customer Mulhall, finance,Robert said, managing consumer director“The of AIB’s Revolution. Developed in partnership with Ireland’s industry association, in partnership with Developed Ireland’s Revolution. the on modules online Banking, a series of of provides Institute it The The banks themselves have also banks recognised In March, have The these challenges. themselves staff its for called programme DigitalBanking an education AIB launched technological developments” and a “talent pillar” to ensure there are enough are pillar” there ensure enough a “talent and to developments” technological skilled people. This was also recognised by the government’s strategy which includes a includes strategy which This was also recognised the government’s by collaborative a pillar providing focused on innovation and “technology opportunities and in challenges emerging addressing to approach capabilities, recruiting a new generation of employees from more consumer- from more employees of recruiting generation a new capabilities, parties. partnering industries or outside led of with a number The need for speed and agility speed and for need requiresThe banks a cultural for and change training skill by new acquire existing to sets, either a need staffnew in

08 PARTNERSHIP PROGRAMMES increasing interest in collaboration between the start-up fintech firms fintech betweenandthe the start-up in collaboration interest increasing banks.” international and domestic established more Richard Walsh, BPFI’s head of digital and payments strategy, said: “Fintech “Fintech said: strategy, digital of payments and head BPFI’s Richard Walsh, in financial stage centre services moved we has seeing an now are and harness new technical developments from the start-up community and to to and community from the start-up harnesstechnical new developments Finance initiative. for Ireland the government’s under inform policy Ireland’s trade associations are also helping to promote a more collaborative collaborative a more promote to are also associations trade helping Ireland’s financialAugust, In Banking institutions. among spirit Payments & help to Group Foresight the Fintech established (BPFI) Ireland Federation software than like cheques.” apps different channels,” wrote Enterprise Ireland’s fintech adviser Clarke. JF fintech Ireland’s Enterprise wrote channels,” different particularly almost obsolete, banking become of forms have “Traditional familiar are far who more with digital generations the younger across “In an environment where smart phones are ubiquitous, consumers have have consumers are ubiquitous, smart where phones an environment “In across 24/7 are that seamless available and expect solutions to payment come employ fintechs to modernise their systems and remain attractive or even attractive remainor even modernise and systems to their fintechs employ consumers. to relevant Ireland, the state body charged with encouraging foreign direct investment direct with charged body investment foreign the state encouraging Ireland, with fintechs. has also Ireland, collaboration calledinto banks on embrace to Irish that banks must concluded 2019 in May A survey commissioned it In addition to the government’s Ireland for Finance strategy, Enterprise Enterprise Finance strategy, for Ireland the government’s to In addition partners – from start-ups, through scale-ups to well-established companies”. companies”. partners through well-established scale-ups to – from start-ups, And thisFinance partnered earlier yearJaja with BoI digital finance company credit card its card and on accounts issuing services. innovation, Dave Tighe, the bank “decided to create an ecosystem was that create as to the bank Tighe, “decided Dave innovation, tech with different of lots work us allow to would that and as possible open Ireland’s banks have been especially active in terms of fintech partnerships. banks especially been fintech in have active terms of Ireland’s described open it as “an what up set Bank Ireland of As as 2017, far back and enterprise open of head its According to innovation”. ecosystem for

14 | THE IRISH BANKING ECOSYSTEM, INTERCONNECTION AND THE SPEED OF CHANGE 15 | THE IRISH BANKING ECOSYSTEM, INTERCONNECTION AND THE SPEED OF CHANGE had to be rescued by a government bail-out in bail-out the crisis. aftermath the 2008 of a government be by rescued to had in terms of investment budgets, as noted by Niall Buckley, head of Digital of head Niall by Buckley, as noted budgets, investment in terms of forum business (Swift’s industry a recent event at Ecosystems from AIB Group, This is especially all the pillar true banks of where in Ireland in May). in Dublin to address their long overdue investment in innovation. Ever since the financial since Ever in innovation. investment overdue long their address to priority as top their regulatory burden place to crisis, banks had most have digitally transform services. transform digitally this banks connectivity explore for to need The is critical allows them because it Operational efficiency is pertinent, especially to Dublin banks operating across pertinent, isespecially banks Dublin to operating efficiency Operational time the same trying at and while markets international innovate to multiple specialist service providers and managers to refine their overall business specialistoverall refine servicetheir to managers and providers model and operations. partnerships, it is becoming paramount to be able to make fast connections make fast to connections be able to is paramount becoming partnerships, it Cloud field. playing partas organisations of a linkspopulous and different to banks and services and are are turning proliferating themselves the cloud to Fintechs are increasingly cloud-based and given the growing given and importance of are cloud-based Fintechs increasingly connecting the analogue with the digital. Banks be wise in invest would to link to these them two parts disparate the banking enables that of technology ecosystem together. operational complexity required to connect a pillar a connect required bank to data its and complexity operational infrastructurecentre-based legacy akin withbasedto in cloud, a fintech the recognition and large customer base of the banks. base of customer large and recognition straight forward is some there and is not collaboration such However, Consequently, banks recognised experience know- the user they have need Consequently, brand needthe experience, justmarket same as fintechs the fintechs, of how And if you can no longer compete on price or fees, then the only differentiator differentiator the only then fees, or price on compete canAnd longer if you no is the quality experience. the user of coming down so much they are becoming a commodity. Similarly, in retail Similarly, they are a commodity. becoming down much so coming digital-only of accounts banks no-fee current banking, offering the emergence margins their banks reducing further. the same, do to incumbent has forced The interest in further collaboration is driven by a number of factors. Open Open factors. of isin number a driven further by interest The collaboration are the prices and in payments the market arebanking reshaping PSD2 and

so it is crucial that banks recognise the need to find reliable partners. is crucial it so banks that reliable recognise find to the need of this change. The drivers – outside competition, consumer expectations, consumer competition, drivers – outside this The of change. intensify to – are all going dwindling margins advancement technology and benefit”. benefit”. banks at beginningonlythe are progress, Ireland’s the significant Despite Brian Hayes, CEO of the BPFI, says that banks have moved on from worrying on banks that moved says have the BPFI, CEO of Brian Hayes, must be it adding that on collaboration, focusing to competition fintech about all parties where “in a way win the biggest done receives the consumer and shift banks in how view fintechs. previous decades banks had well-populated IT departments and developed all IT developed and departments banks decades previous well-populated had the years, Over the willingness in-house. turn owntheir to technology third to hasa there been party recently, has software increased. And more developers cultural change for the banking industry that has been built on competitive the bankingcultural for industry competitive on change has that built been instinctsindustryin significant signifiestraditional change a and thinking. In Collaboration is fast moving up the agenda in the financialservices the agenda is fast moving up industry, Collaboration adversarialIt is shift a significant alsomassive a more times. previous, from the loss of passporting rights that allowed it to operate in the UK with passporting operate a Germanto of the loss rights it allowed that gain. be Ireland’s to prove may loss the UK’s banking Consequently, licence. It may also change as a result of Brexit disruption in the UK. In February 2020, in the UK. disruption Brexit as In February also a resultof 2020, may change It to due after launching months the UK 18 just of pull out to plans announced N26 but this may change as greater collaboration takes place and cloud offerings offerings cloud and takesplace collaboration as this greater change may but banking-as-a-serviceor infrastructures both by adopted widely are more challengers. new and institutions incumbent Despite the arrival of the likes of Revolut and N26, the level of challenger banks challenger of the level N26, and the arrivalDespite the Revolut likes of of it is in example, UK,the for where yet not is in Ireland market the fintech and

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