The Bancorp EVP and COO Pete Chiccino shares his thoughts on the future of mobile payments and mobile banking with PaymentEye's Sarah Gill in our Finetics™ Studio on the exhibition floor at Money 20/20.
Sarah Gill, Reporter: Next up in the hot seat, we have the CIO of The Bancorp, Pete Chiccino. Welcome.
Pete Chiccino: Thank you.
Sarah Gill, Reporter: You know, mobile is obviously a big topic, and it's also a very, very wise part of the industry. Are there any kind of innovations there that you're particularly excited about?
Pete Chiccino: I think the whole mobile space as a whole is pretty exciting. You know, when you look over the history of technology change, there probably hasn't--well, there hasn't been any technology that's changed and been adopted as quickly as mobile has. I mean, we went through online, and that kind of grabbed hold and people adopted it and started doing online banking, and then mobile came along, right? And then all of a sudden three-quarters of the world had mobile devices, and we're banking online. So the future of mobile banking and where that goes is an exciting space.
Sarah Gill, Reporter: But we're still quite early along, quite early along in that journey, aren't we?
Pete Chiccino: I think we are. You know, we forget, living on the Coast because we're so connected. But when you head into other areas of not just the United States but the world, you realize how many people are still not connected today, for various reasons. You know, whether it's just a need or a service issue, there's still a tremendous amount of people yet to be connected.
Sarah Gill, Reporter: Right, whereas in other parts of the world, they're actually leapfrogging ahead like really quickly, right?
Pete Chiccino: Absolutely, absolutely.
Sarah Gill, Reporter: I mean, a lot of the kind of the people like visiting here today, innovating around mobile payments, right, do you think that it's getting a bit saturated, or do you think there's still a lot of opportunities for innovation around mobile payments?
Pete Chiccino: That's a great question. I think there's still a lot of people trying to figure out what the endgame is going to be. You know, I think the Millennials and the generation behind them really want an easy-to-use mobile experience, you know, from onboarding through payment. So to start an account, they don't want to fill out a 20-page form like we used to do, right? They want it quick and easy. They want to take a picture of their driver's license, because the camera on their mobile device is an extension of their keyboard now, right? So you take a picture of that, it prefills your data, and away they go. And they want that same experience at checkout, you know, whether it's their phone, it's tap-and-pay, whether it's a wearable device and tap-and-pay there. It's all about ease and simple use.
Sarah Gill, Reporter: And I guess another kind of element of speeding up the kind of process of payment is speeding up kind of the authentication part. Is that something you're seeing a lot of exciting things happening in?
Pete Chiccino: I do. I like the biometric space, you know, whether it's fingerprint readers or voice biometrics. You know, obviously, with touch ID and fingerprint readers for Apple Pay and Android Pay, that's a huge leap forward because it's--you know, there's no longer a signature. It's like EMV, right, so it's tap-and-pay.
And I think voice biometrics, if they can figure that out, is really the next evolution, right? You already talk to your Alexa, your Amazon Echo in your house. Why not use that to perform banking transactions through voice biometrics? I mean, you know, to me, that feels like the next relevant thing.
I walk into my house tonight--or today--and I say, you know, "Alexa, turn on my living room lights," and my living room lights come on. Why can't I say, "Alexa, transfer money from my savings account to my brokerage account"?
Sarah Gill, Reporter: And then, kind of, you know, to get a bit more personally, but why you're excited about working in this industry. What is it that's kept it in it for--how long have you been in? Twenty years or so?
Pete Chiccino: Yes, 20 years. You know, I think it's getting up every day and figuring out what the day is going to bring. You know, we've never been in a time where technology has changed so fast. You know, when you think about the past, and it was humans creating technology before, right? So things progressed a bit slower. And now it's technology creating technology. So although we have the, we have the thought and the vision, it's the technology that's creating that, so things happen almost at light speed now.
And we were just talking about it--the iPhone, for instance, right? I mean, we get a launch of the iPhone every six months, right? And then you think back and we had flip phones for, what, two years, right, before the next flip phone came out, and that was the greatest thing ever. So we're seeing this transformation in technology almost overnight, and it's great. It's great to see what the next--and help drive what the next technology's going to be.
The opinions, findings, or perspectives expressed in this content are those of the participants and do not reflect the official policy or position of The Bancorp, Inc., its affiliates, or its or their employees.