Pat Patel

Singapore
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About

Leading Elevandi, a company set up by The Monetary Authority of Singapore.

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Volunteer Experience

  • Young Enterprise UK Graphic

    Business Advisor

    Young Enterprise UK

    - 8 months

    Education

    Providing mentoring, guidance and commercial advice to students developing small businesses on the Young Enterprise Scheme (Watford Grammar School).

    Judging the regional winners at the KPMG sponsored event (2012)

Publications

  • Towards collaborative disruption: fortune favours the bold

    Raconteur

    Opportunities for startups within financial services have never been greater, especially in the application of new technologies to improve upon existing services and models, and to overcome legacy challenges, whether technology, processes or people. Across Europe, a number of initiatives have sprung up to drive the development of startups within the sector, many of which have taken inspiration from the success achieved in Silicon Valley.

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  • Immediate Payments: seizing the customer opportunity

    Accenture

    Our customers are not asking for it” has been the standard reaction to immediate payments of many banks for many years. Even in the UK, the world leader in mass real-time payments since 2008, it was government pressure on the banking industry, not market demand or a desire to innovate that led to the creation of the Faster Payments system.

    However this mindset is changing rapidly. Consumers expectations and tolerances have been transformed by the smartphone and the services they provide…

    Our customers are not asking for it” has been the standard reaction to immediate payments of many banks for many years. Even in the UK, the world leader in mass real-time payments since 2008, it was government pressure on the banking industry, not market demand or a desire to innovate that led to the creation of the Faster Payments system.

    However this mindset is changing rapidly. Consumers expectations and tolerances have been transformed by the smartphone and the services they provide – always on, ubiquitous, real-time with instant transactions. Any banking service that enables, for example mobile payments with real-time notification to the beneficiary, but with delayed availability of funds is not an innovation, it is a dud. Immediate inter-bank payments are therefore a core requirement of any banking system today, which is why initiatives are appearing globally – from Sweden and Finland, to Singapore and Australia. Even in the USA where bank payments are little changed since the Jurassic era (in stark contrast to those provided by its non-bank technology sector), there are stirrings towards immediate payments.

    As seen in the UK, although bank customers may not demand for immediate payments, once they have it, they find creative ways to use them to make their lives easier and more efficient. The benefits range widely and include ability to instantaneously transfer money to cash-strapped friends and family, immediate payment for time-dependent services, improved cash-flow management for both individuals and businesses, just-in-time inventory management leading to reduction in working capital.

    You will be glad to know that at Accenture, in collaboration with VocaLink, the provider of the UK Faster Payments system, we have written a Point of View, “Immediate Payments” which explores the importance of real-time payments to banks.

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