Cyber, AI, and identity: Elevating secure digital banking journeys [24:11-29:14]

Yeah, let's frame up a little bit what we're talking about because it's moving really quickly. So when we think about open banking embedded finance from a payments perspective, it's embedding all of the payment processing directly in the point of sale platforms, booking applications, the commerce platforms to really handle all those payment types. Also from a lending and a finance perspective offering the in-platform financing options for cash advances to small businesses, managing working capital for large purchases and so forth. And then there's a whole account management part of that features like virtual accounts, digital wallets, automated reconciliation. So a ton of opportunity and it's moving fast to the degree and we've all seen the fintechs really entering the space in a very specific way, but now we're even seeing non-banks enter embedded finance and embedded banking there. And really, okay, why is that happening? New revenue streams, enhanced experienced increased customer retention, a competitive advantage, data, the data and the insights out of that if we fast forward are going to be critical. So back to the question of like what are the challenges and the opportunities with this. As Peter and Satish were talking, it was making me think of all the stuff we just talked about is really cool. But when you think about the fact that I mean, anybody that's executing a zel transaction that is very inconsistent across the FIs right now, like even a basic zel transaction for $100 gets blocked at certain banks because of legacy tech debt risk processes within those financial institutions. So when you start to think about that, the fact that we're even looking at C to C payments and that even those still have a lot of friction around them, some of it caused by identity and fraud, not all of it. But then that makes you start to think about what are the other challenges that FIs are going to face even in these new embedded payments. So we've talked about some of those legacy core systems and tech debt everybody on this call probably works at an FI and knows exactly what that feels like. The same thing with data, quality and fragmentation, but there's still so much foundational data work that needs to happen across the not only customers but metadata around the products to make that really usable. Certainly, there's choices. I referenced bank earnings in the beginning of this. There's always choices around profitability and how that prioritizes where you invest and you execute. And then we started to talk about this in the last question, but ownership and execution around this, like increasingly product design, architecture, tech and now you layer in fraud and identity and that's like how it gets done and how you do that really quickly. We're still coming up the curve on how to do that as banks and FIs are trying to build these capabilities so quickly. What would be my advice to stay kind of compliant, innovative and competitive there would be make sure you have a good handle on the foundational work that needs to happen. So as I think about, I know I used to sell as an example, which has been around for a while now, but where friction is happening there, you're not going to be able to really advance and move the ball forward on these more complex kind of embedded payments. So make sure you have a really good handle on how even your existing products and services are flowing. And we all know this. It's not just about tech or AI. It's really about transforming that business process and making sure there's good adoption and understanding there. And then figuring out the places that you can use that in your more embedded payments and other new services that it's not, if it's going to happen, it's when it's going to happen. And it's already happening. Absolutely, totally agree with that. And I think it sets up a perfectly in terms of a delineation towards business strategy to execution, where I want to have a follow up conversation with Peter on Open APIs. So Peter as banks adopt Open APIs and expand data exchange, risks of data loss and malicious actors are increasing. How it's been enhancing its security and identity solutions to address these threats. And what strategies does it recommend for secure collaboration in today's connected banking ecosystem? Yeah, you know, it's hard enough already is to establish and maintain trust between two parties,