Barclays CEO says bank must protect payments business from Apple, Amazon

Barclays will need to defend its advantages in the payments business from encroachment by technology companies including Amazon.com and Apple, according to Chief Executive Officer Jes Staley. 

“There are some tectonic shifts going on, driven by tech and the geopolitical environment,” Staley said during a panel discussion Saturday at the annual meeting of the Institute of International Finance in Washington “All the banks are very focused on the payments space. That may be where the battleground of finance is fought over the next 15 years.” 

Staley also said that cybersecurity is among the top concerns for financial firms and that regulators will have to “extend their reach” as more companies compete in payments. 

JPMorgan Chase investment bank chief Daniel Pinto, speaking on the same panel, said the banking industry needs to do a better job of sharing information and stressed the need for global standards in cybersecurity. 

“A customer can come into Barclays and require us to download every piece of financial information for the last three years, and the issue is ‘Who is this being downloaded to?’” Staley said.