Colm Lyon, CEO and founder of fire.com, has been presented with the FTI Consulting Recognition Award for Industry Disruption.

Lyon is the founder and former CEO of Realex Payments, which was acquired in 2015 by US firm Global Payments in a deal worth €115m. His new venture is the first Irish non-bank to strike a landmark deal to deliver debit cards.

According to Lyon: “Vision and execution are the two key aspects to driving a business forward. In the payments and banking industry there is now considerable opportunity for new players to enter the market. Changing regulations, developments in technology and customer expectations are driving this change. It’s an industry that will never be the same again.”

Mark Higgins, senior managing director at FTI Consulting Performance Analytics, which specialises in advanced analytics for better company performance, commented: “Leaders in financial services are beginning to realise that data holds the key to their success. How organisations grapple with and use data to capture commercial value is no longer an IT-centric challenge, it’s a CEO challenge. It involves real transformation in a company’s mindset and organisation.”

The role that regulators are playing to restore public confidence in the financial services industry was also highlighted during the presentation meeting, with incoming changes that includes the introduction of GDPR to safeguard consumer privacy protection, PSD2 compliance to improve payments across the EU and strengthening surveillance for risk, fraud and money laundering.

• Check out the new Fire branding created by CI Studio

“Consumers want convenience, personalisation and immediacy,” said Higgins. “Using advanced analytics, internet one-stop travel shops are enabling customers to identify attractive weekend destinations and secure the best prices and book flights with only seven clicks on their mobile phone.

“There is no reason why banks and insurance companies cannot be as agile in their customer dealings. They are awash with data but the two big challenges facing them are organising and using data effectively, and culture — getting people to line up behind the required change and transformation.”

Ian Duncan of FTI Consulting added: “Fintech companies like fire.com are game changers and disruptors of the status quo; they’re nimble and hiring bright, smart people who see a more exciting and attractive future. The challenge facing large financial institutions is how to dismantle outdated work practices and structures and introduce new ways of working that empower small cross-functional teams. Only then will they level the playing field in the war for talent.”

FTI Consulting Performance Analytics is headquartered in Dublin and is part of a global business advisory firm operating in 28 countries with 4,700 employees.

Photo: Colm Lyon (left) and Mark Higgins (Pic: Peter Houlihan)