Banks remain "conservative organisations" that need to address this legacy at a time of progress in payment mechanisms, Dickson Chu, global head of new product development at Citi, told the GSMA Mobile Money Summit in Singapore yesterday."Most of the great innovations in payments didn't come from banks," Chu said. And he warned that the rapidly evolving mobile money market "must not relegate us to becoming a dumb pipe."Chu told the conference his solution was to work towards a so-called "hybrid model" that combines the "bank grade" traditional payments model with the new advertising-funded models being rolled out by the likes of Google and Apple."It is about players within an ecosystem understanding each other's roles, but there are business model complexities that need to be solved," Chu said. "Providing a great user experience, retail distribution and customer service - this is a role for [Google and Apple]."Trust, safety and regulatory compliance - this is something the banks do well. Once these players come together, they will figure out how to co-operate and make money." Mobile Business Briefing reported on Chu's remarks at the conference.