Dave Ellett and I recently travelled to Europe to attend the Money 2020 Conference and I wanted to share a few things we took away from the event.

Big messages:

  • Mobile is the future, we need to be mobile first
  • Value-added services are important to diversify revenue – 40% for acquirers, “if you just give a commoditised transaction you are stuffed”
  • Open banking/authentication:
      • slow to take off
      • different in Australia as we don’t cover payments
      • payments just one option for merchants who take a wider view of value/options
      • digital identity a big trend, authentication a great facilitator of open banking and payment experiences
    • Big tech have bank data but not the reverse, so can leverage this to drive bank product distribution where margin exists
    • Authentication is key and future a great facilitator. Focus on economies of scale, bank ID attributed to 2% of GDP growth, need federated EU ID.
    • Cross border payments most likely to be disintermediated and biggest issues to solve -Bank’s rightful role is to manage the balance sheet for the best interests of the country – a role we can support
    • Visa APIs, 400 available and 7 used, not the panacea
    • Vendors who insure risk and drive high sales conversion for merchants – worth exploring with a merchant centric business
    • Malaysia LCR transactions offered for free by local debit scheme -Everything in life is a transaction – is so how does that redefine our business ?
    • A taxi app provided that sat over all the other apps like Uber – liked the idea!
    • ING innovation culture – Innovation power equation – psychological safety + flexibility + preparation * leadership squared/ organisation complexity. Leadership – courage, determination, perseverance, humility. Innovation sole purpose to drive value – people not technology

Dave and I have a lot more insights we can share if you are interested.