As Chief Operating Officer, Derek Weatherley is responsible for the delivery of the operational framework and infrastructure that supports service delivery to our customers. He also oversees the ongoing business operations, including the design and implementation of new products and capabilities. Prior to his current role, Derek Weatherley was Chief Financial Officer at Indue for eight years and continues to act in the Company Secretary role, a position he has held for 11 years.
In his time stewarding Indue through a period of transformation and innovation, Derek Weatherley has seen significant changes in the finance and payments industry. He shares his thoughts on the most recent trends.
With so much rapid change in the world of technology and financial services, what’s next in the payments industry?
The payments industry is facing a decade of significant change as the digital age continues to evolve and provide a platform for adding value to the payment experience. I see this occurring not only in terms of simplicity, security and speed but also in terms of enriched value in areas such as loyalty offers, enriched data exchanges, financial health aides and unified wealth management.
Mobile payments will definitely come to realise broader market acceptance. But perhaps not at the same pace as we saw rapid mass uptake of contactless technology.
What other advances in payment technology can we expect to see?
Wearable payment devices will continue to advance and will see some modest market penetration. The form of these devices may become a happy middle ground on the journey to biometric payment adoption.
The current advancements in biometric capabilities are rapid. We’ve seen commercialisation of thumbprint technology, and we are seeing many other biometric solutions trialled including palm vein identification, rapid zero touch fingerprint recognition and heart rhythm identification solutions. This space, in my opinion, is core to any payment system advancements. I suspect as connectedness grows and latency decreases we will see biometric payments eventually gain mass market acceptance.
What are the opportunities for Indue?
Indue is spoilt for choice in terms of opportunity. Indue has an enviable position as a nimble payments and banking technology company that has a broad set of licences to access payment systems and is a regulated deposit taker. We have manufacturing capability at the core product level as well as in the area of payment plug-ins, supporting back office processes, program management services, compliance support and risk services.
We have created respectful strategic partnerships with strong and prominent brands both domestically and overseas with extensive distribution capabilities. Leveraging the collective strengths of these partnerships are great opportunities for Indue.
Indue is a youthful company developing a great culture of collaborative innovation, of ‘having a go’ and for pushing our own boundaries. It is within that culture that our greatest opportunities lie.
Indue has experienced significant growth in the last financial year – what do you attribute that to?
Successful strategy and successful execution. Indue’s strategy has been to differentiate itself in the market to provide a complete offering of payment solutions unlike any other player in the market, including product manufacturing, payment plug ins, ‘licence to play’ and program management. We can span the value chain unlike anyone else in this market. Our success has proven that strategy is working.
What is the Indue product/project you are most excited about?
I’m excited to be involved in the development of our Government payment products as there is significant opportunity to bring simple solutions to a complex payments ecosystem.
I’m also excited about the potential that the New Payments Platform (NPP) brings to Indue and to the Australian payments market generally. Indue is enabling the unique NPP technology, providing the gateway for real-time payments for our clients. The NPP has marked an enormously successful period of collaboration within the payments fraternity to deliver next generation capability and that sentiment bodes very well for future innovation on this platform. I’m proud of the role that Indue is playing in bringing this capability to life.
What do you love about working at Indue?
The challenge, the diversity and the opportunity to work with great people who are encouraged to create and empowered to deliver.
What does innovation mean to you?
Thinking creatively to find a better solution to a problem than the solution you have today.
What are some of the challenges the payments industry faces in the next few years?
Whilst I believe that some market acceptance of mobile payments is inevitable in the short term, my personal view is that the fight for mobile consumer payment experiences remains a significant challenge for the payments industry.
The payments industry also faces a battle to win the heart of the customer and it will be some time before we see mass consumer adoption in the mobile and cardless payment space. Firstly you must convince customers that it’s safe and convenient to tap their phone to make a payment and ask them to change years of learned behaviour at ATMs.
What inspires you outside of the office?
Anything where someone tries to achieve something they thought themselves incapable of achieving. I also like reading stories of ordinary people attempting great big things. Everest…hmmm.
Chief Operating Officer at Indue