As Executive Director Strategic Development and Distribution at Indue, John Tait collaborates with clients to unlock opportunities and deliver strategic business growth. John Tait joined Indue in February 2015 with 19 years’ experience in finance and payments. Here he provides a unique perspective on the challenges and opportunities facing the industry.
What has been the biggest change you’ve seen in the industry?
There’s definitely been a shift in the pace of change when it comes to digital technology. Now, most of us carry our smart devices around with us every day, which means we are always switched on and connected. Our phones have become an extension of ourselves — our personal concierge, life organiser, an entertainment tool, working office and also a telephone. So it’s no longer about bits, bytes and boxes, but enabling strategies, efficiencies and growth through the power of this digital shift.
With so much rapid change in the world of technology and financial services, how is this affecting the payments industry?
At a strategic level, the Reserve Bank is currently reviewing a number of areas of the payments business, and whilst not necessarily a challenge, it is a deep review with far reaching implications for all the players. In particular, the economics of how financial products and services operate will need to evolve. The number of disruptive new entrants is also fascinating to watch. The speed at which technology is changing is extreme and it challenges us to be inquisitive, creative and strategic to keep up with that level of disruption.
What is the most exciting new finance technology right now?
Apple and Samsung have started to roll out cardless payment technology in the US this year. When this technology comes to Australia, we will need to manage the move away from cash and cheques effectively as an industry. Obviously moving these assets is expensive, but we must address the fact that business use of traditional payment methods is declining. Indue is helping our partners to manage this change.
What do you think the payments industry will look like in ten years?
A new and exciting world of ‘electronification’ and the move of payments to digital streams.
Who are the players to watch?
The New Payments Platform (NPP) infrastructure for Australia’s low-value payments will have a significant impact on the industry with countless business benefits. And of course, Indue will be the leading provider of financial payment and settlement services across Asia Pacific.
What does innovation mean to you?
Innovation means solving business problems with intellectual capability, implementing solutions and servicing them well with experienced and capable people. I see Indue as a truly innovative company, and it’s exciting to be part of something special, where we challenge each other to think creatively, and deliver more for our customers and shareholders.
What are three things you can’t live without?
My family, cold beer and the beach… and my smart phone!
Executive Director Strategic Development and Distribution at Indue