Money 20/20 Europe: Indue Insights

Money 20/20 Europe is where the future of money is built! This market-leading three-day event brings together the entire payments, FinTech and financial services industry. Ideas are created, partnerships are formed and future trends are imagined.

Indue CEO, Derek Weatherley and Group Executive – Delivery Kevin Lugg are this week attending Money 20/20 Europe.

Here is a summary of todays insights from some of the world’s leaders in payments.

Ralph Harmer, CEO of ING:  “The Shape of the Bank of the Future”

  • The products must empower people to stay ahead in life and business
  • The organization must be ‘Purpose driven’
  • Must be digital and must be mobile/20% of customers never talked to ING
  • The mobile experience must be simple, quick, customer focused, and connected to other social platforms as ‘people live on their phones’
  • ‘the platform is important’ – having subscribers is valuable to other subscribers, platform experience needs to flex cross border, for example the Uber experience is the same everywhere. This is how We Chat Bank built a $15Bn loan book in such a short time or Alibaba built $250 Bn investment fund.
  • He summarised by sharing that “Strategy easy, execution hard…..secret is culture/agile/collaboration”


Andy McGuire, MD, HSBC:  “It’s about the customer, stupid”

  • Biometrics/digital signature is great for cost effectiveness, but also for customer simplicity
  • Secret to happy customer is making it Dead simple – anybody can use it
  • Customers want really simple stuff to work all the time, don’t over complicate it
  • Fintechs working out that Banking without a balance sheet is quite hard
  • Advice for fintech – most banks are not great at customer experience but fintechs need to be very clear about solving customer problems or banks won’t be interested.
  • Amazon mixes up personas (I buy for other people but they assume its for me and offer me ‘blended’ personality stuff) – banks can’t really mix personas
  • Many things do not digitise easily as the human element won’t go away in a hurry.


Charlotte Hogg, CEO Visa Europe: The Invisibility of payments

  • The moment of payment is becoming invisible
  • IOT connectiveness – we are seeing a world where fridges are making payments on our behalf
  • The secret as we move away from cash is making customers comfortable that they remain in control
  • Data security & system resilience is key – its critical to know what data you hold and where you hold it
  • Paper money worked because it was simple
  • Consumers must be in control of banking
  • Announcements:
    • Create a Fintech Fast Track – fast, clear, open for Fintechs in Europe for onboarding (4 weeks) – cheaper fees, more aligned credit assessment approach
    • $100 m investment in fintech – focus on invisible payments that put consumers in control

For more event information visit:

Follow the event on twitter: @Money2020Europe

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