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
- 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: europe.money2020.com
Follow the event on twitter: @Money2020Europe