Payments are more than just an exchange of assets between two parties.
Payments have a lot of data in them about consumer behavior, about culture of payments, about demographics.
If a company successfully understands those data points, it can adapt its strategy to drive top line, bottom line, and therefore payments becomes the lifeline of a company.
That is how we view payments.
J.P. Morgan Payments
Marketplaces for the win
“For all the huge growth in ecommerce in Europe, it still only counts as a small percentage of GDP. In Amazon, we say we are still on day one – there is so much more we can do”. Meg Bramlette from Amazon, in opening up the possibilities of marketplaces, set the scene for this dynamic discussion. The perspectives from three different players in the ecosystem – the aforementioned behemoth as well as Mirakl and Backmarket – reminded us how connected commerce is everywhere in our daily lives. Session moderator Helena Forest emphasised that understanding that the ‘end to end’ customer experience is key… but what makes the difference is a relentless focus on client centricity, and choosing the right partners.
EVERYONE’S TALKING ABOUT
Day two in the Money20/20 jungle, and the abundant foliage and incessant heat has us all feeling tropical. No time for cocktails though, there’s payments work to be done…
Influencing the Influencers
What is the perception of treasury? Is it control, or an enabler? This articulation of purpose was central to this morning’s inspiring ‘Business and Finance in lockstep’ panel. J.P. Morgan’s Priyanka Rath emphasised the need for treasurers to demonstrate the value of what they can do. Putting it bluntly: “I can make you more money!” This jargon-busting approach resounded with the other panelists from PaySafe and Payoneer, who spoke the common language of enabling customer’s success. Heroing this treasurer role within payments, Priyanka called on the audience to understand their worth. Specifically within rapidly expanding businesses that don’t have a big treasury function, the business could be lacking in understanding of treasury functions which can sometimes enable more sustainable growth for the business. Enabling is the answer.
Banks can’t have it all
Societe Generale, Open Payd and FintechOS also took to the stage to talk embedded finance vs embedded fintechs, stressing the opportunity for ‘seamless collaboration’ between the two. The opportunity is finding partnerships which change the customer experience. There is still space for the competition and new players, but the question is… can the customer have it all, and who will be the provider? Statistics mentioned during the session clearly state these opportunities. The audience heard that 50% of Gen-Z and millennials are spending money every month on financial services, and 50% of the people at home would like a savings account with a favourite shop. A win/win for fintech and banking partnerships, it seems.
What’s in your wallet?
Another interesting session saw Google, LEGIC Identsystems and SNCF Connect and Tech state the case for digital wallets. As user experience and flexibility increases, the panel discussed B2C and B2B models, with the biggest driver for the latter – according to Google – being security, trust, and privacy. Key to development in this space, they agreed, is the open source integration of wallets. As customer journeys go cross-border (the travel industry being a good example) sharing the technology open source means that other regions and industries can integrate it - and it will work globally. Open-source builds trust, they said, and from a B2B perspective it means that the ownership can be delegated - essential to fuelling credibility, which in turn is driving the adoption. A circle of trust for a better user experience.
EVERYONE’S TALKING ABOUT
It’s the final day, but plenty left to see and do as the agenda covered everything from customer journeys, to Africa, to consolidations.
Igniting the ecosystem
…is how J.P. Morgan’s Ludovic Houri opened ‘Does the regulation equation equal innovation’ session – a blistering start! The panel, which also included the Euro Banking Association (EBA), Revolut and VComms, emphasised the unintended consequences of regulations and the need for collaboration and innovation shared across fintechs and the financial services industry. AI cropped up on this session also, this time as an example of non-financial regulations that payments will need to pay close attention to. Globality, too, is a consideration as the world’s borders are shrinking, making regulations – sometimes even at local level, initially – more relevant to all.
EVERYONE’S TALKING ABOUT
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