Payment Innovation and how banks can win…

We need Digital Simplicity !

 Consumer expectations are increasingly influenced by the advances of digital pioneers in the retail sector, such as Amazon, Netflix, and Uber. The emergence of innovators like Apple Pay and Google Wallet is also changing the competitive landscape for banks. New products and payment methods are challenging the relevance of traditional banks’ offerings and threatening their customer relationships. Unless they act, banks face an increasing risk of commoditization: customers will begin to regard banks as public utility companies, a trend that will put downward pressure on margins and undermine pricing power.

One way for a bank to avoid that fate—to differentiate its offerings and value—is to provide a superior customer journey. But doing so is also a challenge. Increasingly, customer transactions are not only multichannel but also multistep. Users are often distracted, their attention fragmented. Often, they use product applications and complete other banking tasks over several sessions, perhaps using more than one device. Mobile-device screens are small, and bank advisors aren’t present to guide the way. Any provider able to surmount these impediments and give the customer a smooth, painless, digitally simple experience will be ahead of the pack in winning the customer’s loyalty.

At GlobalPaymentSummit various track-session will discuss topics like development in digital technologies and data analytics as they represent a significant opportunity for banks not only to better meet the needs of their customers but also to lower their costs and increase their efficiency.

The best banks are now fully seizing these opportunities and capitalizing on them. Those that fail to act will be left behind.

Enhanced digital capabilities drive substantial and measurable improvements in banks’ financial and operational performance. These benefits can include boosting revenues per customer by 50%, increasing customer penetration by 30%, and reducing operating costs by as much as 20%. A very interesting report by BCG ( https://www.bcgperspectives.com/content/articles/financial-institutions-technology-digital-customers-steer-digital-trends-driving-retail-bank-transformation/) does give more detailed insight from an analyst perspective. At GPS we will focus on live cases for success and discuss directions amongst international peers. Have a look at our program (living document) as it develops towards 12-13 October 2016!

 

 

  • GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @ThePaypers: .@everiToken platform allows anyone to “tokenize” their assets, such as buildings, company shares, or even artwork. Find ou… 6 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @i_am_pass: Just presented the worlds first tangible IDENTITY x DLT/ IOTA prototype in Germany for secure Identity and Access Management… 10 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @SovrinID: Read our latest Blog post: Collaboration and Interoperability on #Sovrin https://t.co/qb0MOC7OJV 10 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Yay digital banks https://t.co/SfGHxqtEaL 11 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @rananar: This is not cryptocurrency this is centralized eMoney. #bankofmongolia #bom #emoney #cryptocurrency #bitcoin #centralized http… 11 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit amazing development - Singtel and AIS debut VIA, Asia’s first cross-border Mobile Payment alliance… https://t.co/pW4UuH9Ppg 11 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Open Banking And PSD2 Not A Priority For Treasurers | Global Finance https://t.co/izqWeEX2Ft 11 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @dgwbirch: “Mr Skinner says... the UK wasted too much time developing card payment technologies, such as chip and PIN and contactless, w… 11 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit We had an amazing 2 day conference in KL with a packed audience! Thank you again to all who participated as well a… https://t.co/b5Dq0R0DZb 11 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @DeloitteUK_FS: Lenders that fail to utilise the full potential of #openbanking will be disrupted. 👀 Read our latest #FinTech blog by gu… 11 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @FintechSIN: Austrian Government to Notarize $1.3 Billion Bond Auction Using #Ethereum https://t.co/mNKRNdSanr #Blockchain #banking #Fin 12 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @InstaPayToday: 'Sharing Payments Insights from Asia' - Take a look at our latest article on the key insights from @GlobalPaySummit in K… 12 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Congrats and shout out to our colleagues @CurrencyResearc for an excellent inaugural issue of Central Bank Payment… https://t.co/7SBApIZ2MB 12 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @dgwbirch: “In US currently, there’s no legal requirement stipulating a financial institution must make a consumer’s financial data avai… 12 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Panel discussion on #psd2 and #openbanking - influence and impact for Asia. @InstaPayToday @XMLdation @FinastraFS https://t.co/edQKTd98oy 13 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Europe isn’t the only place for open banking - Lauren Jones @InstaPayToday https://t.co/npV5e1DzcC 13 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Kah Kit from BNM sharing key initiatives to transform mobile phones to ewallets in Malaysia #regulation #paymenthttps://t.co/fd4modRGPJ 13 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Indonesia is ripe and ready for digital commerce by non banks?! @paulbrisk #banks #indonesia #payments #fintechhttps://t.co/i9FzAEXD0O 13 weeks ago
  • Also interesting
    Global Payment Challenges
    Written on 10 September '18 by
    READ MORE
    PSD2 & Open Banking - Impact & Influence for Asia
    Written on 10 September '18 by
    READ MORE
    Pre-Summit Briefing - Remittances
    Written on 4 September '18 by
    READ MORE
  • Speakers 2018