A discussion of how Uber, Airbnb, Amazon, Apple, Tesla and others have set the bar on digital innovation and how banking can learn from these unique firms.
This session will feature researchers from Payments Canada discussing consumer and business payment findings from the latest industry and market research. The presentation will provide insights into the environments where traditional payments and emerging payments are competing.
Boston Consulting Group reports that while 86% of global corporate banking executives agree digital will impact business economics and competition, only 43% have a digital strategy. Meanwhile, corporate treasurers have rising expectations of bank services and continue to challenge the status quo. How can banks partner with their corporate clients and technology providers to spark innovation? Hear both corporate and bank perspectives on identifying and overcoming challenges in payments, corporate banking services, and partnerships.
We are in the midst of a transportation revolution. Billions of dollars are being poured into connected cars, autonomous vehicles and smart cities. With the rapid investment, experts predict more and more connected cars on the road in the coming years, more ride-sharing and fractional ownership and autonomous vehicles on the road in the next decade. As a result, companies need to plan for this change and recognize that the source and flow of payments is being disrupted, as well. We’re moving toward a friction-free, plastic-free future. Card not present is taking on a whole new meaning. In this session, we’ll examine the current landscape, consumer trends and examine what companies need to do to innovate for the future.
Historically payments have developed in silos with different standards, infrastructure, geographical boundaries, use cases and end-users. Roles were clearly defined and access was tightly controlled. The move to open and instant payment rails is an opportunity to review the blueprint for payments. Driven by digital interactions in both payments innovation and the wider environment, customer and merchant expectations are growing towards an instant, integrated, multi-channel, yet personalized payments experience. Some payments may be initiated across one channel and completed via another. Others deeply embedded into the transaction context with the inter-bank rails almost invisible. The money movement itself is increasingly a commodity and payment providers are looking for new ways to drive value, increasing customer loyalty and engagement. This session will focus on examining the trends towards payments convergence, identify business models that are emerging, and discuss how to future proof payment infrastructures to embrace new opportunities.