Imagine living in a country with two different economies: one for business and the wealthy few, using cards and electronic payments; and one for everyone else, using cash. It’s a story defined by inequality. Now, imagine living in a community where most people don’t have a bank account, but nearly everyone has access to a mobile phone. This is already the picture for most of the 260 million people living in southern Africa. The rapid spread of mobile technologies offers a unique chance to make a real difference to economic development and financial inclusion – and as India is showing, payments infrastructure is key. At BankservAfrica, we want to be part of that change.
This panel is blazing the path forward, demonstrating leadership and ingenuity through new approaches and themes in service delivery for online and mobile channels. EnStream’s Chief of Digital Services Robert Blumenthal will lead the discussion to review emerging digital identity and authentication services, that thwart identity theft and allow Canadians to transact with trust. The audience will learn through real-market commercial examples, how EnStream is working together with Canadian Financial Institutions and lenders, to help bring exciting next-generation solutions to market.
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.
The potential of digital technology and data to end poverty and hunger at a time when new approaches are urgently needed. Today, the smart use of digital data and other related technologies should be made core to every major initiative and successful pilot initiatives should be scaled up to reach millions. At the same time, it is essential to have in place policy frameworks that protect individuals and support social good. Such approaches are rapidly transforming industry after industry around the world. But they have yet to be embraced in the fight against poverty, and that fight is at a pivotal moment. After 25 years of progress, which saw nearly one billion people exit extreme poverty, the global rate of poverty reduction has slowed from about one per cent a year to as low as 0.5 per cent. More alarming, poverty is rising in Africa and now stands at 41 per cent. Meanwhile, global hunger is near a ten-year high, with one out of every nine persons chronically hungry. Critical to helping is understanding. Yet we know surprisingly little about the needs and opportunities of those living in extreme poverty, 70 percent whom are smallholder farmers and their families. Digital data-flows – facilitated by mobile phones, smart programs and powerful partnerships – allow us to understand the individual circumstances, behaviors and motivations of the poor. Opportunities to accelerate the fight against poverty apply not only to agriculture, but also in health, citizen agency and many other key areas for the poor. These can be applied across the landscapes of aid, social investment, government service and humanitarian relief.
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.