Digital transformation will be at the heart of shaping a new era of financial services, making the experience 10x better for banks, customers and society.
On the road to this future are technologies that make people's lives easier when making payments. 10x joined Lloyds, TSB Bank and TSYS for a MoneyLIVE panel discussion on what it takes to create a better payments experience.
The panel comprised:
Moderated by Lindley Gooden, the panel discussed PSD2, open APIs, cloud-native approaches, fraud and risk management, biometrics, contextual payments and ways that banks and other service providers - small and large - are working to transform how people manage their money on the move in our increasingly connected digital world.
Some insights from the webinar …
“You are seeing the big banks think about replatforming in a different way. You can see the likes of Visa and Mastercard opening up APIs, opening up what historically has been quite a closed ecosystem. So, I think you can look across the industry and see how people are using modern technology to reimagine and redistribute payments as we have historically known them.” - Mark Shaw
“Whether it is face recognition, fingerprint or whatever it is, it is just a mechanism. In the past it was paper, then it was plastic – it is just the mechanism to execute the transaction. The bigger difference today is that where in the past, the payment interaction was the main activity, today it is a consumer interaction of which a payment is part.” - Rene Kruse
“Some of what AI is allowing us to do is to create more personalised experiences again for customers.” - Simon Rendall
“At 10x, what we have seen over the past 18 months is a real change in the size of institutions that are prepared to use cloud-based payments and indeed core banking solutions.” - Tom Hays