The Six Things That Will Change the Future of Payments
There are six forces that will fundamentally reshape the way the payments sector operates over the next five to 10 years. You can bet all of the soft shell crabs in Maryland and salt water taffy at the Jersey Shore that these six forces will impact each and every player in this space in some way. And, there are only two outcomes: you can lead the creative destruction that these forces imply, or sit back and be the one who is creatively destroyed. The culprit is the mash-up of connected devices, data and the cloud, which are dramatically accelerating the pace of change in an industry not exactly known for moving at warp speed. Karen Webster will provide a sneak peek into these six forces and how they should be accounted for in your payments plan.
The Rapidly Evolving Mobile Payment Landscape
Mr. Fiore will discuss the rapidly evolving mobile payment landscape, and how credit unions can serve their members and maintain their vital role in electronic payments. Merchants, merchant consortium's, payment intermediaries and scores of tech start-ups are developing revolutionary mobile apps that provide better customer engagement and loyalty, but at their core connect consumer and their device to the point of sale, opening the door for disruptive payment systems.
Utilizing Data Analytics in Your Credit Union
“Big Data” may be the hot buzz phrase of late, but there’s good reason. Never in history has so much data become so available to so many. Too often the volume of data becomes overwhelming. The trick is harness its power through smart analysis rather than trying to read it like tea leaves. Companies like Target that learn how to use their data have unleashed market advantage while others drown in numbers. And it’s no secret that the credit union movement has become exponentially more complex in the last generation. The future of the credit union movement will know where the data comes from, what it means, and how to use it. Learn how to differentiate between strategic data, and clutter.
Bitcoin: What it is and Why it’s Gaining Interest
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. The network is becoming more popular and gaining interest from many different parties that are involved in payments transactions. In this session you’ll get a better understanding of the network and the strategy behind the concept. You’ll also become more educated on how this network may affect the traditional payments platforms that many financial institutions are currently using.
A Look into the Australian Payments Platform CUSCAL
CUSCAL recently invested significantly to build a modern, adaptable payments framework, to deliver improved EFT and payments products to its 90 Australian financial services clients. This program literally changed how Australia's credit unions and customer owned banks approached their payments strategy. Terry Hannah from CUSCAL will explain the business reasons for the program along with the successes and challenges.
Payment System Priorities – What the Fed Has Learned
Over the past year, the Federal Reserve Banks have engaged in a vigorous industry outreach and research effort to better understand U.S. payments system stakeholder needs, desires and priorities. Learn the outcomes of primary research on the demand for faster payments by consumer and corporate end-users, the Fed's 2013 retail payments study and secondary research on specific gaps and opportunities related to payments safety and security. We will discuss what the Fed has learned thus far about what is missing in today's payments landscape and what's needed to achieve the payments system of the future. We'll also discuss the latest insights on alternatives for improving the speed of payments and about industry feedback on the Fed's Payment System Improvement – Public Consultation Paper.
Digital Wallets: Disruptive Innovation in Banking
Similar as to how getting a mobile phone changed the way we all thought about telephones, having remote control of many aspects of our lives via smartphones is changing our expectations about how we live our daily lives. In this session, we'll examine the intersection between the consumer love affair with smartphones and the banking industry's rapid adoption of digital wallet technology.
A Value Based Approach: Vancity's Successful Payments Strategy
In this session, you will learn:
- A brief history of Vancity and its milestones over the years
- Vancity's brand and its values surrounded by Co-operative Values & Principles.
- How Vancity has become a leader in payments
- The history of Vancity's payments including:
- Where it has come from
- Where it is today
- Where it is heading
The Current State of Payments Technologies
Hear the latest technological developments from the perspective of payment processing companies and merchants. We'll also discuss how companies and merchants are reacting to the latest developments and what this could mean for financial institutions. This session will also help examine what cross-industry alignment is taking place and some best practices that are gaining attention. Jason will ultimately set the stage for continued discussion on what credit unions need to do to stay relevant in the payments arena.
Understanding the Digital Landscape
Digital payments are accelerating across different devices and channels and the share of retail e-Commerce volume is on the rise. This session will share MasterCard's retail e-commerce research, discuss how to enhance the customer experience to capitalize on device-based commerce and the transition to digital wallets. We'll take a look at threats to credit unions and the need for a retail digital payments and wallet strategy.
Setting a Direction for Your Payments Strategy
Additional program details are being developed and will be announced as they become available.
* Schedule and presenters subject to change