Mobey Forum, a global financial industry association, has announced the launch of the Payments Expert Group to “empowers banks to embrace payment disruption.”
New group will analyse key factors driving transformation and explore how banks can adapt their business models and go-to-market strategies in the changing payments landscape.
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The group will determine the implications and opportunities for banks’ business models as a result of new innovations including Artificial Intelligence, Distributed Ledger Technology and the Internet of Things.
The group is co-chaired by Beat Bannwart, head of Innovation Solutions and Partnerships, UBS, Xavier Herrero, Manager Operations, CaixaBank and Sirpa Nordlund, Senior Vice President for Industry Engagement, Nets.
“Banks must never underestimate the value of a single payment”
Beat Bannwart, Payments Expert Group co-chairs Beat Bannwart from UBS, said:
“Banks must never underestimate the value of a single payment as it remains the most frequent interaction between the bank and the customer.
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By GlobalData“Payments generate a wealth of data which banks can use to understand and anticipate customer needs and preferences. With each day bringing new developments through the creation of new platforms, closed loop payment systems and cryptocurrencies, banks can futureproof their business models by using the data at their fingertips.”
Xavier Herrero, the group’s co-chair from CaixaBank, said:
“There is a growing opportunity for banks to lead the charge as enablers of new payment technologies. However, this relies on accurate insight into both the key trends today, and the emerging trends of tomorrow.
“A key objective of the Payments Expert Group is to identify the factors that are shaping the future of the industry, so that banks can proactively implement strategies which will lead to long-term success.”
Probing links between consumer behaviour and digital payments trends
The Payments Expert Group will also explore the relationship between broader consumer behaviour and digital payments trends.
“The pandemic has pushed huge numbers of people towards digital channels and provided another important reminder that digital payment trends quickly evolve into mainstream trends,” says Sirpa Nordlund.
“Invisible payments are a fantastic example of this, reflecting consumer demand for less friction and representing a wider trend for touch-free technology. Now more than ever, there is an opportunity for banks to prioritise innovation to cement customer relationships,” he added.
The Payments Expert Group enables members to address challenges in an open, commercially neutral environment. The co-chairs of the Payments Expert Group have also introduced the group’s priorities in further detail on a recent Mobey Forum podcast.
