Industry leaders from the global payments and banking industry shared more fascinating insight on day two of MoneyLIVE Summit 2023.
Hot topics, including embedded finance, BNPL, cryptocurrencies, fraud, diversity and inclusion, as well as the metaverse, came under the spotlight at the event in the Queen Elizabeth II Centre in London’s Westminster.
Day two kicked off with a fireside chat on ‘cracking the code of contextual finance’. We heard from Aman Virk, customer transformation senior director at Salesforce, Taner Akcok, head of API platform and integration services at Deutsche Bank and Jeroen Plag, head group strategy & innovation at ING Bank.
“As a bank, we are responsible for making people reach their financial goals and at the same time you know, help them to get over the crisis times and different challenges,” said Akcok. “So this is why this personalisation and contextual offers are extremely important to actionable data.”
While Kirk commented: “We’ve all been there where you’ve had to check several systems to be able to really service your customer. So I think having that single view which enables your employees to have access to the full picture of your customers is important, knowing your customer, again is also critical.
“Having segmentation and data based on your customer base, your target audience vulnerabilities, which really enables you to then develop a tailored market journey that you need, and underpinning all of this is open banking APIs, automation, AI and machine learning, which really are the enablers to drive that customer experience to a different level.”
Embedded finance
Next up was a great presentation by Mehret Habteab, vice president of digital products at Visa. She shared the payment giant’s mission to make online payments as frictionless and secure as face-to-face. And how embedded finance will pave the way for an open future. But said there needs to be collaboration.
“[Innovative payment experiences] require the complex transfer of information between a number of different actors with the right levels of security, trust and control,” said Habteab. “And that’s why partnerships are critical to listen to connect with future ones that bring together financial institutions, service providers, social platforms, open identity players, open data players, and many many more capabilities in order to orchestrate these experiences.
Continuing the theme of the evolution of embedded finance we also saw a panel discussion next on the agenda. Kevin Mountford, co-founder at Raisin UK joined Kristina Persson, analytical lead at Google,
JP Morgan’s Mario Benedict and Teodor Blidarus, CEO and co-founder at FintechOS, on the stage.
“I see the opportunities for banks to embrace embedded finance as a means to better customer centricity,” said Blidarus.
Digital currencies
Before lunch, we enjoyed a great mix of views on commercial opportunities in digital currencies, the development of a European central bank digital currency (CBDC) as well as developments in cryptocurrencies.
Peter Stillwell, head of business development EMEA at Coinbase, discussed the evolution of money.
He said: “If crypto lives up to its potential, we’ll see the benefits of the financial system reaching anyone anywhere. We’ll see a world where every payment will be as fast, cheap and global as sending an email. We’ll see a world where anyone with an idea can get paying customers all over the world from day one. And we’ll see a world where anyone who has a smartphone and access to the internet will be able to access the same financial services wherever they are.”
There was also an enjoyable fireside chat with Evelien Witlox, programme director Digital Euro project at the European Central Bank. Followed by a fireside chat on digital currencies with Catherine Zhou, global head of ventures, digital innovation and partnerships at HSBC, and Isa Goksu, CTO of Globant.
In addition, Lukas Enzersdorfer-Konrad, CEO at Bitpanda, discussed why crypto will be the banking industry’s next essential revenue generator. He also talked about the importance of “proper regulation” to foster not just the adoption of crypto technology, but to make it clear for investors where to invest crypto assets in order “to build trust, and to build security”.
The morning session ended with a panel discussion on the commercial opportunities for digital currencies including Akash Jain, COO, digital assets & currencies transformation at Deutsche Bank. He was also joined by Nicole Sandler, head of digital policy at Barclays, and Jürgen Hofbauer, head of enterprise sales at Copper.co.
Web3 and the metaverse
The afternoon’s action kicked off with a discussion on how blockchain can transform banking operations. Interesting insight from Abbas Ali, head of Liink product development at JP Morgan Chase. Plus Rita Martins, head of fintech partnerships, for global functions, at HSBC.
Finally, we heard why the “metaverse is not going to be a substitute for real human interaction”. A conversation on banking in a Web3 world with Malin Lignell, VP of digitalisation and innovation at Handelsbanken, and Sabih Behzad, head of digital assets and currencies transformation at Deutsche Bank.
Elsewhere on the North Stage, we were treated to insights on fraud prevention strategies, customer analytics and diversity & inclusion. Plus the impact of financial data-driven personalisation. Meanwhile, Stage Two discussed risk and resilience, and embedding operational excellence.
Thanks MoneyLIVE for a packed two days of informative insights.
You can also check our roundup from day one of MoneyLIVE Summit 2023.
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