In association with ClearBank, the UK's first new clearing bank in 250 years.
The 2017 Lafferty International Cards & Payments Conference took place September 19-20, at The Royal Horseguards Hotel, London.
The spirit of the conference was captured in a presentation titled 'The Teslafication of Banking', as Microsoft's Richard Peers explained how Tesla had upended the traditional Detroit-centred auto manufacturing industry. Digitalisation is playing a significant role in cards and payments; there's a sense that banks in particular have digitised, but not digitalised, and are yet to grasp the import of the new world.
Delegates heard from regulators, payments systems operators, fintech challengers, established banks, AI specialists, and big tech firms, and agreed that fintech is now being regarded with less alarm than a couple of years ago, as bank-fintech partnerships become commonplace. Instead it is 'Big Tech' that is the new challenge: from Google to Alibaba, the top ten big tech firms are investing vastly in AI, a game-changing technology in cards and payments. One speaker reminded the audience that Amazon, a giant in AI, lent $3billion to merchants last year.
AI, for instance, is already embedded in everyday programmes such as Outlook. As Nick Ogden explained, the ClearBank proposition would hardly be possible without Microsoft as a partner, due to the billions it invests in AI, anti-fraud measures, and the biometric security behind instant transfers. Now, the big challenge is this: how much can the cards and payments industry learn from Big Tech without losing its DNA?
Lafferty has been tracking the impact of big tech, AI, robotics and mobile banking and will present this fresh material as part of our Retail Banking 2020 Research Service.
Michael Lafferty, Executive Chairman of Lafferty Group, talks about 'the new world disorder' in retail banking; new entrants and challenger banks; plus the future of credit cards, at Lafferty's International Cards & Payments Conference, held in London, 19th and 20th September 2017.
Welcome — Michael Lafferty, Executive Chairman, Lafferty Group
Opening Keynote — Nick Ogden, Executive Chairman, ClearBank
The Industry Perspective — Michael Chambers, CEO, Bacs UK
The MIR payment card systems and technologies — Vladimir Komlev, CEO, NSPK
Cards and New Alliances:
— Jerry Fosker, Head of Network Alliances EMEA, Discover Financial Services
— Marcia Clay, Senior Vice President Market Development, UK&I, Mastercard
— Lafferty Global Briefing — Patrick Houlihan, Senior Research Analyst, Lafferty
Game of Phones: Disruption is coming — Mark O'Keefe, Director, Optima Consulting
The Teslafication of Banking: How the 4th Industrial Revolution is changing the game in all industries — Richard Peers, Banking Industry Lead EMEA, Microsoft
Design in a Digital World:
— Leslie-Ann Vaughn, Director MiLA Consulting
— Nick Kerigan, MD Future Payments, Barclaycard
— Howard Allen, Director, APYM
The Newly Sophisticated Mobile Bank
— Jostein Svendsen, Founder/CIO, Jaja Finance
— Giles Sutherland, VP Strategic Alliances, Carta Worldwide
The Proxy Digital Payments War for One Billion Indians — Sriram Natarajan, Quattro Solutions
The PSD2 Opportunity — John Burns, Payment Services Director, Compliancy Services
In association with ClearBank
ClearBank is the first clearing bank to enter the UK market in more than 250 years.
ClearBank is regulated and authorised and is on track to open its doors in Autumn 2017 to financial services providers, FCA-regulated businesses and Fintechs that require access to UK payment systems and core banking technology to support current account capabilities.
Free from the constraints of legacy technology, built on a combination of public and private cloud infrastructure, ClearBank delivers open access to payment, current account and transactional clearing services. Financial services organisations, from banks and building societies through to new challenger banks and Fintechs will be able to process payments and offer new competitive transactional banking services more cost effectively, efficiently and quickly than ever before possible.
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