On 3 and 5 May 2016 we held sessions of The Hub in Wellington and Auckland on disruptive innovation. Our speakers talked about the different types of disruptive innovation impacting payments and the broader financial services sector, as well as some examples of home-grown innovation and entrepreneurship.
Our Chief Executive, Steve Wiggins, discussed the disruptive technologies that are emerging as a significant presence in the industry such as bio-wearables, geolocation technology and frictionless payments, and what the Internet of Things might mean for payments and our lifestyles.
Steve also shared an update about Payments NZ’s work programme and recapped on the key factors which are likely to shape the future of payments in New Zealand.
Dean Rea from Arrowhead Consulting shared with the audience some highlights from the recent research by the World Economic Forum (WEF) into the future of financial services. The research identifies a set of influencers that will impact on how everything from payments to insurance to deposits and lending are likely to be structured, provisioned and consumed in the future. Dean noted a number of points of intersection between the WEF research and the outputs of the Payments Direction initiative with a strong crossover in the topic of technology-enabled innovation, privacy and security and the strategic role of data.
Dean observed that the most disruption will occur in the insurance sector but its most imminent effects will be felt in the banking sector. As innovation in financial services is deliberate and predictable, disruption will not be a onetime event, but a continuous pressure to innovate.
This led into a panel discussion with Dean Rea and our Payments Direction project team, Jane Retimana (Head of Strategy and Corporate Affairs), Jamie Wood (Manager, Clearing Systems) and Chad Haighmark (Senior Project Manager). Our panel put a local perspective on overseas trends and influences and further discussed points of intersection with the WEF findings.
Finally, our keynote speaker Rod Oram spoke about innovation and entrepreneurship, presenting his insights on emerging innovation trends and issues that are affecting, and will continue to affect, New Zealand. Rod explored the way that Kiwis operate, saying we are skilled generalists with knowledge and experience across a range of functions making us innovative thinkers and leaders.
Rod’s involvement with The ICEHOUSE, the entrepreneurship centre at the University of Auckland’s Business School, gives him insight into examples of NZ companies that are dominating the innovation market including Orion Health, Xero and Vista, commenting that listed companies grow the fastest. His tip for companies looking to innovate is that they must work to be: future-ready, ambitious, fair, and disruptive.
Steve Wiggins closed the event and reminded everyone that our next industry event will be our conference The Point 2016 on 8 and 9 November in Auckland.
Thanks once again to everyone involved with this event, all those who attended, and a special thanks to our speakers.