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The Hub

The Hub September 2015

Setting a course for the future

On Thursday 24 September, we held a special, bumper edition of The Hub in Auckland with the goal of gathering together some of the sharpest minds in the industry to look ahead and think about the future of payments in New Zealand. Our September 2015 edition of The Hub was also cause for celebration, as Payments NZ turned five years old.

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Payments Direction

hub-sept15-steve.jpgSo what will the New Zealand payments ecosystem look like in the future? Our Chief Executive, Steve Wiggins, opened the event with insights drawn from our Payments Direction programme.

Insights and perspectives

When we asked consumers what the future of payments looked like, they told us that convenience is king and their top priorities are that payments are simple, fast and safe. While for business users, the future of payments is real-time, integrated information, and mobility.

And the industry? They think we need community engagement and greater collaboration, ongoing improvement and a culture of innovation and change, and industry inclusion.

Future view

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From the research, we believe there are six key elements that will underpin New Zealand’s payments ecosystem of 2025.

  1. Simple payment systems - more flexible and modular, enables innovation.
  2. Faster payments - interoperable payments rails will underpin faster payments.
  3. Informative transactions - more information sent with every payment.
  4. A dynamic network - innovation delivered to market at an increased pace.
  5. ‘Just right’ regulation - regulation remains ‘right sized’ for our market and confidence in payments systems remains high with users and regulators.
  6. International payments - the cross-border payments experience will be simple, intuitive and straightforward.


The business of paymentshub-sept15-bank-panel.jpg

Staying with our futuristic theme, our panel of senior banking experts chatted (and sometimes debated) about what banks and other organisations need to be doing to respond to constant and rapid market stimulus, while meeting consumer demands.

Jonathan Pringle (Westpac), Charles Duke (TSB), Russel Briant (BNZ) and David Murdoch (ANZ) hashed out the tough topics like changing customer expectations and delighting their customers, all while keeping up inter-bank cooperation in the context of stiff and market-driven competition.

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Lessons from the masters

Our quick-fire session offered masterclass lessons on how to get ahead with digital innovation, strategic storytelling, and design thinking.

Marc Potter, CEO New Zealand at Internal Consulting Group, implored us to ask ourselves if in the future, consumer empowerment may be the new form of loyalty currency.

And Tracey Bridges, Managing Partner at SenateSHJ, taught us that “stories aren’t just moments in time, they aren’t just 140 characters, great stories last the centuries.” So how do stories relate to business? In every way possible; a real story, honest and personable, changes minds.

Then, Melissa Jenner, Head of Design & Innovation at Grant Thornton, reminded us that there is no more B2B or B2C, it’s all H2H (human to human that is) and the divide between the ‘business person’ and the ‘creative hub-sept15-keynote-richard-miller.jpgperson’ is gone.


Keynote

Finally, our keynote speaker, Richard Miller from Deloitte, spoke about finding your place in the market; and once you’re there, maximising it. In terms of payments, new, disruptive players are most likely to be attracted to where the greatest sources of customer friction meet the largest profit pools.

 

Thanks once again to everyone involved with this event, all those who attended, and to TSB - our sponsor of this special edition of The Hub.
hub-sept15-cake.jpgWe hope you all enjoyed our birthday cake!

Keep an eye on our website for more information about our Payments Direction programme and future Payments NZ events. 


This September event is kindly sponsored by:

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