Digital financial services proponent Mobey Forum has added the Payments Expert Group, joining other domains pertinent to its mission, such as open banking, artificial intelligence, data security and digital identity.
The group is co-chaired by Beat Bannwart, head of innovation solutions and partnerships at UBS; Xavier Herrero, manager of operations at CaixaBank; and Sirpa Nordlund, senior vice president for industry engagement at Nets.
The payments subgroup will analyze payment innovation and determine implications and opportunities for banks, considering the role of artificial intelligence, distributed ledgers and the internet of things.
“Banks must never underestimate the value of a single payment as it remains the most frequent interaction between the bank and the customer,” Bannwart said in a press release. “Payments generate a wealth of data which banks can use to understand and anticipate customer needs and preferences."
New developments through the creation of new platforms, closed- loop payment systems and cryptocurrencies are occurring every day, and banks can "futureproof their business models by using the data at their fingertips,” Bannwart added.
In providing technology awareness and advice for its members, Mobey Forum has also been communicating within the payments industry to help banks continue to provide critical services during the COVID-19 pandemic.
The Payments Expert Group intends to push that same message. “There is a growing opportunity for banks to lead the charge as enablers of new payment technologies,” Herrero said in the release. “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 that will lead to long-term success, Herrero added.
The group will also explore the relationship between broader consumer behavior 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,” Nordlund said. “Invisible payments are a fantastic example of this, reflecting consumer demand for less friction and representing a wider trend for touch-free technology."
