Tuesday, February 24, 2015

Live at APEX | Building New Markets, New Business and New Marketing Power in the Prepaid World

Building New Markets, New Business and New Marketing Power in the Prepaid World

Cathy Corby Iannuzzelli, Corby & Company, Inc.
Patrice Peyret, Banking Up
Jack Pyros, Momentum Groups
Andrew Siden, NexisCard/Prepaid Ventures, LTD.
Moderator: Omri Dahan, Marqeta

Prepaid Adoption: 
49% of Americans do not want a credit card
79% of millennials use prepaid

The lifecycle of innovative prepaid programs:
Program design
Selecting the right partners 
Program build
Going to market
Getting to scale

Pulse of the Session: Insights from the panel of experts
- One card to manage all aspects of a card program is a very exciting trend in prepaid.
- There has been a recent explosion of new uses for prepaid to move money in a more intelligent way.
- Prepaid becoming a part of the lexicon of how money gets moved.
- What is the future of banking? More integrated financial services. And the compartmentalization of prepaid is going to power that.
- Prepaid could be the precursor to credit. 
- The industry is in the beginning steps of exploiting data analytics to better serve the consumers needs.
- The market is moving so fast that you may be left behind before you can actually get to market. Finding the right partners is a key way to avoid this, it is the single most import aspect.
- Prepaid is an access device - ApplePay is a new way to access these funds - slicker, faster, more convenient - and there will be others to come. 
- Leveraging what apple is doing today is critical.
- ApplePay is non-threating for the people in this room.
- Until all ATMs allow you to take cash out from your phone, plastic will still be here.
- Major regulatory concern for prepaid - Data breaks. A lot of the information that is getting out from these breaches is the very information that you use to validate the identity of a customer. 

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