Live From All Payments Expo & FinTech Partnerships - Afternoon of Day 1

This afternoon we had a thought provoking panel discussion at All Payments Expo - The Future of Interchange, and How Your Business Model Will Change

Moderator: Ron Mazursky - Mercator Advisory Group

Panelists:
Chris Larson - Ripple Labs
Barry McCarthy - First Data
Fred Brothers - FIS

Key Take Aways:

- Rewards programs won't go away - low liability or no liability (ex. Groupon) 

- Crypto-currency is just the tip of the iceberg. Transactions without a central operator, this opens up all types of new possibilities - a neutral protocol on this new payments rail.

- Lower the friction in the marketplace to make it easier to conduct business and commerce across boarders. 

- The marketplace is questioning the value of interchange, opening up windows for innovators. 

- A currency that you can't regulate is a threat to national security and national banks. They will pivot towards a secure value interchange. 

- The biggest barrier in the adoption isn't protocols it's the reputational risk 

- Merchants will adopt whatever consumers want to use. 

- Data is the new oil in the banking industry - we have hundreds of years of reserves. The nature of rewards and offers will change, using the data is a great way to monetize these transactions.  

- Alternate solutions will continue to emerge and the ground is wide open for specific use solutions (ex. PayPal)

- P2P  innovation (ex. Venmo)


Thank you to the outstanding panel and stay tuned for more live recaps from All Payments Expo & FinTech Partnerships!

Share this article with your social network, just click below to share now!

Share |

Live From All Payments Expo & FinTech Partnerships - Morning of Day 1

This morning we had a lively panel discussion at FinTech Partnerships - The Mash-Up: When Big Meets Start-Up

The panel consisted of:
Jim Hale - FTV Capital
Mike Diamond - Mitek Systems
Steve Carlson - Intuit
Robert Schiff - McKinsey & Company
Moderated by Jane J. Thompson of Jane J. Thompson Financial Services 


Discussion highlights: 
Think of it in terms of elephants and mice, the big banks and issuers are the elephants and the innovators and start ups are the mice.

For elephants, fewer and fewer people are empowered to say yes, while more and more are empowered to say no. So mice need to have a way to solve a problem for the elephants to be interested in the potential partnership - they want certainty.

Key points to remember as the innovator: 
- Keep your eye on the ball; natural alignment focused on selective objectives
- Be wary of side agreements like revenue sharing agreements and exclusivity agreements 
- Be stingy with control 
- Partners' ownership is additive
- Think long term; begin with the end in mind

What makes a partnership successful? 
- Be clear about the problem you are trying to solve 
- Internal champions are critical - career risks, putting a lot on the line
- Make sure goals and objectives are aligned early on

Currently the consumers are driving innovation - this creates new challenges for the elephant and the mouse. Further cementing the importance of aligned goals and objectives between all parties involved. 

Thank you to the outstanding panel and stay tuned for more live recaps from All Payments Expo & FinTech Partnerships!

Share this article with your social network, just click below to share now!

Share |