Mega Trends: Closing Keynote Future of Cards & Payments July 2013
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Transcript of Mega Trends: Closing Keynote Future of Cards & Payments July 2013
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Megatrends and their impact on payments.
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The Next Decade
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The Small print.
• I can not predict the future. These opinions are solely my own. They are potential outcome scenarios that may or may not materialize.
• I would like to take you on a short journey with me for the next few minutes on what the future may look like.
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Fasten your seat belts please..
Acceleration
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The last decade was exciting. London got tapping… New York, Hong Kong, Seoul.
Oyster was born in June 2003.
4
NYC Taxis in 2008.
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We got liking… the definition of a friend expanded.. exponentially.
Facebook born in 2004. 5
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Tweetingpresent participle of tweet (Verb)Verb1. Make a chirping noise.
2. Make a posting on the Twitter social networking site.
Twitter launched in 20066
We got tweeting… and conversations got shorter
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So, what is next?
In our world.. Just 10 Years Ago..
─ There was no FaceBook (2004).
─ There was no Twitter (2006).
─ There was no iPhone (2007) or iPad (2010)
─ There were 53MM mobile phone connections in Africa.
─ The average GDV per capita of Brazil was $2,900
─ Travel/mileage/points collection was the dominant payments loyalty strategy.
─ Nokia was the #1 Handset provider globally with 35% share.
─ This year mobile devices will outnumber human beings.
─ Yes, digital mass adoption and convergence has arrived.
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Unprecedented connection to information, education, ideas goods, services. Every device becomes a commerce device.
CommerceDemocratization
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Create a commerce device anywhere
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…activate collaborative bargaining & purchasing power...
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.. commerce will accelerate everywhere in this new global marketplace..
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.. Enable access to global markets
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…Allows wide spread competitive analysis
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.. Create new digital sellers…
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Trend 2: Commerce Democratization
─ Provides access to commerce for billions of people to easily sell and to buy across devices, locations, currencies.
─ Convergence of identity, payments and connectivity. The wallet and the purse go truly digital.
─ Connectivity backlash will spur “anonymity seekers” and “disconnect value proposiitons” Anonymous platforms continue to emerge.
─ The GC (global connectivity) creates greater transparency and competition on supply chain pricing, focusing more on the non-commoditized value. Ie. Local, socially or community relevant.
─ Empowered, informed and demanding consumers will want to determine the brand experience and the value that is relevant to them. Brands compete on the consumer experience pushing technology platform development.
─ The global commerce platform requires device-agnostic solutions. The device choice stays with the consumer.. phones, tablets, wearables, glasses, electronics, “refrigerators that shop”, “cars that talk”
─ A shared freedom of speech/opinion/reviews environment continues to be top influencer in buying decision.
─ Increased customer power will evolve the brand experience, the brand offer and the brand profit segmentation. Highly relevant and highly loyal customers become brand ambassadors.
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Convergence of platforms, data and technology create a shift in traditional loyalty and brand engagements.
Micro Engagementaka
It is all about ME
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Trend 3: Micro vs. Macro Loyalty
• The new empowered customer expects you to know them on a personal basis, they have all their life on the web.
• In this new paradigm of open-ness and transparency… Loyalty moves away from large scale one size fits all programs
• Loyalty converges with big data and to deliver highly contextually and highly tailored offers
• Loyalty is earned by the brand upfront versus the consumer after xx purchases or xx spend – Consumer potential is fully recognized and accurately forecasted.
• Ongoing self-service retail environments will utilize the consumer connection to check-out, to pay and tailor the shopping experience. Personal coupon.
• Individual consumer understands their worth and wants an enhanced experience in return for loyalty
• Brands become reliant on social media and aggregate individual experiences to attract like-minded consumers
• Consumer empowerment may move to a feeling of consumer ownership in the loyalty / offer experience. Will they trade behaviors, preferences, social network recommendations for greater value and brand relevant access.
• Brands will become more reliant on strategic analytics in concert with social media to determine segment investment for existing and new customer attraction.
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The global middle class is coming and they will change everything.
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Next 2 Billion
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.. Provide a new lens to the world...
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… Connects to new people, creates new communities…
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.. a better future for their children …
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..Inspire new passions, ignite new dreams..
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Trend 4: The next 2 Billion…
─ There are roughly 2B people outside of the financial and payment system.
─ Current financial inclusion initiatives both public and private are targeting 500MM.
─ They will form the new global middle class of the next 15-25 years.
─ They have enormous swarm buying power.
─ They will have recognized access to financial dignity with national identity programs.
─ They will demand new products and services currently not available to them from large scale consumer brand providers.
─ They will be able to educate their children through their internet devices regardless of location, and have greater aspirations for them.
─ They will expect both clean water and a smart phone.
─ They will better understand their role in the value chain which will impact market pricing..
─ The world will never be the same with unprecedented poverty reduction, educational achievement, and access to healthcare.
─ For the first time, the majority of the world will be middle class and poverty as we know it will disappear.
─ Payments is key to the new Global Marketplace: Global networks, brands, technology enablers are driving at lightening speed to this new future.
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Embrace the change.Embrace the now and the new.Go create the future.