The Lipis Advisors team travelled to sunny Barcelona for NACHA’s annual European Payments Innovation Alliance meeting on June 2-3. The two day conference featured lively discussions between decision-makers from banks, infrastructure operators, rule-makers, regulators, and software vendors from the US and Europe. The speakers focused on topics such as innovation in banking and fintech, real-time payments, regulatory approaches in different geographies, how distributed ledger technology fits into the financial services landscape, and payment developments in Asia, Africa, and the Middle East.
After a lively opening talk on re-inventing banking through innovation, Lipis Advisors chief executive Leo Lipis facilitated a discussion on how banks perceive and execute innovation while dealing with the burdens of legacy infrastructures, regulation, and the evolving needs of customers. One panelist pointed out that innovation by banks is often done in reaction to new regulations, so banks need not always view new regulation as a burden, but rather as an opportunity to innovate. The panelists also agreed that banks need to minimize thinking in customer segments and focus on the needs of individuals to make each customer a unique customer for the bank.
Leo also helped lead an interactive brainstorming session on a hot topic for PIA: practical use cases for real-time payments. The audience broke up into different groups focusing on various segments for real-time payments: P2P, C2B, B2C, and B2B. The discussions were very fruitful, with participants coming up with a wide variety of real-time products and services that banks could provide to meet the demands of different customers. The common thread throughout the discussions was that banks need to focus on customer needs and not just think internally about the challenges real-time presents for the banking industry.
As always, the PIA meeting featured stimulating discussions, provocative topics, and a great group of payments experts from around the world. With the United States payment system due to undergo massive change in the coming years, the Payments Innovation Alliance’s work will be vital in providing innovative ideas and an open forum for payments experts to come together and discuss pressing issues that affect all payment systems.