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Today’s foundations for tomorrow’s payments | Curious Thinkers 2022

Nathan Churchward (Cuscal) moderates a session with Christian Westerlind Wigstrom (Monoova), Luke Fossett (GoCardless) and Marnie Ryan (NPPA)

As one of Cuscal’s key strategic priorities and a true leader in this space through our ongoing commitment with the NPPA, this session aims to reinforce the benefits of PayTo and to get clients excited that there will be take up of PayTo. The content will be aimed at sharing the benefits on the initiator side as well as demonstrating what’s important from a payer side – how do our banking clients position this as a competitive advantage with their customers?

Cyber Security: Disruptive thinking in Cyber Risk Management | Martijn Verbree

Martijn Verbree joins virtually for his talk on Cyber Security at Curious Thinkers 2022.

This is an extremely important topic for organisations as it is a growing problem for their business and customers. The keynote will give insights and knowledge to strengthen security measures and educate customers to be cybercrime-wise.

Digital Currency Landscape | Anthony Jones and Steve Vallas

Anthony Jones speaking at Curious Thinkers 2022.

Everyone has heard about it, and everyone is either involved or knows someone who is in some way. The Digital Currency afternoon aims to provide attendees with an understanding of the overall landscape and where the opportunities lie for all client segments, what the regulators are thinking and how Cuscal is responding to this increasingly important topic.

Industry Evolution: How the Fintech community is enabling growth and innovation | Curious Thinkers 2022

A panel discussion with Rimal Gokani (Zai), Tim Wilks (Coinspot) and Adam Theobald (Ordermentum) at Curious Thinkers 2022.

The market is changing, and you can get there when you have to meet regulatory requirements, or you can get there on your own before you have to. This session aims to provide tips on how to deal with the changing market by showing how the fintech community is responding.

Artificial Intelligence: The How and the Why? | Dr Catriona Wallace

Dr Catriona Wallace speaking at Curious Thinkers 2022.

Artificial Intelligence is the fastest growing tech sector in the world, valued at US $327 bn in the last 12 months. It will also remove 85 million and generate 92 million jobs in the next two years. But who is leading the ethics of this powerful technology? The tech giants? Not likely. Government? Trying but about 5 years behind. And now commentators such as Stanford regard ‘Ethics Everywhere’ as the number one technology strategy priority for organisations.

So what is Responsible AI and how do you do it? Dr Catriona Wallace will share best practices in Responsible AI as well as sharing some super useful case studies. And most importantly Dr Wallace will discuss how you can step into being an Ethical Leader.

DBS’ incredible digital transformation with Paul Cobban

At Curious Thinkers 2021, DBS Chief Transformation Officer Paul Cobban shared his journey of how he took DBS from being called Damn Bloody Slow to ‘World’s Best Bank’ not just once, but three times over.

In this session, Paul walks you through the multi-award-winning transformation journey he designed and led for DBS. He reveals the 10 lessons DBS learned and shows how you can apply them in your organisation.

Watch the video and discover what it took Paul to transform DBS’ 50-year-old cultural, digital and data offering and re-imagine banking from the ground up.

Keynote: ‘From Damn Bloody Slow to Best in the World – the transformation of DBS’ with Paul Cobban, DBS.

Open Banking is much more than a compliance exercise

Open Banking and open data

The economic, regulatory and technology landscape in banking and payments is constantly changing. This can lead some people to a kind of change fatigue, where each change is just another one for the pile. While this view is understandable, it can lead you to underestimate the impact of those changes which have much greater and longer-lasting impact. There is one change, coming soon, which will completely reshape banking and payments. I’m talking, of course, about Open Banking – the first application of the Consumer Data Right facilitating an economy-wide consumer-directed data transfer system.

What will this mean in terms of competition?

In the digital age there are heightened expectations about “experience” and how various elements of our life can be seamlessly integrated. An environment of open data, applied in a reciprocal manner, is essential to meeting these heightened expectations. Over time, we think that organisations that are unable to both facilitate and leverage open data will risk becoming irrelevant.

If you think about retail banking today, the ability to compete on product differentiation, price or distribution is very limited. Customer experience remains the greatest opportunity to compete.

This is one of the things that many of Cuscal’s banking clients do incredibly well and are rightfully proud of. However, the digital experience that their customers have has to be constantly improved and refined and the effective application of consumer data will be absolutely key to the future of their success in this area.

When is the right time to enable Open Banking?

It may be tempting to sit back and wait for more progress and certainty in relation to Open Banking and open data. I don’t think this approach is the right one for most financial institutions.

It’s going to be next to impossible to get the timing exactly right for Open Banking.

You will likely either be too early or too late in relation to Open Banking, so you will need to make a deliberate choice about which of these outcomes you want for your organisation.

If you decide to be early, it’s important to move on from compliance-type-thinking towards thinking about the opportunity to compete, enhance the relevance of your organisation and improve your relationship with your customers.

Collaboration will be the key.

The nascent open data economy will be big, complex and uncertain. Exactly how things will develop over time is unclear. I don’t think any single organisation has all of the skills and resources needed to fully maximise this opportunity. Partnering with complementary organisations across the Open Banking value chain, to solve a specific problem or remove friction points, will be crucial to success.

There are a number of related developments that also need to be taken into consideration to create value for customers and enable safe and efficient access to data, such as digital ID, consent management, and the role that NPP may play in Open Banking and open data. We expect developments around open data to progress to payment initiation over time, as they have in other areas.

Just as we have done with the New Payments Platform and The Pays (Apple Pay, Google Pay and Samsung Pay) Cuscal will leverage our strengths across payments data exchange and the development of innovative customer-focused mobile solutions to enable clients to participate in Open Banking, providing support across multiple areas in the lead up to implementation and beyond.

To fulfil the ambition of the ACCC and Treasury of giving customers more control over their information, choice in their banking and convenience in managing their money we will provide clients and others with an opportunity to leverage economies of scale and multi-client solutions to interact with the open data economy.

We are at the beginning of an “always on” and “open data” world. Empowering people to take control, and maximise the utility of, their data will be the foundation of this future.

Read our white paper (published in collaboration with King & Wood Mallesons and KPMG) to find out more of our thinking.

By Craig Kennedy, Managing Director of Cuscal