Money20/20 Europe Day Two highlights: The customer is more powerful than the CEO

Welcome to day two of Money20/20 Europe.

Today’s main highlights include keynote discussions from Dr Won-Pyo Hong, President of Samsung SDS, and Google’s Director of Product Management for Consumer Payments, Gerardo Capiel.

Dr Won-Pyo Hong from Samsung Pay SDS (the ICT services and solutions arm of Samsung Group), kicked off the first discussion with a distinct focus on blockchain. Hong spoke about how large scale developments are starting to build on blockchain and move from proof of concept to real world implementations. He stated that blockchain is an incredibly important technology that adds value, simplifies process automation and creates business innovation.

Philippe Vallee, CEO of Gemalto NV, was next on the main stage, and analysed the payments ecosystem and main differences between banks and fintechs.

Vallee discussed new research on consumers and discussed how customer loyalty is changing, with 38% of people stating they would leave their bank if another provider offered better services. 44% would also leave their bank if their bank was breached. He stressed that the industry must work together to constantly enhance the user experience without compromising security.

Gerardo Capiel was interviewed by Dave Birch from Consult Hyperion on AI and machine learning technology. Capiel explained how machine learning and AI technology will be “increasingly applied to Android Pay and it is currently used to help on-board users today.

“As we get more and more into loyalty points and offers, we’ll use machine learning to recommend what loyalty programmes you may want to sign up for.” Capiel discussed how Google want to tap loyalty points and transform the retail experience.

Gemma Godfrey discussed the importance of understanding and listening to your customers in her closing remarks on the main stage.

“The balance of power has shifted. Who is more powerful than the CEO? It’s the customer.”


Vocalink and Starling Bank announce faster payments collaboration

Vocalink has today announced that Starling Bank will become a Direct Agency sponsor for Vocalink’s PayPort Service, enabling access to Faster Payments for Starling Bank customers using the Vocalink PayPort FPS Gateway.

Paul Stoddart, CEO at Vocalink, commented: “We are delighted to be working with Starling Bank to offer financial services providers – and their customers – simple and secure access to the UK payments infrastructure through our PayPort product.”

Julian Sawyer, COO at Starling Bank said: “Starling Payment Services has been created to provide Sponsor services to Faster Payments. Increasing competition in the market is a key driver and we are delighted to be working with Vocalink and PayPort customers to open up access to the wider banking community. The combination of expertise and enhanced technology will offer clients real-time access to Faster Payments, increasing their competitiveness and value within the market.”

Visa invests in Swedish-unicorn Klarna

Announcing the investment on stage at Money 20/20, Visa is set to buy a stake in Klarna as part of a planned strategic partnership with the Swedish payments firm focussed on pushing online and mobile commerce in Europe.

Jim McCarthy, EVP, innovation and strategic partnerships, Visa, says: “Klarna has demonstrated an expertise in consumer credit and online purchasing and together, we share a vision for how today’s online and mobile commerce experiences can be as simple as they are in the real world.”

Sebastian Siemiatkowski, CEO, Klarna, adds: “Partnering with Visa will give us the opportunity to strengthen our global presence and product portfolio by leveraging our combined assets. We are excited about the possibilities of what we can do together.”

Follow PaymentEye on Twitter to keep updated from the latest at Money20/20 Europe. 

Related reading