On Wednesday, October 9 from 7:30 - 8:30 am, Bank of America hosted a twitter chat at Money2020.
The live chat was designed to look back at the first few days of the conference, discussing important themes and takeaways, memorable moments, and issues facing the payments industry – essentially an opportunity to connect the dots.
The chat was aimed at conference
attendees and people who weren’t able to attend, and was designed to focus on
thought leadership around payments. Unlike most chats, this event had a live audience who participated on site along with others who participated in absentia. On the live panel moderated by Peter Osborne were Farhan Siddiqi from Bank of America, Cherian Abraham from Experian, David Birch from Consult Hyperion, consultant Tom Noyes, Elizabeth Dias from Perficient, Jim Issokson from MasterCard and myself (remotely).
The following transcript captures comments made
during the Bank of America Money2020 Twitter chat. This transcript was edited to keep the answers to questions together. Retweets were also deleted that did not include additional content to shorten the
transcript and show the flow of conversation.
Metrics for the twitter chat were as follows:
- Total Participants: 187
- Total Number of Tweets: 711
- Total Reach: 574,623
- Total Impressions: 6,787,715
- Total Number of Retweets: 318
Bank of America @BofA_News: Welcome to the Future of Payments Innovation chat, live from #Money2020 in Las Vegas. #BofA_News is pleased to host this opportunity to connect the dots from the #Money2020 conference. My name is @peter_osborne and I’m a communications executive for #BofA. I’m joined by @FarhanSiddiqi, #BofA Strategic Planning Executive for Digital Banking.
Q1: What speakers or topics have most
resonated so far at Money2020
Jim
Marous @JimMarous:
A1: Highlight - #Amazon #PayPal #Citi #AmEx #Discover #MasterCard rocked! Showed that
payments innovation never sleeps. #Money2020
Elizabeth
Dias @techmktggirl:
A1: Standout #Money2020
Speakers:
@thefriley
of @Square & @PayPal. Topics: #TomorrowsBank, Consumerization of
Data & Retail 3.0
Kevin
Boglarsky @kmbx2ind: #money2020A1. The keynotes even if they went a bit long.
Thomas
Noyes @noyesclt:
A1: I thought amazon MCX and Amex did a fantastic job.
Bank
Innovation @BankInnovation: I enjoyed the bullishness on Bitcoin and loved
the Square and Amex keynotes. - Phil Ryan, Bank Innovation #money2020
Aaron
McPherson @aaronmcpherson: A1: Tokens are BIG #money2020
Jim
Marous @JimMarous:
A1: Loved the tweets Monday "#Bitcoin will do to money, what the internet did for
information" #Money2020
Bank
of America @BofA_News: A1: Sarah Friar was impressive explaining Square’s
lofty mission and its simple approach – Start-Run-Grow. ^fs #money2020
Dave
Birch @dgwbirch:
#money2020
A1: liked
the Amex stuff about the unbanked, the Zapp direct to bank account retail
proposition, new PayPal stuff
MasterCard
@MasterCardNews:
A1 - #money2020
-
payments is strong. More technology to drive consumer shopping experience -
making it easier to transact
ngenuity
Journal @ngenuityjournal:
Square and Stripe -- the sweetheart keynotes of #money2020
Bank
of America @BofA_News: A1: Square continues to create value propositions
for customers, innovates quickly, and is making an impact ^fs #money2020
James
Ray @Rockhopper08:
A1 - #Money2020
presentations
by #PayPal
and #ISIS were most illuminating
as we move into 2014. Competing visions, but must coexist.
Thomas
Noyes @noyesclt:
#money2020
I agree
that Square had the best product demo hands down... The BIGGEST play in all of
commerce
Jim
Marous @JimMarous:
A1: Enjoyed the sparring of alternative payments solutions. The gloves actually
came off at times. #Money2020
Scott
Dueweke @Scott_Dueweke:
Most important trend at #money2020 is the huge number of VCs here!
Xenophon
Dimopoulos @XenophonD: A1: The speakers whom I was most impressed with #PayPal, #Amazon & #Stripe. Very informative!! #Money2020
Jon
Stotts @JonathanStotts:
#Money2020
global-focused
panels yesterday were great, covering #banking, #payments & more in China,
Russia India
Digital
Retail Apps @digitalretail: A1: I am keen on Amazon payments - they are off
to a fast start with a trusted brand. Will be adding to my app methods of payment
#Money2020
vadhri
@vadhri:
#money2020
square,
PayPal and stripe keynotes were good
Danny
Alpizar @drat717:
Funny thing square CFO produce such a good impression, she didn't show nothing
new #money2020
#AmEx was
the better for me
Cherian
Abraham @cherian_abraham:
#Money2020
- MCX
panel was as predictable as the Kadarshian marriage. What did we all expect
would happen?
Thomas
Noyes @noyesclt:
#money2020
MCX is
NOT a shell... It is real
Aaron
McPherson @aaronmcpherson: @noyesclt Agree that MCX has made impressive progress -
panel had a messaging issue. Where are the opportunities for #money2020 attendees?
Jim
Marous @JimMarous:
@cherian_abraham
MCX may
last as long as the marriage as well. #Money2020
Aaron
McPherson @aaronmcpherson: Looking forward to @noyesclt panel on tokenization
- 1:40pm PST in Pinyon 4 #money2020
Paul
F. Doyle @pfdvv:
Concur, one of the better talks was Amex addressing the unbanked and
underbanked #money2020
wadearnold
@wadearnold:
The quote of the year for #Money2020 - "Google is really good at collecting
money from every country in the world"
Thomas
Noyes @noyesclt:
#money2020
room
agrees that the best pure presentation was Dan Schulman from #AmEx
Bank
of America @BofA_News: A1: Have you seen any products or services at #money2020 that seem particularly
interesting
Elizabeth
Dias @techmktggirl:
the @Stripe
session
as a top #Money2020
track as
well with "FIs needing to transform into tech companies".
Digital
Retail Apps @digitalretail: A1 Loving the new Google Wallet approach - huge
shift from a year ago; will be adding google wallet to my app method of pymnt #Money2020
vadhri
@vadhri:
#money2020
- demo by
Loop - very impactful
Bank
Innovation @BankInnovation: Loop was very cool, and the session poorly attended!
RT @thinkpayments:
#Money2020 Good
morning! I thought loop was cool.
ngenuity
Journal @ngenuityjournal:
@BankInnovation
Agree -
they stood out to us too. Wasn't fair to the LP360s to put them right after 7
long keynotes w/ no break. #Money2020
Scott
Dueweke @Scott_Dueweke:
Impressed by the Chinese and Russian energy behind alternative payments. Easy
for us to think its all about us! #money2020
vadhri
@vadhri:
#money2020
any
presentation with less slides more demo (need to see what is possible than
visionary statements) is what is needed
Dave
Birch @dgwbirch:
#money2020
there is
a long-term inexorable shift toward direct access to the funds
Dave
Birch @dgwbirch:
#money2020
maybe in
a decade Visa/MC will be switching identity instead of payments
Jason
A. Cobb @jasonacobb:
What about the elephant in the room- offer fatigue? If offers are the driver to
move from plastic & people are sick of offers… #money2020
Dun
& Bradstreet @DnBUS: @jasonacobb Terrific pt. Encouraging consumers to define the offer
types that interest them may help, but timing also important. #Money2020
PrairieCloudware
@PrairieClouds:
#money2020
skeptical
of MCX as zombie apocalypse for Visa et al. Not easy to do what they are trying
to do without committees/competitor
Thomas
Noyes @noyesclt:
#money2020
retailers
are tired of playing by someone else's rules... The are forming the NFL of
retail.
Dave
Birch @dgwbirch:
#money2020
good
point about the BRICs, who are all developing their own debit systems
Jim
Marous @JimMarous:
Given innovations by big players, no more standing on sideline. Need to place
payments solution bets. #paymentsroulette #Money2020
David
W Pipe @DavidWPipe:
China mobile commerce will explode as 3rd/4th tier cities come online, while so
many players are only focused on the US market. #money2020
Cherian
Abraham @cherian_abraham::#Money2020 - MCX is treasury
groups leading the efforts. Without Marketing involvement, the customer value
prop will be missing
Sam
Maule @sammaule:
So the morning TwitterChat jumps right into #MCX - as Tom Noyes put it - MCX is real. Might
take 5 yrs but it is real.#money2020
Thomas
Noyes @noyesclt:
#money2020
MCX
addresses loyalty by agreeing every retailer is different. They can support
unique loyalty services in a common way
Jason
A. Cobb @jasonacobb:
Big innovation coming up will be more focused on access to banking 4 under
served & to payments & credit for starting businesses. #Money2020
Dun & Bradstreet @DnBUS: @jasonacobb Definitely an area for
startups...and also for traditional finserv players (via acquisitions). #Money2020
Sara
Abernethy @saritasla: @jasonacobb @money2020 Agreed. Big data needs to be about creating
experiences. Sole focus on offers is a race to the bottom. #money2020
Q2: What has been your biggest takeaway
from Money2020
Jim
Marous @JimMarous:
A2: Takeaway - #NFC was declared dead . . . again, and again, and again #Money2020
James
Wester @jameswester:
You can keep saying "it's not about payments," but you still have to
do payments flawlessly. That's not a parlor trick #money2020
Paul
F. Doyle @pfdvv:
@BofA_News
biggest
take away...the people, the connections, the meetings #money2020
Thomas
Noyes @noyesclt:
#money2020
this
event is the best networking event I've ever attended.. Fantastic.
Elizabeth
Dias @techmktggirl:
A2: In the words of Sinatra, "the best is yet to come" w/ #Payments yet Q's still remain
(strategy, fintech, penetration). #money2020
Dave
Birch @dgwbirch:
#money2020
a2 I
think it's too big this year! It's hard to fit in all of the meetings and still
see some of the sessions
Aaron
McPherson @aaronmcpherson: A2: Presenters playing it safer this year #money2020
PrairieCloudware
@PrairieClouds:
#money2020
Biggest
takeaway is the networking done. Would come again for that alone.
David
W Pipe @DavidWPipe:
A2: Too many players still trying to solve payment - while payment isn't
broken. It's about solving other problems. #money2020
Adam
Snyder @snyderstrategy:
A2: In the words of Sinatra, "the best is yet to come" w/ #Payments yet Q's still remain
(strategy fintech penetration) #money2020
James
Ray @Rockhopper08:
A2: #Money2020
insights?
Consumers aren't seeking to "pay" for transactions, they are seeking
to transact. Payments are ancillary.
Jim
Marous @JimMarous:
A2: Takeaway - Conference proved that among more than 4000 #fintech followers, nobody has
all the answers #Money2020
Paul F. Doyle @pfdvv: It is TOO Big? Yes, this was said today in Vegas...but it is about the conference, not what you might imagine #money2020
Norman
Guadagno @ThinkTone:
My biggest disappointment with #Money2020 was not enough bling. Needed more gold $
necklaces. Oh, and that consumers are still confused.
ngenuity
Journal @ngenuityjournal:
@dgwbirch
compares #money2020 to SXSW's growth --
need to make sure the media presence and corporatism doesn't overshadow
authentic convos
Kevin
Boglarsky @kmbx2ind: #money2020A2. Size of the event might have exceeded a
comfortable size. Both in number of sessions and keynotesmore time for networking
Jim
Marous @JimMarous:
A2: Size of event dictated by size of challenge and opportunity in payments
today. I wish I could have added one more. #Money2020
Xenophon
Dimopoulos @XenophonD: A2: My takeaway is simple, if your business is in
emerging payments and financial services, you should attend #money2020
Dave
Birch @dgwbirch:
#money2020
there's a
limit to what the technologists can do in payments, there are regulatory
contexts that need to be shifted
Sam
Maule @sammaule:
There are structural and regulatory blockers inhibiting major innovation in
payments. Good point from @dgwbirch #money2020
Paul
F. Doyle @pfdvv:
Point about regulators preventing banks from innovation...very good point #money2020
Digital
Retail Apps @digitalretail: A2: shopping and paying flow will be seamless
& integrated - not disjointed as it is today #Money2020
Social
Network Woman @Donnaantoniadis: I was impressed with @AmericanExpress and their @serve product #Money2020
Q3: What does the shopper of the future look like?
Jim
Marous @JimMarous:
A3: Shopper is no longer a follower, but is leading the charge with a
mobile-first mentality. We need to keep up. #Money2020
Cherian
Abraham @cherian_abraham:
#Money2020
- Paypal
defaulting to Bill Me Later as funding source in app was smart, towards
building a compelling merchant value prop.
Cherian
Abraham @cherian_abraham:
#Money2020
- Paypal
knows how to manage risk, sometimes at the expense of cust experience. Bill Me
Later is Paypal finetuning its economics
Aaron
McPherson @aaronmcpherson: A3: Shopper of the future will have vast
information (some of it false) - challenge is going to be to penetrate the
cloud #money2020
David
W Pipe @DavidWPipe:
A3: Shopper of the future will expect identical, seamless experience across all
channels - at warp speed. #money2020
Thomas
Noyes @noyesclt:
#money2020
consumers
and merchants will migrate toward value... Payments will evolve to dumb
pipes... Something that should work.. Value
Elizabeth
Dias @techmktggirl:
A3: I use the term “omnichannel shopper”: digital, frictionless #CX, value & meaningful
engagement during commerce exp. #money2020
Dave
Birch @dgwbirch:
#money2020
i do
think that payments will begin to vanish from the consumer shopping experience
Perficient
Fin Serv @Perficient_FS:
@dgwbirch
Agreed,
it's all about putting it in context for the consumer or biz. #money2020
Kevin
Boglarsky @kmbx2ind: #money2020 Q3. They will be more connected via apps and
expectations for payments will be higher. Behind the scenes but easier
D3
Banking @D3Banking:
#money2020
consumer
of the future will be like consumer of today. Convenience, choice and security
will direct their behavior.
Dave
Birch @dgwbirch:
.@aaronmcpherson
visa/MC
could switch merchant identities too and therefore anchor distributed
reputation management #money2020
Thomas
Noyes @noyesclt:
#money2020
banks and
V/MA are NOT the center of commerce.. They should work to support it. Few large
companies excel at helping others
Bank
of America @BofA_News: A3: Connected. Informed. Having an abundance of
choices. ^fs #Money2020
Dun
& Bradstreet @DnBUS: High expectations: "Know me"--very location
& platform. RT @BofA_News A3: Connected. Informed. Having an abundance of choices. #Money2020
D3
Banking @D3Banking:
#money2020
consumer
of the future will more and more expect FIs to behave as retailers. This is not
good news for many FIs.
Thomas
Noyes @noyesclt:
#money2020
networks
are hard to change. They were formed around an existing value proposition...
Agreement... Revenue shares... Rules . .
David
W Pipe @DavidWPipe:
A3: I also believe any solution that tries to dis-intermediate the banks is
doomed to failure. #money2020
Bank
of America @BofA_News: A3: Expects simple, seamless experiences across
channels and more personalized, relevant propositions. ^fs #money2020
Thomas
Noyes @noyesclt:
#money2020
new
networks are forming and most see them though the lens of what we have today
(we do that already). The basis of competition
Kevin
Boglarsky @kmbx2ind: #money2020Discover, Am, v & McCoy need to facilitate commerce.
Not just payments. There are Benefits in using safe secure infrastructure
Thomas
Noyes @noyesclt:
#money2020
value
proposition is changing.. Consumer trust is not locked in a bank... Just as
commerce value is not locked in a card
Bank
of America @BofA_News: A3: Data is nothing without insight and analysis.
^fs #Money2020
James
Ray @Rockhopper08:
A3: Future consumers will be better informed and more efficient, with higher
expectations; Payments akin to electricity - utility #Money2020
Dun
& Bradstreet @DnBUS: A3: Future shoppers will expect a seamless navigation
btwn digital & physical. #Money2020
D3
Banking @D3Banking:
Nowhere is the gap between FIs and retailers greater when it comes to serving
the consumer than in how data is used.
Paul
F. Doyle @pfdvv:
What about B2B? ...are we, as an industry giving enough attention to B2B
payments at this event? Me think, not! #money2020
Elizabeth
Dias @techmktggirl:
"@Apple
may very
well be the leader when it comes to mobile commerce." #money2020
David
W Pipe @DavidWPipe:
A3: Secure payment will become nothing more than a hygiene factor as solutions
focus on other issues. #money2020
Bank
Innovation @BankInnovation: Apple, again the elephant in the room #money2020
Dun
& Bradstreet @DnBUS: A3: Retailers will have to battle for shoppers' mental
space as they seek to reduce irrelevant offers. #Money2020
Thomas
Noyes @noyesclt:
#money2020
why isn't
Apple doing more in payments? They have so much opportunity. They care about
great consumer experiences
Aaron McPherson @aaronmcpherson: @noyesclt I used to think Apple
had a master plan, but now I wonder if they just have bad management. #money2020
Micah Bergdale @nycmacguy: @aaronmcpherson
@noyesclt Apple
getting into traditional payments would be a divergence of strategy & is
not who they want to be #money2020
Aaron
McPherson @aaronmcpherson: @noyesclt @nycmacguy Agreed, but I worry
that they're missing the window. #money2020
Jason
A. Cobb @jasonacobb:
Excellent point, Apple & Google occupy the same mental space as MS and IBM
did in the past as the big bullies. #Money2020
Dun
& Bradstreet @DnBUS: And analysis is nothing w/out the right ?s. RT @BofA_News: A3: Data is nothing
without insight & analysis. ^fs #Money2020 #Money2020
Scott
Dueweke @Scott_Dueweke:
The aging of the population will force mobile into the mainstream, I
believe....#money2020
Q4: What will it take for mobile payments to become truly mainstream?
Elizabeth
Dias @techmktggirl:
A4: Relevant context around payment exp itself, and creating
"openness" with apps & services that solve a true cust problem. #money2020
Jim
Marous @JimMarous:
A4: #Mobile
pymnts
need perceived security, ease of use and guarantees of cards. Authentication solution
= Tipping point #Money2020
James
Ray @Rockhopper08:
A4: Mobile payments will become mainstream when "open architecture"
permits coexistence - no walled gardens! #Money2020
Paul
F. Doyle @pfdvv:
Mobile payments becoming mainstream is a function of time avid famiiariyh...and
consolidation of methods #money2020
Social
Network Woman @Donnaantoniadis: So difficult to change consumer behavior - #money2020
Micah
Bergdale @nycmacguy:
Juniper Research: mobile ticketing, specifically transport, will drive adoption
of mobile payments. We are seeing that in the US #money2020
Arnold
Ochoa @a8a:
In order to become mainstream mobile payments must be ubiquitous, convenient
and add value to current payment methods #money2020
PrairieCloudware
@PrairieClouds:
Mobile payments tech in its current state is still a solution looking for a
problem. Cards are simple, fast and secure enough.
Jim
Marous @JimMarous:
A4: #Mobile
Pymnts
Mainstream: Friction needs to be eliminated for the merchant, the consumer and
the bank #Money2020
Aaron
McPherson @aaronmcpherson: Q4: when will mobile payments be mainstream?
A4: in digital media, it already is. #money2020
Lanny
Byers @lannybyers:
Dave Birch at the BofA chat says mobile app is not about payment but about the
experience. I agree! #money2020 @chyppings @BofA_News
Thomas
Noyes @noyesclt:
#money2020
mobile
pos pmts are dependent on value... And changing consumer behavior. Apple has
highest trust to change behavior
Bank
of America @BofA_News: A4: Simpler, faster, secure & more value-add for
the shopper & economically beneficial for merchants & financial
institutions ^fs #money2020
Kevin
Boglarsky @kmbx2ind: #money2020 Mobile going mainstream: have to remove a pain point
for consumer or remove friction is a process. Value for the consumer?
Sam Maule @sammaule: Technology impacts payments. Visa's CMO on payments strategy "We design around the flick". #money2020
Bank
of America @BofA_News: A4: When we have a business model that retailers and
banks can get behind… ^fs #money2020
JamesRonca
@jamesronca:
Mobile payments will be mainstream when they are as easy and convenient as
pulling a card from your wallet. #Money2020
Dun
& Bradstreet @DnBUS: A4: For mobile payments to go mainstream, need
cooperation among the mobile carriers, merchants & financial institutions. #Money2020
Jim
Marous @JimMarous:
A4: 'Simple' is the new black with mobile. Mobile payments become mainstream
when all processes are streamlined. #Money2020
Cherian
Abraham @cherian_abraham:
#Money2020
- To
deliver customer value, one needs context..and lots of it. Which is what makes
Banks and Google for example irreplaceable.
Sara
Abernethy @saritasla: Mobile payment alone does not change the process of
checkout in retail. Shopper still waits in line with existing wallets. #money2020
Bank
of America @BofA_News: A4: AND there is a compelling enough use case to
incent customers to change their behavior (beyond the payment) ^fs #money2020
Bank
of America @BofA_News: For mobile payments to succeed they need to be universally
accepted. ^fs #money2020
Social
Network Woman @Donnaantoniadis: Consumer education is key to changing consumer
behavior - #money2020
Bank
Innovation @BankInnovation: Huge gap in customer awareness to be overcome
to advance mobile payments @techmktggirl #money2020
Cherian
Abraham @cherian_abraham:
#Money2020
Banks
& Google are positioned in a way to capture a lot of customer context and
can deliver value if & when they make use of it.
Paul
F. Doyle @pfdvv:
If I have to think about the payment instead about the purchase, then there is
a big problem with the payment system #money2020
James
Wester @jameswester:
Educating consumers IS important. But sometimes, maybe frequently, it's not
dumb consumers. Sometimes the product just sucks. #money2020
D3
Banking @D3Banking:
#money2020
How will
mobile payments overcome the app apocalypse? Asking consumers to open multiple
apps ultimately fails.
Dun
& Bradstreet @DnBUS: A4: Must have a value prop that resonates: what does
this do that my card doesn't do today? #Money2020
Arnold
Ochoa @a8a:I
don't need different kinds of banknotes to buy in different places, why should
I need a diff app to pay on different venues #money2020
PrairieCloudware
@PrairieClouds:
#money2020
Mobile
payment apps are a failed strategy at least in the USA. Too many and too
irritating to search through apps, find, use.
John
Muller @jmuller:
@noyesclt
makes the
point: even with strong product, persuading consumers to change behavior is
hard and slow. #money2020
Micah
Bergdale @nycmacguy:
@bytemarkinc
processing
millions of $ in mobile payments with ticketing. Amazing we are doing more than
Isis & PayPal/HomeDepot #money2020
Bank of America @BofA_News: Thanks to everyone who got up early here in Vegas to join the #Money2020 Future of Payments Innovation chat.
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