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.