Building confidence, control and connection in digital payments (and data!)

This conversation will cover a new report I am publishing called Building Confidence, Control and Connection in Digital Payments (1st October). We’ll be pulling on the themes of how technology can be used to create inclusive products and services (this includes using smart data and open banking); the challenges fintechs and others face in getting more inclusive products to market; and the importance of shared services, standards and infrastructure in supporting and enabling inclusive innovation that scales.

This report asks two questions:
How can digital payments be designed to better reflect the needs of consumers in vulnerable circumstances or with less wealth?
How can we unlock innovation and investment for people who are less commercially viable to serve?

The report is split into three parts:
Part 1 explores how near and next-gen technologies could meet consumer needs. It includes international examples and a story about Jona, who has learning disabilities and their financial helper, Nina.
Part 2 considers why some people’s needs may not be met by competition and why this holds back payments innovation.
Part 3 considers how we might unlock innovation and investment through developing a shared services approach to delivering inclusive services. It advocates for the delivery of a digital ‘front door’ to help people build financial resilience and wellbeing.

Parts 1 and 2 are grounded in evidence but Part 3 is green and aims to provoke discussion about how, within a fast moving digital transition, we can create an accessible and inclusive route into digital payments inclusion.

This report builds on the Consumer Vision for Payments and also Hidden Heroes, which was published earlier this year; as well as industry roundtables held in February and March.