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Last Updated: 11/28/2022

Payment Innovations in the Wake of the Financial Crisis

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Over the last few years, the economy has experienced an unprecedented level of change. Amidst this environment, the payments industry has undergone changes as well, such as new consumer protection regulations for payment cards. While it has yet to be determined which consumer payment practices will undergo the most change, it is clear that businesses have had to alter pricing, marketing, and product strategies in order to remain competitive. Further, the industry and policymakers have recognized the importance of business innovations as well as financial education to help protect against future shocks. As economists and business leaders attempt to survey the payments landscape and understand what we have learned as a result of recent events, the Chicago Fed brought together leaders from throughout the industry to discuss the following:

  • What innovations have the payments industry developed in response to recent economic events?
  • How have consumers' payments behaviors changed, and are these changes likely to be permanent?
  • What is the future direction of payments policy?

Who Should Attend?

Decision-makers from financial institutions, payment networks, regulatory bodies, central banks, merchants and payment innovators as well as academics.

Featured Speaker

David Evans
Founder, Market Dynamics
David Evans is an economist and business advisor. He is the author of the forthcoming book Paying with Plastic: The Digital Revolution in Buying and Borrowing. His more recent work "Innovation and Payments"(Moving Money: The Future of Consumer Payments, 2009) sets forth a framework for how the combination of data-driven marketing, cloud-based computing and mobile telephony will transform the payments industry. He also serves as a business advisor to many firms in the payments industry, including several firms that are at the frontiers of innovation. Evans has a Ph.D. and an undergraduate degree in economics from the University of Chicago.
Thursday, 05/20/10
8:30 AM
Continental Breakfast
9:30 AM
Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago
9:45 AM
Keynote Address
Why Innovation in Payments Is Accelerating and Its Implications for the Coming Decade in Payments
David Evans, Founder, Market Platform Dynamics
10:15 AM
10:30 AM
Consumer Choices
  • In what ways did consumer payments behavior change over the
    last few years?
  • Is financial education important, and is it effective?
  • How well are consumers and businesses being served by payment products?
Gene Amromin, Financial Economist, Federal Reserve Bank of Chicago
Victor Stango, Assistant Professor, Graduate School of Management, University of California at Davis
Mark Furletti, Attorney, Consumer Financial Services Group, Ballard Spahr LLP
Piyush Tantia, Senior Researcher, ideas42, Institute for Quantitative Social Science, Harvard University
12:00 PM
1:30 PM
Innovative Business Strategies
  • What are the most promising new markets for retail payments over the next five years?
  • How have companies changed their corporate strategies in the last few years?
  • How have companies altered their product offerings to reflect changes in the economic climate?
Ron Shevlin, Senior Analyst, Aite Group
Dan Schatt, General Manager, Financial Innovations, PayPal
Gary Palmer, Chairman, Network Branded Prepaid Card Association
Stephanie Swain, Senior Director of Growth Initiatives, Financial Services, Best Buy
Gray Taylor, Payments Consultant, National Association of Convenience Stores
3:15 PM
3:30 PM
Transformative Technology
  • What new products were developed as a result of the economic downturn?
  • How have emerging products influenced (or threatened) legacy payments vehicles?
  • Have pricing strategies influenced product mix or vice versa?
Bryan Derman, Partner, Glenbrook Partners
Jeff Semenchuk, Head of Growth Ventures, Citigroup, Inc.
John Brady, Vice President, USAA
Wences Cesares, Chief Executive Officer, BlingNation
5:00 PM
Friday, 05/21/10
7:45 AM
Continental Breakfast
8:45 AM
David Marshall, Senior Vice President, Federal Reserve Bank of Chicago
9:00 AM
Security and Risk
  • What are the most innovative fraud reduction strategies to emerge in the last two years?
  • What challenges do companies face in rethinking businesses strategies to reflect changes in risk profiles?
  • Are there regional or national differences in fraud experiences?
Peter Burns, Senior Payments Advisor, Heartland Payment Systems, Inc
Mike Urban, Senior Director, Fraud Solutions, FICO
Ellen Richey, Chief Enterprise Risk Officer, Visa
Janet Estep, President and Chief Executive Officer, NACHA
10:30 AM
10:45 AM
Where Are We Headed?
  • What role should the public sector play in retail payment markets?
  • What kind of legislation do you expect to see in the wake of the financial crisis?
  • How are payment providers likely to respond in terms of their fee structures and incentives to innovate in the future?
Sujit (Bob) Chakravorti, Senior Economist, Federal Reserve Bank of Chicago
Glenn Fodor, Vice President, Morgan Stanley
Ronald Mann, Professor, Columbia Law School
Omri Ben-Shahar, Professor, University of Chicago Law School
Richard Epstein, Professor, University of Chicago Law School
12:30 PM




Last Updated: 06/04/2010

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