Payment Innovations in the Wake of the Financial Crisis
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.
- 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?
- 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?
- 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?
- 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?
- 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?
Last Updated: 06/04/2010