David joined Mastercard at the start of 2018 to build out the Open Banking Strategy and lead development of their Open Banking solutions.
Prior to Mastercard, David spent over twenty years at RBS and Lloyds Bank in a variety of digital and multi-channel leadership roles, with a common theme of bringing new innovative ideas to life.
Having been deeply involved in the development of internet banking, eCommerce payments and mobile banking, David is excited to be contributing to the next major transformation of financial services. #
What can we look forward to from your session at PAY360?
I will be sharing insights into how Mastercard sees the worldwide open banking and open finance markets, and into what Mastercard is doing to make that real for its clients and their customers. I will also touch on Mastercard’s recent acquisitions of Finicity and Aiia are helping to accelerate that activity in North America, Europe and beyond.
Why is the topic important to you and your company? And why is the topic so important now?
Open Banking, and soon open finance, are hugely important changes in the financial services sector of which Mastercard is part. For us they represent substantial opportunities for our clients (be they banks, acquirers, fintechs) and thus for their customers (both consumer and businesses). It offers opportunities for innovation (including but not restricted to payments), in improving how financial institutions and others interact with and serve their customers, and especially in key areas such as lending. The last of those has an important role to play in increasing financial inclusion and access to capital – including for small businesses.
Where are the industry challenges & pain points in the Payments area? How can these be overcome?
For Open Banking payments to reach their potential, we should learn the lessons of where they are working well, especially in relation to customer UX – for example mobile app to mobile app journeys with minimal effort required by payees – and make those the norm in all markets and channels. And adding functionality such as Variable Recurring Payments makes sense – but providing that the right customer protections are put in place from the outset – we cannot afford misuse or consumer harm as that risks damaging the credibility of these new capabilities.