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Farhan Ahmad - Discover Network
- 1. Innovate or Die: Brand Innovation in the Payments Industry Farhan Ahmad, General Manager of Prepaid and Director of Emerging Payments, Discover Network
- 4. The Power of Business Innovation to Create Brands
- 6. Companies who are doing it differently….
- 8. New Payment Forms Impact Consumer Interactions New Forms of Marketing New Types of Commerce New Demands of Payments New Interactions Where do traditional Payments Brands fit?
- 9. The Perfect Storm for Payments is Brewing
- 10. In Payments, Innovation is Coming From Unexpected Sources 31% Alternative Payment Company Share of Internet Payments by 2012 $526 Billion Expected Prepaid Load in US by 2012
- 11. Consumer/ Buyer Merchant/ Seller Roles are Changing and Competition is Increasing Payment Network Consumer Card Issuing Bank Merchant Service Bank
- 12. New Payments Innovation Frontiers
- 13. The Rise of New Payments Brands DEAL WITH IT.
- 14. Mobile Phones are the Next Frontier Access Availability 2 Way Communication
- 15. Mobile Payments: Why Hasn’t Innovation Hit the U.S.? ?
- 16. Mobile Payments: Why Hasn’t Innovation Hit the U.S.? Inconsistent set of standards Convenience and security issues Payments Infrastructure Value Proposition
- 17. Mobile Payments: Changing the Way We Do Business
- 18. How Will Innovation Affect Payments Brands? What if every consumer becomes a merchant?
- 19. Which Brands will Innovate? Online Payments Social Media Online Games
- 21. Innovate or Die: Brand Innovation in the Payments Industry Presented by: Farhan Ahmad, General Manager of Prepaid and Director of Emerging Payments, Discover Network Thank You!
Editor's Notes
- Innovation is about doing something different/unexpected/new - thinking ahead of the game and approaching something in a manner that nobody else has or does. To survive in today’s economy, it takes a lot more than just clinging to yesterday’s strategies and hoping for the best. You must move faster, smarter and more aggressively. The future will belong to those who just don’t settle for trying to re-create their past. After all, innovations only come to those who relentlessly pursue it. The problem is that some companies are busy doing the same things resulting in commoditization where brands mean little or nothing because everything’s the same Brands that can rethink and re-imagine their core strategies will live longer, healthier and more prosperous lives; those that fail to change or take intelligent risks will likely become another sad statistic Lead, invent and set the pace or follow, replace, react and retreat. If you stand still you die.
- Slide Purpose: Let’s audience know you are one of their peers; share high level company overview and any new product development.
- The rate and pace of innovation continues to increase over time In the days of our grandparents, a company or product life cycle would be measured in several decades while today, few can be expected to last more than five, let alone ten years Now more than ever, and facilitated by the Internet, a constant stream of new ideas are feeding new innovation
- Innovation is about doing something different/unexpected/new - thinking ahead of the game and approaching something in a manner that nobody else has or does. To survive in today’s economy, it takes a lot more than just clinging to yesterday’s strategies and hoping for the best. You must move faster, smarter and more aggressively. The future will belong to those who just don’t settle for trying to re-create their past. After all, innovations only come to those who relentlessly pursue it. The problem is that some companies are busy doing the same things resulting in commoditization where brands mean little or nothing because everything’s the same Brands that can rethink and re-imagine their core strategies will live longer, healthier and more prosperous lives; those that fail to change or take intelligent risks will likely become another sad statistic Lead, invent and set the pace or follow, replace, react and retreat. If you stand still you die.
- Innovation Can Come From Lots of Places. There are many types of brand Innovation (and not just product innovation which is what people predominantly think of) which creates opportunity for us all. Internal Innovation Core Technology , Product, Service, Marketing – Apple, Business Model, Value Proposition, Operational Efficiency, Resource/Asset Utilization External Innovation Experience, Design, Brand Identity, Network Delivery Innovation Customer, Differentiation, Pricing, Sales Model, Launch Let’s talk for a few minutes about innovation by some well known brands: Apple – Product, Marketing, Launch, Experience, Brand Identity Walmart – Pricing, Supply Chain In addition to supply chain innovation to lower cost, in the last 5 years or so Walmart has been driving their brand, focusing on creating a better in-store experience for their customers and evolving their low cost message into a higher order benefit through their "Save Money. Live Better" campaign. One result of this brand building is that in Apr 2009 at a Morgan Stanley Retail Conference they stated customer growth is coming from multiple income segments with growth from HH with income greater than $65k higher than HH with income lower than $65k. Redbox, iTunes, Netflix – Product, Pricing, Sales Model, Customer Delivery, Differentiation Amazon’s Kindle – Product, Resource Utilization, Customer Delivery What did these companies do to innovate? These companies were successful because they addressed innovation the right way: They embraced changes in consumer habits rather than fight them They used enhancements in technology to develop meaningful products rather than make new technology the focus of the product They delivered true consumer value proposition They focused on customer experience as it related to the particular medium they targeted rather than create a one size fit all solution Perhaps most importantly, they built solutions rather than products!
- The evolution of payments has been slow….until recently Pace of technology has caused us to reach a tipping point in regards to pace of innovation in our space The internet and new form of payments that are arising…..
- Pivotal Points: Opportunity to improve image, convenience, user experience, cost and security
- 1. A second generation of Internet-based communities and services, all designed to facilitate collaboration and sharing between users, has transformed the social meaning and impact of the World Wide Web. 2. Web 2.0 represents a fundamental change in the use of the Internet – from a medium mainly used for finding and viewing information to one which now also realizing large-scale personal publishing and social networking. Web 2.0 tools (blogs, Wikis, social networking sites etc.) tend to be relatively unstructured, easy to publish in, have a high level of interaction, and self-assigned semantics (tagging), and they are often media rich. 3. Web 2.0 technologies enable independent payments third parties to act on behalf of consumers to: Better analyze their spending habits and patterns Help them make better choices and, in the process, save money Enable e-marketing, even to mobile devices, while providing loyalty and reward programs
- Mobile is changing everything,, but not everything is worked out yet. Great Opportunity: Access (main source of info/connections) Availability (always on) 2-way communication channel that opens up a marketing and commerce nirvana that has never before presented itself But with unique limitations: Screen size Unreliable service/connectivity Limited ability to sort and categorize Limited real estate
- No consistent set of standards Uncertain value proposition US market has NOT resolved convenience and security issues Physical payments infrastructure in US is large, diverse and difficult to modify How to accelerate adoption is unclear It’s just another payments channel for business
- No consistent set of standards Uncertain value proposition US market has NOT resolved convenience and security issues Physical payments infrastructure in US is large, diverse and difficult to modify How to accelerate adoption is unclear It’s just another payments channel for business
- Certain remote mobile payments already established in US – Purchase or ring tones or digital content Mobile Top Up P2P Remittances (transfer of funds between subscribers) Mobile Bill Payment However, limitations of screen size, data transmission rates, etc. will ensure that remote mobile commerce will not likely revolutionize the way people conduct commerce
- Successful Brands can experience inertia due to their success. This new technology and these new brands can challenge traditional brands to innovate. How will your brand react?