Kristin R. MoyerThe keynote for day two at BAI Payments Connect was given by Dominic Venturo of US Bank, and was focused on innovation (“A Willingness to Try New Things”). US Bank has a dedicated team for emerging technologies and markets that develops, pilots and refines product innovation. One of the interesting things this team does is track both payments-related innovations and non-payments related innovation. For example, they are looking at things like augmented reality, chumby, siftables, slighbox, Wii/Xbox, Tesla and Volt, iAnything, netbooks, Web-connected appliances and 2D barcodes and their impact on payments.
Some of the contactless and mobile initiatives US Bank is working on include near real-time transaction alerts (set at a threshold selected by the customer, for example for all payments, Internet payments, international payments, etc.), instant issue, Visa payWave cards, Visa Debit Micro tags, Visa payWave enabled stickers and multi-application contactless payments and access control (that can be used for identification, purchases and secure facility access in a work/campus setting).
What I liked most about the discussion was the innovation myths US Bank identified, including: innovation is bleeding edge or high risk, innovation is expensive, innovation requires high technology and innovation leads to “home runs.” US Bank is focusing on a portfolio of activities that are tested and piloted, thereby avoiding big bets on losing propositions.
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