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Claire Van Der ZantMar-15 20233 min read

Digital is everything: Insights and opportunities for the future of banking and payments

Claire Van Der Zant reflects on the insights shared at MoneyLIVE 2023 and the key areas of focus and development in the banking and payments space this year.


On International Women’s Day, Isabel Pitt, Interim CTO and Product Director, and I were invited by Women of Fintech to host an exciting pitch-session for up and coming fintechs at MoneyLIVE. We made the most of the day to network with all of the fabulous women in this industry, and to take away some impactful insights and learnings from the keynotes and exhibitors.  

These settings are always powerful incubators for ideas, getting the innovators and experts together to share their experiences and vision for the future.  

Here are some of the highlights and opportunities for this industry to ponder as we think about what will come next in the world of banking and payments.  


From humble beginnings come global transformations 

Matt Hammerstein, CEO at Barclays Bank UK, opened the session with a reminder of where contactless began; a small test with Oyster (TFL), limited to just £10. Today, 15 years later, contactless is global payment method with billions of transactions, integrated with cards, digital wallets and wearables, available in some of the most remote locations.  

It’s a good reminder that whilst some innovations start as small trials, they can lead to transformative solutions. The key takeaway being: We need to continue to put our innovations out there. We don't know where they will lead...they might be the next contactless.

It’s a bit like savings. You can’t decide to invest today and expect a return tomorrow. As is true in business. We need to invest for long-term value and advantage, but we must accept that it will take time (and hard work) to see it to fruition.   


Digital is no longer a department 

Taylan Turan, Group Head of Retail Banking and Strategy for HSBC, encouraged us to embrace digital, noting that “digital is no longer a department” or indeed separate to any activities within the bank. Digital is banking.  

What was interesting was the acknowledgment that the only way to do this is to place the ownership to innovate and optimise with the experts whose business it is to continue to build and optimise the best solutions. In other words, recognising that the future of digital banking is through collaboration with fintech and regtech.  

In a world where every business will have come across the question of whether to build or buy, this was a powerful affirmation of why collaboration and partnership is not only an answer to the challenges of today, but an investment in future capabilities and scale. Reaffirming that we truly are better together. 


The next digital revolution is human 

With digital banking now used by 93% of Brits, the industry is looking to the next wave of digital transformation. In Matt Hammerstein’s words, getting back to what banking used to be; networking, not transactions.

Spoiler alert, if you’ve not yet gone digital with your transactions, you’re not only late to the party, but the party is entirely new.  

The human touch of providing advice, giving support, and predicting your future needs is now the firm focus for digital banking journeys. Combining AI with connection and knowledge, digital banking will advance from being somewhere to save, spend and receive money, to somewhere that anticipates your needs and reaches out at key moments to ensure you’re getting the best out of banking in totality.  



It’s by no means ‘new’ to talk about digital leading transformation, or the need to continue to innovate and exceed customer expectations with valuable experiences, but if you absorb the subtleties of these messages, what’s really being said is that digital is everything.  

Consumer goods and services have often led the way, defining and developing customer experiences that later flow into the world of business. Consumer payments are almost invisible today, embedded into customer journeys including booking a taxi, sending a birthday card, ordering a take-away, or indeed tapping on the tube.  

And people don’t want to do things differently in their jobs. Especially when it’s inherently more manual and onerous. This new generation of digitally-led banking will penetrate the world of business. It’s not a case of if, but when. And with digital innovation already onto the next thing, getting on board is now mission critical.  

Let’s heed the advice of Taylan Turan and recognise that digital transformation need not be hard when we look to experts to help us solve for digital banking and payments in business together.  


To get your creative juices flowing, check out how Shieldpay is collaborating with leading litigation firm Pogust Goodhead for digital payments to claimants