Thursday, June 4, 2015

The future of payments in Australia - Cuscal

The future of payments in Australia - Cuscal

Nathan Churchward, Cuscal's Senior Payments Product Manager, gave this presentation recently at an Insight event in Victoria.

It details current forces which are changing Australia's payments industry. It also includes a more detailed look at the New Payments Platform, including how it will work and the changes it will bring to the industry.
Published in: Economy & Finance


  • 1. Cuscal Limited, 2015 VIC/TAS INSIGHT SEMINAR 2015 THE FUTURE OF PAYMENTS Nathan Churchward, Cuscal
  • 2. Cuscal Limited, 2015 INTRODUCING CUSCAL 1 Our purpose To make payments easy, accessible and secure Our vision To be Australia’s payments leader: empowering our clients, as stakeholders in our platform, to achieve their goals
  • 3. Cuscal Limited, 2015 CUSCAL BY THE NUMBERS 2 5.5 million cards under management >100 clients 1/3Australia’s ATMs 14%Australia’s EFT transactions 1stcommercial HCE launch 140 million Direct Entry and BPAY transactions p/a
  • 4. Cuscal Limited, 2015 The forces changing payments in Australia PAGE 3 How the NPP will change payments How the industry is getting ready for NPP What’s next?
  • 6. Cuscal Limited, 2015 Innovative new offers by competitors Increase revenues from innovative new offers and business models Margin compression Increased revenues from new products, distinctive digital sales and using data to cross-sell Lower operational costs from automation/digitalisation and transaction migration Increased operational risk TOTAL TOTAL Source: McKinsey analysis PAGE 5 TREND #1 Digital transformation in banking Potential threats Potential opportunities +5 +10 +30 +45 -13 -16 -6 -35
  • 7. Cuscal Limited, 2015 TREND #1 Digital transformation in banking MOBILE BANKING AND PAYMENTS COMBINED 6
  • 8. Cuscal Limited, 2015 PIN change Screen customisation and targeted messaging Enhanced deposit capability Cardless withdrawals TREND # 1 Digital transformation in banking DON’T DISCOUNT THE TRUSTY ATM 7 PIN change Screen customisation and targeted messaging Enhanced deposits for cash and cheques Cardless withdrawals Digital self-service and branch automation capabilities to improve customer experience while reducing service delivery costs
  • 9. Cuscal Limited, 2015 TREND #2 Increasing volume of non-cash transactions Growth in debit cards shows positive use of bank account balance for digital purchases. Source: RBA’s 2014 report ‘The Changing Way We Pay’. PAGE 8 When their bank account can be accessed conveniently, customers are happy to use their own funds. Non-cash transactions per capita in Australia