Peter Chisnall, MasterCard: New Zealand is particularly good at adopting technology very quickly. We launched our digital wallet platform here recently. We are in the top 20 countries and we do business in over 200 countries. So New Zealand is naturally a good market to launch the latest in payments technology.
About two years ago, we put together a video on YouTube called MasterCard 2020. It showed a musician and she was asked to play at a concert on very short notice. She used her coffee table as a connected device to source a dress for the event. The reply came back saying the dress could be delivered in time, but one of her good friends also had the same dress. The digital display presented a virtual fitting room where she virtually tried on and purchased an alternate outfit. All of this sounds very futuristic, but it won't be 2020 when these things happen. It's going to happen in the next 12 to 24 months.
Christine Jull, The Warehouse:Multichannel is a big thing in retail. The intersection of, 'Where do I find something? Where do I buy it from? How do I pay for it? What am I doing it on?' How those things come together is a really interesting concept.
Financial services/Banking, and the MasterCards and Visas of the world are very much being challenged by how technology and payment is now converging. It seems to consumers that it's very simple on top, but what's underneath has just become increasingly more challenging and more complex. So, simplicity is what we all desire. Customers have greater expectations, but actually making that simplicity real is very difficult to achieve but absolutely necessary.
The new focus groups
Craig Sims, ANZ Bank: Most of the focus groups are just online panels now and customers are actually involved in the design of digital solutions. So when we design a solution, we actually have customers in the room, shaping whether they like this and that feature. We are always involving customers, be it corporates or individuals, in designing the solutions.
Ed Saul, Pinnacle Life:There's a different challenge that we've had and it may not be the same challenge that everybody is going to face. But in insurance, in particular life and health insurance, the traditional products tend to be very complicated. And to present those products online was a challenge eight years ago.
We managed to overcome that challenge;, we presented the product, but we did simplify the products quite a lot. And you have to, especially when you're going direct to a consumer. You have to present something that people can absolutely understand without needing somebody to hold their hand. But the mobility and the shrinking form factor is taking it to another level. When you're putting it on a screen this size [a laptop] you can provide in a way that it's easy to navigate and easy to digest. But when you try to do it on a phone you have to present a life insurance product with all that collateral in that tiny space, it's an entirely different challenge. And the way that we've had to solve that again is by further simplifying the product.
Sign up for CIO Asia eNewsletters.