# THE FUTURE OF PAYMENTS and COLLECTIONS Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2016-10-20 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Insights from TALKINGTECH's Future of Digital Payments Meta Description: Uncover insights into the evolving world of payments and collections, with leading industry figures discussing compliance, technology, and customer control. URL: https://financedigest.com/the-future-of-payments-and-collectionshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/img4648-1681-1736844428815-compressed.jpg) **_Themes and Issues Covered at TALKINGTECH’s ‘_** **_The Future of Digital Payments and Collection’s Event_** [_#futureofpayments16_](https://twitter.com/hashtag/futureofpayments16?src=hash) Last month, much of the UK collections industry gathered in the Penthouse of New Zealand House in London for TALKINGTECH’s inaugural ‘The Future of Digital Payments and Collections’ event. The audience heard from leading industry figures and took the opportunity to discuss the current state of payments and collections, best practice case studies and where compliance and technology are taking the industry next. Here’s a snapshot of what the attendees enjoyed: **_Experian UK: Compliance and Channel Propensity_** Jonathan Williams, Head of Strategy and Product Experian Identity and Fraud delivered insight into how the world of payments is changing as a result of changing [consumer behaviour](https://www.financedigest.com/from-in-store-to-online-how-the-pandemic-affected-consumer-behaviour.html "From in Store to Online: How the Pandemic affected Consumer Behaviour"), evolving technologies, advancing threats and new regulation. Jonathan delivered an examination of increasing and overlapping regulatory pressures. The presentation also covered propensity to pay and how consumer control, non-bank payment providers and the financial crime arms race are shaping the future of payments and collections. _Jonathan believes that “the key to good [customer interaction is providing chosen payment methods and tailoring the experience](https://www.financedigest.com/improving-customer-experience-and-profits-with-embedded-payments.html "Improving customer experience and profits with embedded payments") to them”, with mobile “soon to be the default” as the ultimate in customer control.”_ **Telefonica UK (O2): [Developing a Digital Communications Strategy](https://www.financedigest.com/closing-the-door-before-the-horse-bolts-developing-a-proactive-network-detection-and-response-ndr-strategy.html "Closing the door before the horse bolts: Developing a proactive network detection and response (NDR) strategy ") in Collections** Matt Mattock, Collections [Strategy Manager at O2 explained how the organisation has dramatically reduced bad debt](https://www.financedigest.com/debt-strategies-for-funding-early-stage-companies.html "Debt Strategies for Funding Early Stage Companies") over the past four years, following its work with TALKINGTECH. Multi-channel and self-service payment options in collections have been instrumental in this, with Matt [saying “finding the right method for customers to pay](https://www.financedigest.com/uk-finance-regulators-should-pay-heed-to-energy-security-policy-says-sunak.html "UK finance regulators should pay heed to energy security policy, says Sunak") helps the collections process, and in particular SMS has been a real success”.  With a huge reduction of traffic into the call centre, the total 7% [cost savings](https://www.financedigest.com/how-omnichannel-identity-servers-help-enterprises-enhance-customer-experience-unlock-cost-savings-and-accelerate-time-to-market.html "How omnichannel identity servers help enterprises enhance customer experience, unlock cost savings and accelerate time to market") have been channelled into enabling call centre staff to fully focus on the more complex cases. **Mastercard Payment Gateway Services: The** [Future of Payments](https://www.financedigest.com/the-future-of-payments-biometrics-within-the-financial-ecosystem.html "The Future of Payments: Biometrics Within the Financial Ecosystem") Grant Sidwell, Vice President – Acceptance Innovation, delivered a peek into the future with a video that demonstrated how the Internet of Things (IoT) could change the way [consumers live](https://www.financedigest.com/cost-of-living-crisis-consumers-keep-spending-for-now.html "Cost of living crisis? Consumers keep spending for now") and work in the future. Grant also explained to the audience how a changing [landscape and emerging technologies are making “every device a payment](https://www.financedigest.com/5-predictions-for-payments-landscape-in-2022-and-our-reflections-on-2021.html "5 Predictions for Payments Landscape in 2022 and our reflections on 2021") device” and “users will become more open to sharing their data in order to improve their experiences”. **_TALKINGTECH: Digital roadmap and the launch of Webpay:_** At the event, TALKINGTECH launchedWebpay, a secure, frictionless new self-service mobile payments portal for organisations that speeds up [debt recovery](https://www.financedigest.com/the-surprising-actual-goal-of-successful-debt-recovery-agencies.html "The (Surprising) Actual Goal of Successful Debt Recovery Agencies"). In his presentation, Grant de Leeuw, Global Sales Manager at TALKINGTECH, covered the current [trends in payments](https://www.financedigest.com/top-5-payment-trends-for-2016.html "TOP 5 PAYMENT TRENDS FOR 2016") and collections, including the change from segmentation to personalisation. He explained the [importance of removing friction at every stage of customer](https://www.financedigest.com/the-importance-and-growth-of-banking-ecosystems-to-create-superior-customer-experiences-and-value.html "The importance and growth of banking ecosystems to create superior customer experiences and value") engagement, explaining that organisations should “Never have to ask for an account number, recognise the customer on an inbound call and understand the customer’s payment preferences”. Grant offered a glimpse into what TALKINGTECH’s [innovation lab is working on for future](https://www.financedigest.com/poly-p-phenylene-2-6-benzobisoxazole-pbo-market-future-innovation-strategies-growth-profit-analysis-forecast-by-2029.html "Poly-p-phenylene-2, 6-benzobisoxazole (PBO) Market: Future Innovation Strategies, Growth & Profit Analysis, Forecast By 2029") collections payments, including ‘pay by selfie’, machine learning and a Whatsapp integration For more details on what was covered, including an O2 [case study](https://www.financedigest.com/case-handling-machines-market-global-size-growth-opportunities-industry-potential-segmentation-overview-trends-and-forecast-studies-2028.html "Case Handling Machines Market Global Size, Growth Opportunities, Industry Potential, Segmentation Overview, Trends And Forecast Studies 2028") and full details of Webpay, please contact: Lisa Hancox at The Bright Hub [lisa@thebrighthub.co.uk](mailto:lisa@thebrighthub.co.uk) +44 (0)20 3475 4112 --- This blog is powered by Superblog. 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