Upcoming Insights from Diebold Nixdorf's Intersect Conference in Sin City (Las Vegas)
In the rapidly evolving world of finance, modernizing payments systems has become a top priority for many financial institutions. This is particularly evident at Diebold Nixdorf's Intersect conference, taking place in Las Vegas from August 29-31.
Michael Engel, Managing Director & VP Payments for Diebold Nixdorf, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service for Mercator Advisory Group, will discuss the importance and best practices of modernizing payments systems during the conference.
Many financial institutions are grappling with outdated systems that struggle to offer customers access to the latest innovative digital products and services. This is a significant concern, as staying competitive in today's market is crucial.
Modernizing legacy systems, however, is associated with inherent risk. Engel emphasizes the importance of considering up-front the potential challenges that may arise throughout the project. He advises spending more time on analysis and planning at the beginning to avoid burdens at the end.
One common fear among financial institutions is the potential risk and the fear of something going wrong during the modernization process. Engel suggests that taking a measured approach does not necessarily mean that it will take a long time to roll out the new technology. In fact, a phased, step-by-step approach, as proposed by Diebold Nixdorf, could be safer than a "big bang" approach where systems are all replaced at one time.
Grotta agrees that a phased approach is easier to sell to internal stakeholders. This approach allows institutions to test and refine new systems gradually, ensuring a smoother transition for both the institution and its customers.
The benefits of modernizing payments systems are numerous. Financial institutions that don't modernize risk losing customers to fintechs that offer these services. Consumers, meanwhile, want to use traditional card-based methods as well as digital payments and new innovations like buy now pay later (BNPL).
A workbook will be provided to help make a business case and hear case studies from institutions that Diebold Nixdorf has successfully worked with on modernization. The conference will also feature an in-depth workshop on how banks and credit unions can take this approach.
The Intersect conference will also delve into other aspects of banking technology, payments modernization, and retail banking transformation. Attendees can expect to learn about emerging technologies like AI, blockchain, open banking, and trends in self-service solutions. The focus will be on seamless omnichannel payments, security enhancements, and digital transformation strategies.
For those interested in learning more about the event and its agenda, official Diebold Nixdorf communications provide detailed information and updates. Engel states that the workshop can benefit any financial institution, regardless of its stage in the modernization journey.
In conclusion, the modernization of payments systems is a crucial step for financial institutions looking to stay competitive in today's digital age. Diebold Nixdorf's Intersect conference offers valuable insights and practical advice for institutions embarking on this journey.
- The discussions at Diebold Nixdorf's Intersect conference highlight the importance of modernizing payments systems in the business sector, as financial institutions strive to offer customers the latest technology and remain competitive.
- As many institutions transition to modernizing their legacy systems, the integration of technology such as AI, blockchain, and open banking becomes essential, as presented during the Intersect conference's sessions on banking technology and payments modernization.
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