The Prepaid International Forum (PIF) has announced the details of its inaugural Innovation Day on 12 May 2015 to be held in central London.
PIF has created the event to highlight how the latest innovations in the prepaid sector are fuelling its growth as an effective and fast-growing alternative to traditional financial services products.
Centre-stage on the day will be ways in which prepaid presents an alternative to services offered by high street banks by innovating to better serve customers, particularly in the area of meeting the needs of specific groups of consumers.
Also highlighted during the day will be the latest technological advances, such as harnessing big data tools and the use of mobile apps to make prepaid services smarter and more valuable.
Alastair Graham, PIF spokesperson, said: “The prepaid sector is entering a really exciting time. As banking evolves and consumer use of new technology becomes mainstream, prepaid has been able to respond with innovative solutions that offer more choice, greater flexibility and better meet the needs of customers.
“The pace of change has been so rapid that we believe this Innovation Day will become an annual event, as participants and partners in the prepaid sector meet to discuss where the next major developments will arise and how best to respond.”
PIF recently released data that shows the pace of this change, with a 380% increase in the number of prepaid products available within the UK alone and 35% of UK consumers now regularly using prepaid products while usage of traditional credit cards is in decline, with a fall of 13% over the same period.
One of the event’s showcase speakers, Ray Brash, managing director of PrePay Solutions, believes that prepaid is on the verge of even greater growth. “Customers’ expectations and perceptions of banking services have changed. Now with the shift in interchange, the end is nigh for free banking as we know it, creating an opportunity for the prepaid industry to become a challenger in the market.”
“Prepaid can meet and exceed customer expectations of banking services while remaining commercially viable. This is the opportunity that could provide the volumes and mainstream adoption that the industry has strived for, enabling prepaid to evolve and become the next generation in a Darwinian perception of banking”
The event will run from 9am to 5pm on 12th May at The Westbury Hotel, Bond Street and has been designed for professionals in prepaid who are responsible for card services, product development, payments strategy and product sales and marketing.
The event is free of charge for PIF members (for up to three attendees) and £275 for non-members.