Welcome to Payments & More, Allyiz Show hosted by Nico Vedrenne, CEO Allyiz.

Today’s guest is Paul Smith, who has 20 years of experience working at Experian Credit Bureau and handling complex data projects. He has lived and worked in Asia for these 20 years and is now working with Allyiz as their data guru! We will have great takeaways from this episode with Paul, including the new trends in identification and what payment and fraud is like in Asia from his first-hand experience.

In this era of data and technology, Paul believes it is a race to address issues and retain customer interest. Companies who can’t keep up with such rapid pace will likely fall behind. Paul offers a few examples of companies who have successfully kept up with the pace during his experience working with marketplace providers. The integration of new tools, machine learning and AI technology in conjunction with the pace they were working at was phenomenal.

Next, Nico and Paul discuss the rapid market changes in the last 5 years. Paul sees drastic changes needed within the ecosystem. As consumers demand more from service providers, they need to take a higher level of responsibility in terms of how these services are delivered. Paul is a strong believer that consumers should be carrying their identity verification with them and using them as confirmation for service providers.

Looking at changes and recent capabilities that have been presented in recent years, Paul predicts that consumers will become increasingly responsible for verifying their own payments. Then, Paul shares his opinion on what is going wrong with fraud prevention, which typically operates one step ahead. Customer recognition is key and will only become more so as time goes on.

Paul also predicts that biometrics will increasingly have an important role to play in the next generation of solutions. We are already seeing its adoption in relatively simple transactions and usage with mobile phones. In Asia, its usage is practically universally accepted.

Tune in to hear the three types of data Paul would give a merchant if he owned all of the world’s consumer data.

Finally, Paul offers advice for anyone listening who is interested in joining the world of payment.

Timestamps0:48 Guest Paul Smith introduced2:50 Paul’s move to Asia3:50 Praise for Paul 5:20 Why is it time to be on steroids in this era of data?6:18 Paul highlights a few companies who have made effective use of time7:30 Paul’s insight on the rapid market changes in the last 5 years 11:38 Paul’s prediction for the future of ID vs. transaction verification 13:10 What is going wrong in fraud prevention? 19:12 Customer recognition20:10 New types of data 22:50 Golden minute25:33 How Paul went from being a customs officer to a data specialist as Experian31:40 Closing words and Paul’s advice

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Check out the full episode notes at www.allyiz.com