What's on deck for American Banker's Payments Forum?

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When technology professionals say "artificial intelligence" in 2024, it often sparks thoughts about a revolutionary embrace of generative AI, large language models, or some newer form of machine learning that can dramatically change people's jobs. It also conjures fears that some jobs may go away entirely. 

What does new AI mean for the future of work in the payments industry? Many of the the top executives in the payments industry will dive into these and other issues at 2024's Payments Forum, on March 27-28 in Hollywood, Florida. (Click here to register for Payments Forum.) 

Even before the gen AI wave of the past year, payment companies were already being upended due to a massive influx of capital to drive automation during the pandemic, followed by an economic correction, falling valuations and downsizing. Navigating the future will require creative investments and allocations of resources to win share. 

Honorees from American Banker's Most Influential Women in Payments for 2024 and hundreds of other executives, developers and investors will gather to share their insights on the future of one of the most dynamic industries in financial services. 

Here are some of the highlights. 

Big AI. The event will kick off by honoring the Most Influential Women in Payments, featuring a discussion of how AI will change how some jobs are performed. 

Gen AI is already changing hiring patterns at some payment companies, such as Klarna, which is focusing recruitment on work that AI still can't do. And Visa, Mastercard and PayPal are among the dozens of payment companies pouring millions of dollars into development that will embed gen AI and large language models into every corner of payment processing.

While most of the early uses of gen AI involve helping workers do their jobs, AI's ability to quickly analyze data, and help produce marketing, customer service and coding does create concerns over long-term job security. 

AI is designed to speed automation strategies that are already impacting hiring plans. Fifty-five percent of bank executives say automation will reduce their headcount by 2026, according to research from Arizent, American Banker's publisher, which also reports that only 6% believe automation will increase headcount and 39% expect no impact on headcount due to automation. The types of jobs most at risk include back-office functions, such as data entry and customer service. But AI-driven automation is conversely expected to create jobs in data analysis, software development and machine learning, according to Arizent.  

How will payment companies balance the need for more automation and efficiency while addressing the concerns of staff and leading the next generation of talent? 

Many of this year's Most Influential Women in Payments honorees are directly dealing with the change AI has brought into their organizations, their employees and clients. Cathy Beardsley, President and CEO of Segpay, who calls gen AI a "game changing technology," will be among those on hand to share her experiences. 

Climbing the ladder. Many of the Most Influential Women in Payments are confronting changes in work culture that have had a profound impact on how professionals manage and grow their careers. 

How has networking and mentoring changed for companies that are mixing remote and in-office work? How are traditional ways of forging a career path changed for less experienced staff that do not have an extensive path working in an office? 

Women in Payments

The Most Influential Women in Payments, 2024

February 27, 2024 6:45 AM

And what should an up-and-coming executive do when they feel stalled? When is it a good time to go outside of your organization for advice? Michelle Young, general manager and head of merchant solutions for financial institutions at Worldpay, and Anna Greenwald, COO of MoneyGram, will be among those discussing the issues. 

"I have always encouraged individuals to actively engage in expanding their networks and pursuing continuous learning," Young said. "This approach is not merely about professional advancement; it involves a broader perspective of personal growth and contributing meaningfully to society."

Getting digital. Virtual cards and mobile payments are making dramatic strides as banks and other financial institutions fight back against the fintechs that lure consumers and merchants with a constant array of new digital tools. Christine Roberts, executive vice president at Citizens Pay, Jo Jagadish, head of commercial bank products and innovation at TD Bank, and other bank executives will talk about what they're doing to stay current. 

Following the rules. The growth of AI also presents new compliance challenges as regulators catch up to the potential impact of the technology. And as fintech/bank collaborations become more common, so does the risk of running afoul of the rules. Regulatory experts will talk about how a strong compliance program can boost employee morale, make it easier to navigate collaborations and how compliance and risk management can add value to an organization. Howard Fields, chief compliance officer and counsel at Mastercard, and others will share their insights.

What's new in real-time payments? It's nearing a year since the FedNow real-time processing system debuted, joining The Clearing House's RTP network in providing instant processing in the U.S. As these networks expand, they'll be challenged to work together and with real-time payment systems globally. For financial institutions, the challenge is to find the right spot to use real-time payments, and to make the different real-time systems part of a broad menu of services. Dan Gonzalez, vice president and national account director for Federal Reserve Financial Services at the Federal Reserve Bank of San Francisco, Mike Thomas, Head of Instant Payments at U.S. Bank, and Cheryl Gurz, Vice President of RTP Product Management at The Clearing House, will talk about what's next for real-time payments.  

 Winning small businesses. The battle to lure merchants has become fierce as retailers seek to simplify their relationships with the third parties that provide payments, financial services and other products that businesses need. That requires both banks and fintechs to broaden their offerings to capture more of their merchants' business. A number of payment experts and executives, including Ryan Zagone, head of bank partnerships for Americas at Wise, will discuss opportunities and challenges in bringing innovation to small businesses. 

The conference will also be an opportunity to see what financial institutions are planning for new technology. Arizent will showcase new research based on a survey of banks and credit unions on their plans to adopt new payments technology. Arizent's Michael Moeser, i2c Inc. President Jacqueline White and Steven Liles, CIO of Corporate and Institutional Banking at PNC will discuss what's driving demand for new technology, the role of faster payments and the expected impact of innovation on customer attrition, marketing and fraud prevention.