Empowering insights from Women in Payments

Our dedication to nurturing our team’s growth is more than a commitment – it’s part of our DNA.

Last week, a delegation of Indue leaders engaged in vibrant conversations at the Women In Payments Australia Symposium, an event that aligns with the Indue ethos of fostering continuous learning and empowerment within our team.

This year’s Symposium was an exploration of ‘Connect, Create, and Be Curious’, featuring top female leaders in payments and fintech. Discussions spanned payment challenges, industry initiatives, cutting-edge fintech solutions, careers, and leadership.

Here’s a snapshot of our key takeaways:

  • The need for collaboration across industries to enhance customer security.
  • Loyalty programs need to be adapted to cater to evolving preferences.
  • Advancements in cross-border payments are contributing to smoother international transactions.
  • The importance of embracing lessons for growth and strengthening support systems.
  • How leaders can elevate leadership with emotional intelligence.

Industry-wide collaboration to protect customers

While users want greater speed, agility and security, scammers are getting more sophisticated.  The symposium emphasised the critical need for industries to collaborate to strengthen security measures and respond swiftly to breaches.  

As the government introduces tough new rules for banks, telcos and social media platforms to protect their users, the payments sector needs to engage at the policy level and collaborate across other financial services industries to develop industry standards and initiatives.

Innovating loyalty programs for changing financial behaviours

Financial priorities are shifting toward saving rather than indulgence. Customers, in particular Gen Z, are also increasingly looking for loyalty programs that contribute to social causes – highlighting the need for novel program structures that encompass a broader societal impact.

Digital technologies are improving the accessibility and usage of loyalty programs and AI advancements are offering exciting new ways to personalise experiences.

With a payment point for every loyalty program, such as purchases for awards and discounts, we need to find new ways to surprise and delight users to avoid loyalty program fatigue.

Advancements in global payments and cross-border transactions

The G20 and other international bodies have been working to enhance cross-border payments, addressing issues like cost, speed, access, and transparency. Currently, Australia receives 50% of international payment funds in one hour. The goal is to reach 75%.

And as the digital wallet accelerates and cash decline continues, we heard some interesting facts about cash circulation. While Australia is a low cash usage country at a global level, we have more than $2 billion of cash still in circulation.

Elevating leadership through Emotional Intelligence

The symposium recognised the escalating importance of Emotional Intelligence (EQ) in leadership roles. Discussions centred around the integral role EQ plays in leadership effectiveness – emphasising traits like empathy, self-awareness, and a positive outlook.

Maintaining good relationships, adapting your communication style, engaging in active listening, keeping a critical-thinking mindset, and being solutions focused are key to a high EQ.

Be aware of the value you bring to your organisation and to yourself. Do the work on areas that need development but don’t dwell on negatives. Be kind to yourself and lean into your strengths.

Embracing critical leadership lessons

Leadership means being highly visible, so even a small misstep can make us vulnerable. We learned about embracing the critical lessons you can learn from less than favourable moments.

Discussions emphasised the pivotal role of robust support systems, both professionally and personally, in nurturing resilient leadership.