Mark Nelsen is Senior Vice President at Visa Inc. where he is responsible for leading Europe’s product and solutions organization, and is the global leader for Visa’s Open Banking capabilities.
Mark’s focus spans across new technology, new product development, core product management, and product optimization, serving merchants, acquirers and client financial institutions. Mark has led several product organizations throughout his career at Visa. The products built under his leadership are used across more than 200 countries and territories.
What can we look forward to from your session at Financial Crime 360?
I’ll talk about the move towards a global digital economy, which- accelerated by the pandemic- will define consumer and financial trends for the near future. I’ll also discuss some of the innovation that we’re seeing and developing in response to these trends, helping to create new experiences for consumers and businesses as they manage their financial lives.
Why is the topic important to you and your company? And why is the topic so important now?
For consumers and merchants to feel they can turn to digital commerce they must trust it. They must trust that their payment will work and that their money is secure. Consumer spending makes up around half of all economic output in the Eurozone.
What happens to it is fundamentally important to the future of our economic wellbeing. The need to protect against fraud and ensure the resilience of the payments system is more important than ever now.
Where are the industry challenges & pain points in the Financial Crime area? How can these be overcome?
The pace of digital adoption has been significant; and responding to the dynamic nature of commerce in the pandemic has required adaptability and flexibility. Consumers are increasingly managing their financial lives online which creates a different set of challenges.
Now more than ever we need to create solutions that are global in nature, leverage best practice and data from across the world. We need to come together as an ecosystem for the benefit of consumers and merchants and the customers we serve.
Where are the opportunities?
Whenever there is change there is opportunity. If we embrace the changes that our industry is facing – and particularly if we embrace these changes together – we’ll find creative and better ways to serve our customers. Increasing collaboration and cooperation between global networks like ours with banks and other providers creates a great environment for the industry as a whole to respond to the threats faced. We also have a fantastic opportunity to create positive and seamless experiences for the people and businesses that depend on our services, helping more communities benefit from access to the global economy.
If we could grant you three wishes, what would they be?
That the industry continues to collaborate and work together to combat fraud.
That we harness learnings from around the world on creating seamless customer experiences whilst maintaining the best standards in security.
A really great Huevos Rancheros in London. I still haven’t found one that can match breakfast in my native California.
Where do you see the industry going with this in the future?
I am really excited about the potential for the payments industry to continue innovating and developing new payment experiences for people, businesses and communities. We need to keep pace with changing expectations and maintaining our standards of security; all whilst ensuring that user experience remains as seamless as possible. This challenge brings out the best in us all to continually find new ways to enhance our collective capability.