Notes from Frank Bisignano, the Chairman and CEO of First Data, from his presentation at the 2019 SALT Conference called “Connecting The World: How Digital Payments Drive Entrepreneurship.”
Connecting The World: How Digital Payments Drive Entrepreneurship
Frank Bisignano – Chairman & Chief Executive Officer, First Data
Anthony Scaramucci – Founder & Co-Managing Partner, SkyBridge
Q1 hedge fund letters, conference, scoops etc
- Frank is overseeing a $22bb merger with digital payments at First Data
- Ringing the bell for the largest IPO of 2015, was a life changing moment for him
- One of his biggest failures was running a global payments business at Citi
- It was struggling, so they brought in a senior member from Oracle
- It is not all on you as the leader, but you must be willing to bring the right people to the table
- “How do we help the consumer make life easier”
- They were the engine for the Starbucks digital payments
- Will be in a cashless society?
- There are countries just starting to take cards
- Everything is going to transform; cash will become less popular
- Putting payments into cars is the next big movement
- Payments at the pump but also at QSR like McDonalds; you will never need to take out your phone.
- Competition from Amazon and Paypal; managing cooperation and competition?
- Clover, sits in SMID size businesses
- Open environment for developers
- They are partners with all the aforementioned players
- Their real estate is so valuable that everyone wants to partner with them
- You saw that with how Apple Pay played out for them
- Surveilling code, hacking yourself and having a parameter that is tight as well
- Cyber security is the number one risk
- Disruption is second risk
- Watch the competitive landscape and partners with the real threats
- Old people are smart; learn from those that have experienced that change
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