Transcript: What do we mean by trust, and why is it important?
in Digital

Host:

• Dave Ellett, Chief Commercial Officer at AP+

Guests:

• Catherine Brenner, Chair of AP+
• Lynn Kraus, CEO of AP+

In this inaugural episode of the AP+ POV podcast, Dave Ellett - Chief Commercial Officer and host of the show, along with the Chair, Catherine Brenner, and CEO Lynn Kraus, explores the crucial role of trust within the payments industry. They delve into its significance for AP+ and its broader implications for businesses and consumers in Australia. The discussion covers the impact of trust on stakeholders, the challenges posed by fraud and scams, and the innovative steps AP+ is taking to strengthen public trust in data privacy and digital identity.

In this episode, you will discover: 
Importance of Trust in the Payments Industry

 0:00:00
Trust is critical in the payments industry for meeting expectations, ensuring operational excellence, effective communication, thorough monitoring, and maintaining integrity.
Catherine notes, “Trust enables us to overcome uncertainty, to be vulnerable, to try something new or do something differently. It’s a mixture of our highest hopes and greatest worries.”
There's no denying the importance of trust and the role it plays in inspiring confidence, overcoming uncertainty, and fostering transparency.
Impact of Trust on Stakeholders

 0:04:52
In business, lasting trust is the strongest insurance against competitive disruption and crucial for building goodwill and alleviating fear, particularly in the context of mergers and organizational changes.
“It's the antidote to consumer indifference and the best path to continued growth, because without trust, credibility and reputation can be threatened.” 
Lynn shares, “For me, trust is really simple. It’s about honoring your commitments and following through and doing what you say you’re going to do.”
Competence, empathy, and authenticity in building trust with internal stakeholders are hugely important in relation to the broader ecosystem. 
Safeguarding Integrity and Addressing Fraud and Scams

0:08:40
Integrity is identified as the cornerstone of trust, involving consistency, reliability, transparency, and ethical behavior.
Catherine emphasizes, “Integrity is doing the right thing in the right way. Consistency, reliability, transparency, and ethical behavior are fundamental to this.”
The evolving landscape of frauds and scams, the impact on Australians, and AP+'s response including investments in fraud monitoring and the development of solutions like confirmation of payee and digital identity exchange are further discussed in detail.
“At AP+, we really want to make sure that we are doing our part. We do play a unique role here in Australia as the domestic payments operator, and so we are investing in uplifting our capability around fraud monitoring.”
“We also are doing our part to educate on the role of products like PayID and PayTo, and we've also invested heavily in a digital identity exchange called ConnectID, which is really around supporting that data minimization which is so important to protecting individuals from data theft.”
Strengthening Public Trust in Data Privacy

0:13:16
The initiative of ConnectID, a national digital identity exchange, is highlighted for its role in strengthening public trust in data privacy through consumer choice, privacy, and data minimization.
Lynn explains, “ConnectID will allow information that is already stored with a trusted provider, like your bank, to share certain attributes about you to prove your identity, reducing the need for data sharing.”
Major banks' involvement in building trust with consumers is crucial.
Lynn further notes, “We did a lot of research to understand who Australians trust, and it showed that people already trust their banks with their money, savings, and mortgages. It was a natural extension to trust them with holding important data.”
The potential impact of ConnectID on data protection includes reducing the need for individuals to share sensitive documents like passports or driver's licenses, thus minimizing data breaches and enhancing security.
 
Importance of Communication in Maintaining Trust

 0:14:53
Communication is essential for maintaining public trust, underpinning trust, and delivering on promises.
Catherine states, “Communicating with our people, our members, our customers, our users, and the broader community is non-negotiable. By being upfront about what we believe our purpose is and what we’re here to do, we help underpin and gain trust.”
Lynn adds, “Keeping our stakeholders informed about our progress, strategy, and any changes is fundamental to maintaining their trust. Transparency in communication helps build a solid foundation for trust.”
Future of Payments and Digital Identity in Australia 

 0:15:46
AP+ is positioned at the center of the payments ecosystem, facilitating secure, efficient, and reliable payment solutions.
Catherine shares her enthusiasm: “I’m really excited about the collaboration across AP+, our members, and the country. This collaboration is the secret sauce to enabling us to make it easier to have safer, cheaper payments for all Australians.”
Lynn notes, “The world of payments continues to evolve in an effort to provide a better consumer experience, and we are at AP+ right in the center of this innovation.”
There is great potential for AP+ to lead innovations in the payments sector, offering new solutions that enhance security, reduce costs, and improve user experience for Australians, as well as making payments more convenient, safe, and interoperable, not just within Australia, but potentially on a global scale.