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September 26th 2013:Who Owns the Customer? The Shifting Balance of Power Between Banks and Retailers

My guest this week asks a multi-billion dollar (or euro or yen) question: In the world of payments, is the balance of power shifting from banks to retailers? “Yes” says Matt Simester, head of Auriemma Consulting’s UK office, “we are seeing the rise of retailer power on a number of fronts.” Take interchange (the transaction fee paid by merchant to a bank): legislation in the US, EU and elsewhere has cut interchange rates (and bank income). Merchants were supposed to pass the savings on to consumers. But have they? Or rewards programs: many merchants are pushing their own loyalty programs over b

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Featured Guest

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Matt Simester

As Managing Director, Matt leads the Auriemma Consulting Group’s UK office where he has responsibility for growing the firm’s footprint in Europe. He has almost 20 years of experience within financial services and he has built a reputation as an outstanding strategist who is able to use his operational, sales, marketing distribution, and product P&L skills to develop and implement strategies that deliver high value returns. Matt has been responsible for marketing and product management at the Alliance & Leicester Commercial Bank, VP of Marketing at Affinion and variously Managing Director of a Barclaycard JV and Head of Value Added Services at Barclaycard Business. Matt has a BA (Hons) from
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