Money 20/20 USA: Key Takeaways
Technology is likely to be the biggest disruptor when it comes to banking. It is changing the way customers interact with their financial services providers, the makeup of the wider industry, and how providers compete with each other. There are a number of major effects that technologies such as AI, biometrics, and blockchain will have on the banking sector.
Over October 21-24, 2018 industry leaders from across the world gathered in Las Vegas for Money 20/20 USA to discuss the latest trends in payments, fintech, and financial services in general. The event drew more than 10,000 attendees, 3,000 companies, and 400 start-ups from across the globe. Being the largest event of its kind, companies used it as a platform to announce new products, strategies, and financials.
The report Money 20/20 USA: Key Takeaways, provides a comprehensive analysis of how recent trends discussed at Money 20/20 USA and the ongoing fintech revolution are shaping the wider financial services industry.
- Consumers have started to expect a 360-degree view of their financial life across all banks and providers.
- The notion of a single provider is breaking down as banks or other providers move forward as platforms.
- Smaller challengers with a better product will reach incumbent status in terms of size (i.e. Alipay), or will be swallowed up by incumbents (i.e. Nomura buying a majority stake in 8 Securities).
- Everyday processes will be automated, such as paying bills, topping up emergency funds, and routing money to various investments that meet clients’ goals once a paycheque has been deposited.
- Machine learning and algorithms on top of big data allow providers to service segments that were not economically viable previously. They can even do so with an enhanced layer of personalization (i.e. conversational chatbots such as Bank of America’s Erica).
Reasons to buy
- Provides an overview of the trends discussed at Money 20/20 USA and how these are shaping the wider financial services industry.
- Analyzes the latest technologies and how they impact all layers of financial institutions, from back office to front office.
- Examines how advances in artificial intelligence affect channel preferences and how customers want to interact with their providers.
- Investigates how biometrics can address rising levels of fraud, while analyzing utilization and adoption rates from a customer perspective.
- Explains the current state of blockchain adoption and how the technology can be leveraged to achieve cost efficiencies.
- Identifies the use cases of the latest technological releases and how they can be adopted in the wider industry to service customers more effectively.
- Understand the latest developments in the financial services industry and how fintechs are revolutionizing the status quo.
- Understand the effects of technology on consumers’ channel preferences, and whether there are segmental differences.
- Discover what today’s incumbents can learn from new entrants at a time when customer engagement levels are low.
- Learn how artificial intelligence is disrupting the industry, and how different parts of the bank can leverage advances in machine learning.
- Channel Integration
- Customer Engagement
- Artificial Intelligence
- Biometrics and Fraud