Perspective: Money 20/20, 2016 — Discussing the Future of Financial Technology in Payments and Bank Channels
This IDC Financial Insights Perspective covers the Money 20/20 conference held October 23–26, 2016, in Las Vegas and provides a high-level overview of the topics discussed during meetings, keynotes, and briefings. This year's event was attended by more than 10,000 professionals from a wide range of payment industry participants — from banking and financial services to technology to retail. As one of the largest banking and payments conferences held every year, Money 20/20 provides an important forum for discussions on the state of the industry and allows attendees an opportunity to gain a sense of where the industry is headed. This year, several themes regarding the future of payment and banking technology emerged in the sessions, keynote presentations, briefings, and discussions:Brands fight back. Financial institutions and retailers are asserting themselves and challenging the notion that the mobile channel, including mobile payments and mobile commerce, will be "owned" by handset manufacturers and mobile operating system providers such as Apple, Samsung, and Google.Transformation and the platform economy. The transformation of payment systems by financial technology vendors and financial institutions will mean new network opportunities, the opening of platforms, and a concerted effort to make payments easier for developers and consumers through open APIs.Blockchain continues to mature. Discussions on blockchain, distributed ledgers, and related technologies — including a fair amount of hype — have begun to coalesce around a sense that there is much to appreciate in the technology, but there is also a fundamental lack of expertise as well as a lack of clarity on many issues regarding how the technologies work, a common vocabulary for discussing it, and where it will best be applied.Long live the ATM. Quite a few discussions and breakout sessions were focused on the role of the ATM as a key component of branch transformation, and how access to and movement of cash using the existing ATM networks will breathe new life into the 40-year-old technology.
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