Scalefocus at Money 20/20: The Entire Financial Services Ecosystem Met Live under One Roof
Another edition of Money 20/20 USA just wrapped and we were there! Scalefocus went to Las Vegas on Oct. 23-26 to rub shoulders with everyone in the financial technology field — innovators, banks, startups, IT leaders, industry strategists and analysts.
Over 11,000 people attended the live and in-person event which was top-of-the-line as always and offered a combination of great networking opportunities and informative speaker sessions. An unlikely duo, Serena Williams and Takis Georgakopoulos, Global Head of Payments of JPMorgan Chase, took part in a fireside chat on how to build a more inclusive economy.
Our team had some really exciting conversations about ways to fix the problems of the past through the latest technology tools. A trend we are seeing bloom more and more is incumbent banking players trying to figure out how to utilize fintech platforms and solutions in a way that not only allows them to catch up with neo-banks, but to straight up compete with them.
We also saw some ‘futuristic’ solutions that will no doubt shape the industry in the next couple of years. Employing biometrics, such as voice recognition, for payment processing authentication is something we will be hearing more about — biometrics is one of the most secure means of authentication in online payments and among the fastest growing technologies today.
Another trend that Money 20/20 cemented is that the lines between physical and digital experiences are becoming increasingly blurred. This may sound like old news, but it’s now more evident than ever, especially in the context of the post-pandemic world, that adapting to the rapid digitalization is the only way to maintain relevance.
Even more simply put, consumers demand that their experience with banking and payments is frictionless and doesn’t disrupt their daily lives. Achieving this is a matter of employing technology in brave new ways and only the ones bold enough to experiment and innovate will make the cut. Legacy and subpar core banking systems must become a thing of the past.
It seems the economic uncertainty is not going away soon so it’s important that we come together to build networks and partnerships that can help us minimize its negative effects. Against the backdrop of high inflation, providing reliable financial services is of paramount importance.
Meeting up at Money 20/20 in Las Vegas brought us closer to finding the most optimal ways to do that and we can’t wait to do it again. See you next time!