Money 20/20 USA is always a powerhouse event, jam-packed with knowledge and information from the most important influencers and companies in the global fintech industry. Described as “the Superbowl of Fintech,” 2021 was extra special as Money 20/20 USA moved from a virtual venue back to an in-person show for the first time since the start of the pandemic.
This year’s show focused on a wide range of new innovations, ideas, and new technologies that will shape the future of finance for the coming decades. After the show, the Telesign team got together and shared notes on five takeaways from year’s Money 20/20:
- From KYC to KYX: Banks and lending services have long focused on regulatory driven KYC (Know Your Customer). The more you know about your customer, the better. Now every organization, especially fintechs, are widening the lens from knowing your customer to everyone and everything–all the time. KYX encompasses: customers, employees, business partners, data providers, and institutions.
- The future of fintech: Reddit founder, tech trailblazer, and investor Alexis Ohanian gave his views on the future of fintech, and how that future will drive inclusion for consumers and success for businesses. Ohanian emphasized fintech is now 22% of his portfolio, which was the largest sector amongst all of them. Ohanian spoke about how technology will help more people invest, thrive, and succeed financially as technology creates new opportunities, and not just in meme-stocks.
- Fintech working for everyone: Federal Deposit Insurance Corporation, Chairman Jelena McWilliams spoke about the opportunity for fintechs and regulators to work together to promote the adoption of technology in banking to make certain our financial system works for everybody–minority communities, the underbanked, and the unbanked. Check out her full talk here.
- Breakthrough moment for digital identity: Businesses and organizations are stepping up to meet the trust required from consumers to protect their digital identity. Panels such as “Digital Identity, Keys to Growth through Inclusion,” “Modernizing Credit Card issuance,” and “What the LGBTQ+ Community Can Teach the Banking Industry,” all touched upon the importance of trust within digital identity and the relationships between customers and institutions.
- Crypto went mainstream: Consumers are starting to adopt crypto wallets, which provide an option to shop, pay bills and transfer funds via digital currency. While an exciting development, crypto also presents a new vulnerability. As crypto shoots beyond a sideshow in finance, those in the security space need to view this as a new opportunity to keep consumers safe.
From the access to information to the abundance of resources given, Money 20/20 USA 2021 was not only accessible and inclusive, but thought provoking and a perfect place to close a deal. The event was the host of technological breakthroughs, embedded finance, and powerful platforms, and it was a pleasure to attend. See you next year, Money2020!