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Money20/20: What to Expect from This Year’s Conference

After a year away, the financial sector’s premier event is back, in person.

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Keara Dowd is a web editor for BizTech, joining the magazine after honing her journalism skills in local news.

The financial services industry has historically been slower to adopt emerging technologies. One reason for this is the unique regulations that the sector must adhere to, but it’s also the nature of the business that makes some organizations cautious to leap into new tech.

Banks, credit unions and insurers often deal with the most personal aspects of their customers’ lives. Whether it’s a health scare, a new home or day-to-day expenses, these organizations enable customers to live the lives they want, and with that comes a hefty responsibility. Because of that responsibility — and customers’ desire for security and stability around their finances — the industry is naturally more cautious when it comes to new tools.

All of that has had to change over the past two years. Banks and credit unions are accelerating their digital transformation projects in response to the pandemic, recognizing they have no more time to waste when it comes to creating unique digital experiences for customers. They also see what can be gained for their own employees by embracing new ways of working.

This transformation will take center stage at this year’s Money 20/20 conference. The event, which will be held in person in Las Vegas from Oct. 24-27, will be about the next chapter in financial services — an era that promises to be filled with innovative systems for payment, new insights from customer behavior and security tools to meet the industry’s high standards.

Here’s what you can expect from this year’s show.

Preparing for a New Age of Payments

Payment processing is perhaps the single most important line of business for many financial services organizations, and it’s an area that’s constantly evolving. Whether the transition is from cash to cards or cards to digital payments, it’s always ripe for innovation.

That has been especially true during the pandemic, when payments got a turbocharge of transformation as social distancing guidelines forced customers to stay home, pushing smaller organizations to adopt digital payments. When in-person stores, restaurants and bank branches eventually reopened, they adopted no-contact forms of payment. For many, it was their first time using these kinds of tools.

Many of these trends are now commonplace, and the rise of fintechs and evolving back-end technology continue to change the way payments are made. Expect these new horizons to be explored thoroughly at Money 20/20.

Collecting and Protecting Customer Data

The strong lean into data analytics continues to grow across industries. The global market for Big Data and business analytics is projected to reach more than $500 billion by 2026. For financial services, this data can help identify areas to increase efficiency, adjust services and personalize customer experiences.

But as businesses clamor for a piece of the data pie, financial services organizations have often lagged behind. Many feel crippled by regulations and cost, and a lack of talent in the area has also become a barrier to adopting data analytics processes. Data can be an organization’s most valuable asset, but realizing its full potential takes the right strategy and vision.

An industry such as financial services must also take the right security measures so that customers feel their information is protected. Expect the event to explore how strides have been made in this area, and how banks and credit unions can capitalize on the information they already have.

With dozens of keynote addresses and breakout sessions, Money20/20 will showcase not only how the industry has changed in the wake of the pandemic, but also where it is headed. Digital transformation, payments and the use of data will all be strong drivers of that future.

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