Las Vegas, NV October 27-30

Published: November 1, 2024                      ID: 2053

Readers: November 2, 2024

Analyst: Dr. Doreen Galli

Photojournalist: Dr. Doreen Galli

ABSTRACT

Money 20/20 USA 2024 was held at the Venetian and boasted over 10,000 attendees from over 90 countries with 80% of attendees coming from the USA. The over 400 speakers and 300 exhibits were captured by TBW Advisors with over 340 minutes of video captured and posted. As the place where money does business, the event brings together the ecosystem of money spanning banks payments tech startups, and capital market. AI everywhere, cross bank collaboration and cross geography collaboration along with fighting fraud were the key themes throughout.

Highlights

• AI everywhere with particular focus on fight fraud along with cross bank and cross-border collaboration was discussed throughout the keynotes and the exhibits.

Cautions

• As with all new AI technology use cases, it is critical to verify the quality of the data used in training the models and identify any inherent biases. The desire is to increase accessibility of the fintech market as opposed to further facilitating biases and disenfranchisement.

Conference Vibe

After more than 340 minutes of taping, 29 videos, a few hundred shorts forthcoming, and over 50 fact checks, our coverage of the Money 20/20 USA 2024 closes. Money 20/20 USA had over 10,000 attendees, 400 speakers, and 300 exhibits full of vendors from around the world^*. Nonetheless, there were no lines at registration to pick up one’s badge. An exciting note was shared during the press briefing that 47% of speakers were women in 2024 up from 11% in 2023. The conference provided a full breakfast for all attendees as well as some smaller stations with continental breakfast. If that wasn’t enough food, have no fear a full lunch was also available to all attendees right in the exhibit hall as well. Speakers graced one of 6 stages with a fan favorite being the Sentient stage featuring Money 20/20’s custom sentient robot, Aiana-live.

Focus on the customer!

No matter where in the world one resides, your life is impacted by fintech. Some experience significant inconveniences such as sending digital money to relatives across the globe only for those relatives to receive physical money. Cross border payments maintaining digital banking convenience was one of the examples shared in the distinguished panel on creating a new language for cross-border payments. This panel featured Ryan Zagone from Wise who presented his company’s solution. Other panelists included leaders from TBD – a block company, Bankaya and Vansary. A key to achieving customer desired functionality is continual modernization of payment platforms beyond migrating to the cloud. This panel included leaders from Wise, Bank of America, Deloitte, and Amazon. A session on Navigating the journey to the cloud featured leaders from Featurespace, AWS and T-Sys. The focus of this session was the need for collaboration amongst partners for the benefit of the customers. One part of the ecosystem cannot go to the cloud if critical components they depend on remain on premise. The migration journey is never truly completed. To ensure your product has solid APIs to easily integrate with the rest of the market, APImatic shared their product on the expo floor. APIMatic increases adoption by leveraging automation to ensure you complete the journey to usable APIs.

One key ingredient every business requires is customers! The panel, “Small is the next big thing” emphasized the sheer magnitude of opportunity by serving small businesses which make up 44% of the US GDP. This panel featured leaders from Co-created, Penelope, and SMB Franchise Advisors. The emphasis was to encourage the creation of a one-stop shop, a single pane solution for all one’s financial needs for the SMB space. One method to extend the reach to additional customers includes embedded payments and private capital to expand the consumer credit space. A panel on this topic featured leaders from Jeffries, Milken Institute, Citi and Pagaya. The session emphasized the need for new risk rating models for those not currently served by the sector. In this regard, an AI risk decision engine for financial services by Bordo.ai was displayed in the expo hall.

Once you have your customers, you want them to have an amazing experience. To facilitate a unified view of all customer activities on your platform, Mixpanel was one of the vendors on hand demonstrating their capabilities. This product along with the talk on hyper-personalization in the age of AI reminded us of our coverage of the Adobe Summit. If this is a passion area be sure to review this research as well as enjoy its related playlist.

Trust

Expanding on the hyper-personalization to serve customers, a fireside chat featured Fortune reporter Luisa Beltran interviewing PayPal’s Frank Keller. Titled, AI + Trust, the question of when too personalization becomes a creepy user experience was discussed. The one where you have a conversation on the phone then suddenly your computer has an advertisement for such a product. Part of the challenge with the trust question arises because the bad guys are organized, collaborate, and share information but the good guys do not. As discussed in the session “Fighting Fraud in an AI First World’, until the good teams collaborate, the issue will remain. This exciting panel featured leaders from Google, Mostly AI, BNY and Swift. This point was also emphasized in How AI Innovation Influences Trust and Safety panel. This panel featured leaders from JP Morgan, Walmart, Trulioo, and OpenAI. A key takeaway included that AI plus humans is creating new capabilities to try to counterbalance the aggressive progressive of the fraudsters leveraging AI in a coordinated fashion.

Trust is a two-way street. For financial institutions attempting to establish trust with their customers, they may wish to leverage Inscribe.AI. This platform reviews all documents turned in by customers for signs of fraud leveraging generative AI. Maintaining compliance can also assist with maintaining trust. A highly automated intelligent solution for achieving compliance that is traceable, explainable, and auditable by Trisotech was on exhibit. As anyone who has played with early consumer editions of generative AI knows, true value of generative AI is not just the answer but understanding the why behind the generated answer. If, however, your organization is interested in leveraging behavioural AI to prevent fraud, Futurespace may be one of the products for your organization to evaluate.

Nothing loses a customer’s trust like compromising their privacy and their data. Sometimes, no matter the steps taken, a company accidently leaves a backdoor open or misconfigures their environment compromising customer trust. Have no fear, Packetlabs and their white hats are here to offer their services. Remember: it is always better to hire white hats to find your security issues instead of finding out on the front page of the news.

Finally, one of the more critical aspects of trust according to SEC Chair, Glen Gensler is the whistleblower program. This was one of the many topics discussed in this fireside chat.

Identity

We had a flashback to our coverage at Identiverse, as one might expect at any conference in a highly regulated space. The expo hall had some identity solutions on display. A true global identity solution can be difficult to find but Shufti shared their solution. Available across 240 countries validating over 10,000 document types with outcomes in over 150 languages, Shufti is based out of London.

Another identity problem arises in Fintech around the use of credit cards. Is the person using the card really the person we issued the card to? Prove shared their solution that enables you to prove it is really you with only one small line added to the magnetic strip. Prove interestingly leverages the technology within smartphones today to enable the credit card to be a key. With a tap of your credit card to the phone, the phone can let the company know if it is really the card holder holding the official card making the charge.

AI

While very little of the conference did not involve AI, a key concern within Fintech involves using public models with their highly regulated data. Glean shared their product that consumes all your internal data to create a customer LLM for your organization. If your emphasis is one producing customer facing content from your own data, then Writer that leverages generative AI over your own data may be something to explore.

One of the more creative talks on Generative AI was titled, “Killer GENAI Cake”. Emphasizing the parallels to how baking powder created new use cases for baking, GENAI will expedite fintech and related user experiences to the next level. Featuring leaders from Microsoft, iGenius, Growfin and Citizens. Questions addressed by this panel included what use cases could materialize in 2025 and beyond?

Next Year’s Conference

Next year’s Money 20/20 USA will be once again held at the Sands Convention Center on October 26-29, 2025.

^*When vendors’ names are shared as examples in this document, it is to provide a concrete example of what was on display at the conference, not an evaluation or recommendation. Evaluation and recommendation of these vendors are beyond the scope of this specific research document. Other examples products in the same category may have also been on display.

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