The view from Vegas: A recap of all that was Money20/20 USA
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The echoes of Money20/20 USA are still reverberating around The Venetian and Harry Reid International Airport is packed with attendees heading home, but it’s never too early to start reflecting on the experience and outcomes of this year’s hallmark financial technology conference.
The halls were packed. The meetings were abundant. And the conversations were fruitful. But are there any highlights or hot topics that someone who couldn’t attend should know? We sat down with our attending team and asked them to offer their best recap, so we could share it with you.
Top 5 trending topics from Money20/20
1. A focus on fraud
“There's an increasing focus on fraud prevention as more companies look to move to real-time payments. I heard a lot of conversations that centered on finding the right financial service provider because those real-time solutions across your tech stack are critical to make sure that fraud prevention works in a way that protects your customers and protects you as the financial services institution.” - Brian Muse-McKenney, Chief Revenue Officer
2. Delivering value with AI
“There was a lot of conversation around AI, which isn’t surprising, but the topic has shifted somewhat. Instead of asking ‘How can we use AI?’ businesses are starting to look beyond the novelty into how it can drive their business and bring value. They’re looking at it analytically, and asking questions like, ‘How do I use AI to take cost out of my operations centers? Or reduce fraud?’ I’ve heard a lot of smart questions and equally smart answers around that topic.” - Craig Ramsay, Managing Director, EMEA
3. Cross-border conversations
“I would say cross-border payments are something I saw more of this year. Not necessarily new companies, but a new emphasis. More and more companies are looking to go international across multiple regions. It’s inevitable that those businesses are going to require seamless and efficient cross-border solutions that provide their end customers with a good user experience." - Matthew Little, Vice President of Product
4. Out-of-the-box growing pains
“What we’ve seen in past years is an affinity for out-of-the-box solutions. They’re a great way to get started, but this year, I'm finding providers are realizing that a generic out-of-the-box credit card or debit card offering isn't working for them. It's not giving them the flexibility that they need to meet their growth goals and customers' needs.” - Shawn Johnson, Senior Director of Partnerships
5. Embedded finance in the spotlight
“A renewed regulatory focus in the embedded finance and BaaS space stood out for me. In the past, we saw some banks to pull back from the sponsorship space, or at least re-evaluate their risk appetite and approach. This could have significant consequences for consumers if a sustainable solution is not found. Financial technology companies more often than not rely on bank sponsorship to deliver in-demand customer solutions. If appetite for sponsorship is constrained, we run a real risk of stymying innovation, when new solutions are desired more than ever. Particularly in areas of financial inclusion and democratization of wealth.” - Daniel Phillips, Sales Director, NAM
Key industry pain points
Throughout the show, we had over 300 prospect conversations with companies ranging from growth stage financial technology companies to global banks to brands with household names. What did we learn? Well, a couple of key themes kept coming up, so there’s a chance you might be experiencing something similar.
If you are, take comfort that you aren’t alone, and there are solutions out there that can make those challenges a thing of the past.
Multi-currency wallets
“More and more companies are finding a need for multi-currency capability. It seems like a simple enough concept, but it’s something that many providers in the industry struggle to offer, especially when it comes to the ability to quickly convert between currencies and transfer funds between various wallets within broader ledger. As a cards and ledger infrastructure provider that can offer that sort of capabilities natively within our platform, it led to some interesting conversations.” - Sam Salter, Product Manager
Legacy frustrations
“Companies are struggling to get what they need from the legacy providers… and even some of the more recent out-of-the-box solutions. People are looking for a solution that can deliver customer propositions
quickly with pace and affordability. And they are struggling to find companies to be able to do. People I’ve talked to are impressed with our technology, but beyond that, they appreciate the fact that we’re listening to what they say. We’re listening to the challenges they have, and we’re working with them to build a tailored solution that meets their needs and timeline.” - Craig Ramsay, Managing Director, EMEA
Credit builder products
“There are a fair number of products out there for a standard out-of-the-box credit product, but they struggle with the more unique use cases that need extra flexibility and controls. I had a number of conversations throughout the show with companies looking to offer credit builder products target at niche markets, like recent immigrants. They don’t have a traditional credit profile, so companies are looking for a platform that can offer alternative forms of credit risk decisioning and methodologies to enable them to make informed decisions, plus additional controls to help them tailor a product that effectively meets the needs of those end customers.
With a flexible platform like ours that puts the controls in their hands and enables them to integrate their preferred partners for services like KYC and ID verification, we can make it easy for them to build a solution to meet their niche needs.” - Matthew Little, Vice President of Product
Speed to market
“The market and consumer preferences are changing so fast. Companies don’t have the time or the patience to wait for legacy providers to build and launch new products. By the time they get to market, the opportunity is gone or a more nimble competitor has a head start. They’re looking for a card program that offers them the ability to build a tailored product that zeros in on a select market and allows them to launch quickly. That’s exactly what we offer, along with all the security, risk and compliance you need to make sure that it's done right.” - Brian Muse-McKenney, Chief Revenue Officer
Stay ahead of the curve: Discover how we can help
All in all, Money20/20 USA proved once again why it remains the premier event for the financial technology sector. From uncovering key industry pain points to gaining insights into emerging trends, the conference offered invaluable knowledge, sparked thought-provoking discussions, and provided a platform for building meaningful connections.
If you're experiencing any of these challenges or want to have a deeper dialogue about these topics, don’t hesitate to contact Episode Six. We’re here to help you find tailored solutions that align with your goals and help you stay ahead in an ever-evolving market. Reach out today to start the conversation!
About Episode Six
Episode Six (E6) is a global provider of enterprise-grade ledger and cards infrastructure for financial technology companies, banks, and brands. E6 delivers the innovative capabilities needed to compete with disruptors and lead the market. Flexibility, adaptability, and resilience are built into the core of E6's platform, ensuring clients maintain a market-leading position. E6 operates globally with customers in 30 countries, and an expanding team located in the US, UK, Europe, Japan, Singapore, Hong Kong, Australia, and India. Investors include HSBC, Mastercard, SBI Investment Co Ltd, Anthos Capital and Avenir. For more information, contact us today or follow us on LinkedIn.