Our team is back from Money20/20 and we’re blown away by the growth of the event. Dubbed The World’s Largest Payments & Financial Services Innovation Event, the conference brings together an astounding 11,000+ attendees for a 4-day extravaganza that led us to make new connections and learn what’s new in payments, RegTech, compliance, FinTech and financial services. Here’s what stood out...
- Regulatory compliance is more important than ever.
The show kicked off with the Regulation Track, jam-packed with sessions across topics like the future of financial regulations, privacy and data security and the revolution of regulatory technologies (RegTech). Many sessions were standing room only as leading regulators from the CFPB, FTC, OCC, CFTC and the SEC got candid in sharing the key developments and their direct impact on consumers and financial solution providers.
Big takeaway? RegTech is being noticed by regulators, and their expectations of what's possible for companies to have deployed as best practices are increasing. The bar is raised for regulatory and marketing compliance, and it’s critical to understand the space and start deploying RegTech solutions, before regulators mandate it.
Overheard: "Most financial organizations work hard to manage the compliance of their back end operations, yet they fail to monitor and manage the risk that stems from the human interaction with their prospects and customers."
- Big things in payments are happening at Uber and Barclays
The payments industry packed into the room to hear from Uber as they announced their newest partnership with Barclays: a Credit Card for the On-Demand Economy. As consumer expectations continue to increase, Barclays and Uber responded by offering the Uber Visa Card, an effortless but innovative credit card program focusing on rewards and incentives.
Speaking of Barclays, PerformLine hosted our annual VIP lunch event featuring a Fireside Chat with Paul Wilmore, the CMO of Barclaycard US. He sat down with PerformLine CEO, Alex Baydin to talk about the company’s largest co-brand partnerships with JetBlue, Apple and the NFL, and provided guests with insightful takeaways on how Barclays’ marketing program has scaled using PerformLine’s RegTech platform.
- The trade-off between risk and reward has never been so critical, but AI and Blockchain are changing that.
With today’s ever-changing regulatory environment, companies must remain focused on compliance in their customer interactions, but many times that happens at the cost of investing for the future. But, with Augmented Intelligence (designed to enhance human intelligence rather than replace it) and Blockchain, companies no longer need to make that trade-off.
During the session Big Tech Meets FinTech, Bridget van Kralingen, SVP Global Industry Platforms at IBM highlighted how AI and Blockchain are eliminating those trade-offs.
- Regulatory compliance gives firms the opportunity to monetize its data, in fact it’s 1 of only 2 use cases where technology is driving measurable efficiencies at scale. The automation of compliance technology will save costs and reduce risk.
- AI and Big Data are providing more certainty on a firms’ positions, risks and insights to make much better real-time decisions.
- Financial services firms can now expand their value chains to provide completely different capabilities between industries, consumers and peers. In turn, opening entire new markets, opportunities and benefits for the world around us.
It was an amazing week networking, sharing our story and connecting with the top minds in financial services innovation during Money20/20 — and we had a lot of fun doing it! If you missed us in the exhibit hall or want to learn more about PerformLine's RegTech solution, let's connect.