Payments and Tech Giants Predict the Future of Money at Money20/20 Europe
- 04.07.2017 01:15 pm
FinTech experts from across the globe flocked to Copenhagen last week to debate the future of money at Money20/20 Europe.
The world’s leading tech, financial services and business experts revealed how new technologies will fundamentally change the way we borrow, manage and spend money around the world.
Analysis by Money20/20’s communications partner Engage uncovers that Artificial Intelligence (AI) was the most hotly discussed topic across social media, online forums, news and blogs throughout the event. Speakers and attendees discussed a future that will involve everything from chatbots negotiating on our behalf, to the death of slow authentication processes, as technology gets to “know us” and ultimately move us towards an open, cashless and cardless society.
The show’s AI trend was boosted by news from MasterCard who announced that international bank Citi and digital payments firm Paysafe are the first to implement its new AI-based fraud solution, Decision Intelligence. MasterCard’s AI tool was the most popular piece of news from the event, out of over 150 announcements across the show – generating 685,000 impressions.
Spanish bank BBVA was the most talked about brand online following its AI-based keynote, with 1.4 million impressions.
Tracey Davies, Managing Director Money20/20 Europe commented: “Money20/20 Europe is where the future of money is built. With thesmartest brains in financial services and technology rubbing shoulders for three days, ideas were created, partnerships were formed and future trends were imagined. Clearly, this excitement extended beyond the event, to the buzz online, with over 35 million online impressions so far – all covering the impact technology will ultimately have on the way we spend, manage, save, borrow, share and protect money.”
After AI, Blockchain generated the second biggest buzz around the event, with brands including Blockchain enterprise Ripple, along with giants Samsung and Visa all enthusing about the future of the technology. This was fuelled by global tech firm IBM’s announcement that it is building blockchain technology for seven of Europe's largest banks, including high street bank HSBC and Netherlands-based Rabobank. The project marks one of the first real-world use cases of blockchain technology in financial institutions, leading many FinTech influencers to comment that Blockchain could “finally be moving away from endless proof of concepts to genuine adopters”.
With tech guru Jack Dorsey opening the show, his payment enterprise Square came in as the second most talked about brand throughout Money20/20 Europe. Dorsey, who ranked as the third most influential individual at the show, was joined by the likes of Google, Amazon Pay, Samsung, and Airbnb on the keynote stage.
Visa came within the top three brands, with conversation buzzing around the payment giant’s strategic investment in challenger bank Klarna. Announcing the deal to a packed audience at the show, Jim McCarthy, Global Head of Innovation & Strategic Partnerships at Visa admitted, “We've been sitting on our network for 20-30 years and it took innovators to come along and realise the vision for it”.
Challenger Starling Bank, followed by Blockchain enterprise Ripple, made up the remainder of the top five most discussed brands from the show. Meanwhile, on an individual level, FinTech leader Chris Skinner topped the list as the most influential person at the conference, followed by FinTech Circle’s CEO Susanne Chishti.
After AI and Blockchain, Biometrics, RegTech and Machine Learning were the next most discussed trends at Money20/20 Europe this year.
Claudia Bate, Global Head of FinTech, Engage, commented: “The level of investment being made by top brands to enable them to take a leadership position on the future of money should not be underestimated, and the millions of online mentions related to Money20/20 Europe is testament to the wider interest in the continued growth of the global FinTech sector. A strong presence across social media, along with a speaking slot from a bold senior spokesperson proved to be a powerful tool in helping brands stand out in the crowded FinTech market.
“It’s no surprise to see that Artificial Intelligence and Blockchain stole the show this year, we’re increasingly seeing our clients, partners and industry friends get excited about the potential these technologies hold.”