Hot laps, hot topics
Every year, Money 20/20 acts as a litmus test for the direction the global financial services industry is moving in. This year was no different, and several topics stole the spotlight.
Unsurprisingly, artificial intelligence (AI) and its uses within banking and financial services formed the crux of many conversations on the ground at Money 20/20. Kicking off proceedings on the first day was AWS and NVIDIA’s AI Summit, which explored “what AI really means for financial services” in a combination of keynote speeches and demos. The conversation continued throughout the event, with discussions on the implementation of AI in areas ranging from financial advice to anti-money laundering (AML). It is without doubt that AI is a crucial topic for the future of the industry, and NTT DATA is investing time and resources to stay ahead of the curve in this area.
Many speakers also addressed the shifting market conditions for fintechs and how this was affecting the industry at large. Perhaps more than any other driver, fintechs have pushed the industry to innovate and embrace emerging technologies. On top of this, the range of services offered by fintechs has led to an increase in customer demand for personalized and seamless access to their finances. However, as the economic conditions have grown more averse, the fintech space has certainly taken a hit. Regulation, partnerships and recruitment were all topics discussed in relation to the challenges faced by fintechs today. We discussed our Platea Banking solution in this context, which allows banks and fintechs to seamlessly connect.
Another major topic was Open Finance. At Money 20/20, the focus was in part centered on regional differences. One keynote, for example, focused on the Open Banking successes in LATAM, emphasizing how the US could follow the region’s lead in this area. Over the past few years, our focus with Open Banking has been to spread the successes we have had in Europe and LATAM across the globe, so this topic also resonated with our overall mission in Banking and Financial Services.
