Money20/20 Europe kicked-off in Amsterdam on Monday June 4th. The three day event has left people with a feeling of excitement, hunger for success and an overwhelming sense of being in the thick of something revolutionary. The discussions had at the circus themed event were thought provoking, insightful and almost incredible. The future of money is exciting, it is new and it is changing to something nobody would have ever predicted – at least not ten years ago! Some key take homes from Money20/20 Europe were; we need to build a safe and secure ecosystem, make better use of data, customer is king and build video into your strategy.
Golden Age of Cross Border
Our CCO Gary, chaired a panel on New Business Models for Cross Border. During this discussion, Gary eluded to cross border being in the golden age. The current climate allows us to make full use of cross border facilitators in the payments space. Of course, to trade domestically is easier but does anything worth having come easily? We at TransferMate had initially faced the slow and painful task of building out our regulatory footprint: for example our US state-by-state licence approval, with particular key states like New York being very difficult and expensive to gain approval in. That said, the international market is now limitless with TransferMate, businesses have the opportunity to trade in new foreign markets as if they are local.
Customer is king
One of the major topics discussed at Money20/20 was the use of data. As an industry, we need to make responsible use of data. We cannot discriminate, we need to bring technology opportunities to everyone. BBVA CEO, Carlow Torres Vila, informed listeners that they are currently crossing a tipping point in which more than 50% of their customers are digital and they will cross the mobile digital point next year. With this level of data, the value added needs to be perfect.
Torres Vila explained that they are striving to help people in their lives make better decisions for a better life. In line with this, Dan Ariely, Chief Behavioural Officer at Lemonade, spoke about enabling customers to trust the brands. Ariely gave the example of 4 people at a restaurant ordering food, the waiter advises them to go for the lesser expensive fish as it’s actually much better. He then gives a recommendation for wine – how likely are all the other people at the table to trust his wine recommendation? In contrast, the waiter that advises guests to go for the lobster which is three times the price of their original order, how like are they to go for that waiters wine recommendation? The point is, if we want people to act in ways we recommend and do things we know will serve them, we need to build trust.
Make use of data
Andy Maguire of HSBC, expressed that the wheel does not need to be reinvented, it is the front end that needs to be amended. The data financial institutions have is second to none, compared to many other industries. We need to use the data we currently have correctly, go for the small rich data. We need to exploit everything we already know about our customers in order to present them with information that is highly relevant – we need to be 80% right when predicting our customers’ needs and wants!
Kelly Wenzel of Amazon Pay spoke frankly about the importance of providing cohesion between the mobile, web and physical worlds. Wenzel proclaimed that it is imperative for the user experience to be seamless. “Voice is the new medium”, what is more natural than speaking?! Voice control is now where attention must be in terms of AI and the “internet of things”.
In short, Money20/20 Europe forced you to change your perception. With an industry that is ever-changing, a business must have a concrete yet malleable mind-set – that is, the company must hold integrity and be open to change.