PayKey’s Takeaways: Money 20/20 Europe
We recently returned from Money20/20 Europe, unanimously agreeing that it was one of the top events we’ve attended thus far. In fact, we have confirmation from the post-conference chatter that we are not alone in thinking this way.
It was PayKey’s third time participating in Money 20/20, an international event bringing together the payments, fintech and financial services industries to discuss and build the future of money. The event took place in Amsterdam on June 4-6, 2018, and attracted over 5000 delegates from 85 counties, representing over 1500 companies. This year the emphasis was on privacy, cybersecurity, PSD2 and the future consequences of GDPR.
Discussions centred around the future of banking and how banks must transform to remain relevant in today’s financial ecosystem. With so many disruptors and innovators in attendance at Money 20/20, the challenges for the banking sector were all the more evident. We see how banks are struggling to stay up to speed – let alone, lead –in our rapidly changing world. We know that the only way forward is for banks to collaborate with the tech companies that bring innovative ideas to banking.
We were also happy hear so many from the financial, fintech and payments sector talking of the importance of improving customer experience in digital banking. As an ever-increasing number of people start using digital banking, banks that provide basic digital solutions will be left behind. We believe that only way for banks to move ahead is by bringing innovation into the quality of their service, as well as their digital user experience.
Another major topic discussed was the Payment Services Directive (PSD2). This Directive, implemented in January 2018, mandates that financial institutions are obliged to share certain data with third parties, such as startups . This idea behind this policy is to increase competition and provide an enhanced consumer experience for Europeans. The regulation has already had a huge impact on European neobanks, such as Revolut, N26, Monzo etc., which, thanks to these new changes, have been extremely successful in acquiring users. PSD2 also allows European businesses to focus their resources on higher ROI features without having to deal with the complicated data gathering process.
Overall, this was a very successful event, filled with great people and many companies from all over the world. We can’t wait for the next Money 20/20 – this time, in the USA. See you in Las Vegas in October!