Anna Oleksiuk
Blog post

The Best of Money20/20 and Sibos 2018

Discover the hottest topics discussed at two leading FinTech conferences and find what resonates best to you

Anna Oleksiuk

November 06, 2018

7 mins read

This year, two major FinTech events took place at the same time in the opposite corners of the world. Money20/20 USA was in Las Vegas while Sibos was in Sydney. And because you can’t be at two different places at once, Intellias collected the most buzzing trends from both events, and now we are ready to share our findings. The conferences were attended by a total of 20 000 people. These lucky ones had the opportunity to listen to over 1 000 speakers. Read on to catch up on the hottest topics in the FinTech industry from these two events.

Money 20/20 USA. October 21-24, 2018, Las Vegas

Money20/20 is one of the biggest events in the industry. C-level executives, innovators, and leaders from around the globe meet at the conference to discuss the future of money and payments. This year, Money20/20 USA gathered over 11 500 attendees, including more than 2 100 C-suite executives from over 3 400 companies and 100 countries. Together, the attendants shared their visions of disruptive ways in which consumers and businesses manage, spend and borrow money.

The Best of Money20/20 and Sibos 2018

Sibos. October 22-25, Sydney

Sibos is an annual financial industry conference organized by SWIFT. Every year, it gathers 8 000 business leaders, technology partners and experts from financial institutions, market infrastructures, multinational corporations. This year, Sibos celebrated its 40th birthday. The main topic of the 2018 conference was “Enabling the digital economy” and the changes the digital economy brings to banks and financial service providers. Other topics included cybersecurity, AI & robotics and technologies that can tackle financial crimes.

The Best of Money20/20 and Sibos 2018

Here’s what the global FinTech industry cares about today

Let’s have a look at the most exciting FinTech insights from the speakers at Money20/20 and Sibos.

AI and deep learning

Perhaps, the most widely discussed topic of both conferences was artificial intelligence (AI). According to Richard Harris, SVP Sales International at Feedzai, we’re now in the same position we were in 1995 when nobody knew what the Internet was going to do. But with AI, the same’s happening twice as fast, with the same fears and responsibilities.

AI will have the biggest impact on professional services over the next decade.

Brett King, CEO of Moven

AI and robo-advisors taking over human jobs is, without a doubt, one of the most common concerns related to the technology. And, obviously, it was one of the points in AI-related discussions at the conferences. But, as Martina King, CEO of Featurespace, said wittily: “AI built by people, bought by people, used by people.” So, no, artificial intelligence can’t replace humans. Even better, AI technology can help solve different business problems people can’t, such as:

  • Fraud detection and modeling
  • Customer interaction
  • Market and equity trends
  • Data cleaning
  • Democratization of technology and services

According to the Australian Banking Association (ABA), 48% of banks with more than $50 billion in assets have already deployed an AI solution. But only 7% of banks with assets of $1-10 billion have done the same.

Read more: Learn how artificial intelligence and deep learning algorithms help to predict financial markets

The voice technology

Consumers are 200X more conversational and 40X more likely to take action via voice versus text.

Sofia Altuna, Global Product Partnerships, at Google Assistant

Beware: embedded technologies such as voice and wearable will become the next big technological revolution. Today’s customers rely on these technologies more than ever before. 37% of homes have a voice-enabled device. And, as Patrick Gauthier, Vice President of Amazon Pay, said, we have to liberate ourselves from thinking of voice on just one device.

As a result of the voice technology’s increasing popularity, voice commerce is on the rise. In fact, 60% of US smart speaker owners have used them to make a purchase.

Security and digital identity

We tend to think that our identity is our passport, a driver’s license or official address. But, those things will eventually become redundant. And since some of the identity data keeps changing, the future of security lies in the combination of both static and dynamic data.

Someone knows your first pet, first boyfriend, favorite movie, etc. We need to get away from passwords and knowledge-based data and move to biometrics and risk-based behavioral authentication.

Ellen Richey, Chief Enterprise Risk Officer at Visa Inc

The identity problem is the most urgent when it comes to payments. The thing is, AML compliance costs $83,5 billion a year for financial institutions and FinTech. Is it a necessary investment or just a burden? According to Jennifer Boussuge, Managing Director and Head of Transaction Banking-EMEA at BofAML: “Slowing down payment to prevent fraud is not palatable for the customer. We look to analytics, patterns and customer behavior to process the data faster up-front. By using AI, robotics and models to stay a step ahead.”

So, if you need to speed your system and reduce fraud in real-time, use machine learning. Financial institutions and FinTech companies can get ahead of the frauders if they apply machine learning and AI. The technology can be predictive and not just reactive, meaning that AI can actually prevent the damage worth millions of dollars.

Here’s how it works. Barbara Patow, Global Head of Correspondent Banking at HSBC, says that the bank uses machine learning to screen 1,2 million payments a day and it stops 75,000 payments. Eventually, they close 35,000 out of those payments. But it’s worth adding that the staff is also involved in making these decisions.

Read more: Learn how proper security in digital payments can prevent data loss and help FinTech companies save millions of dollars

Open Data, cloud and API

The open data opportunity is going to generate more than $3 trillion in economic value annually across the major sectors. But while in Europe people are usually familiar with Open Banking thanks to PSD2, in the USA it’s still a hot topic for discussion. The US banks and financial institutions still argue about the benefits of open data and API for their businesses.

According to Accenture Banking research, banks that use Open APIs will profit from a potential revenue uplift of 20%. Meanwhile, those who fail to do so risk losing 30% to disruptive industry players by 2020.

Thomas Nielsen, Chief Digital Officer at Deutsche Bank, says that open banking was driven by customer demand, but technology was the key enabler. So, don’t discount the tech giants. To win in the open banking society, industry players have to develop entirely new business models. It’s time for FinTech companies and banks to collaborate.

In the Open Banking era, the best example of a banking platform would be a connected platform with APIs in the cloud and a UX that could win the trust of customers.

Contact Intellias experts to find out more about the technology solutions for financial services innovators
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The prospects of a cashless society

Is cashless society coming? That’s the question FinTech industry leaders have already answered. According to Molly Shea, General Manager – APAC at Western Union, over 70% of payments are now made via mobile devices. Sounds impressive, huh?

A tennis coach wasn’t able to collect payment from his clients because no one takes a bunch of cash to the court, but what they do take is their phone. Person to person transactions is $30 billion+ in volume every quarter.

Bill Ready, Chief Operating Officer at PayPal

Cashless transactions already fuel modern businesses. On-demand delivery solutions, e-commerce, peer-to-peer, insurance, incentives programs, expense management, lending – these are just a few examples of their applications.

Have a look at the figures Jason Gardner, Founder & CEO at Marqeta, gave in his speech:

  • Apple Pay transactions reached up to 450% over the past year
  • The value of P2P transactions went up to 47% (a 147B $ industry)
  • Global Retail E-commerce is approaching 3T$. In 2017, mobile apps made more than 30% of global digital commerce volume. And this growth will continue across all regions
  • Sweden’s economy scores 99% at digitalization
  • Thailand is expected to go cashless in just three years

It all adds up to this: the cashless society is not just a myth. Soon, it will become our reality.

Read more: Learn how Intellias developed a cardless cash withdrawing solution for Germany’s first digital bank

Money20/20 and Sibos showed that the financial services industry is changing quickly. To stay competitive in it, companies have to be flexible and open to innovation. Indeed, today, new technologies create many opportunities for FinTech providers. For instance, AI can help banks secure the system and detect fraud. Also, the voice technology has a big potential in terms of e-commerce. Moreover, open banking has proven to be highly beneficial. And, according to the latest data, mobile is the new king of payments.


If you want to keep up with the FinTech industry trends, contact Intellias. Our software professionals are ready to consult you on the up-to-date technologies for financial services.

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