This year’s Money20/20 Europe conference is shaping up to be an exciting one. While many important trends and issues will be covered, much of the event will revolve around disruption – of traditional markets, of business models, and of standard methods.
That isn’t a bad thing. It’s a reflection of the dramatic technological changes that are sweeping the financial services and payments industries, and this digital revolution is helping to make life easier for consumers. But it does require rapid adaptation from the business and institutions providing financial and payment services, and that is the substance of much of the discussion to take place at this year’s Money20/20 Europe.
Mobile payments and digital wallets will be a major topic. With the likes of Apple Pay and Samsung Pay spreading around the world and even reaching the traditionally closed China market, they’re a phenomenon to be taken seriously. While some banks have displayed resistance to the emergence of these services, many have jumped on board, seeing the trend in the same light as customers’ migration to digital and, increasingly, mobile banking. Meanwhile, PayPal is hacking into traditional financial services on all fronts, pushing the industry to keep pace with rapid technological change.
Related to all that is the surging interest in biometric technology, which is seen by many as the key to securing digital transactions, as traditional PIN and password systems are increasingly considered to be insufficient. Considerable enthusiasm for the technology was on display at last year’s Money20/20 conference in Las Vegas, and even major financial services players like MasterCard and Visa are now exploring biometrics for payment authentication. Meanwhile, a representative of HSBC recently joined the roster of panelists for Money20/20 Europe’s biometrics panel, which will be moderated by FindBiometrics president Peter O’Neill.
With discussions planned on other interesting and disruptive topics such as digital payment processing platforms and cryptocurrencies, this year’s Money20/20 should prove to be as interesting as the trends sweeping the industry.
April 1, 2016 – by Alex Perala