Money20/20 in Las Vegas rolled the dice on big ideas, highlighting the latest in payments, consumer engagement, open banking, and regulatory bets that could reshape financial services. Hot topics included the learnings from the Synapse saga and the US Banking as a Service game, along with cross-border payment jackpots and innovative new "hands" in the financial game. In the high-stakes keynote, CFPB Director Rohit Chopra doubled down on his vision for a competitive and consumer-centered system, signaling that the industry’s hand is all about dealing with financial health and accessibility for everyone.

‍

IPO Spring

Adding to the buzz, Lynn Martin, President of the NYSE, discussed the "IPO Spring" for established names like Reddit, suggesting that while a fintech IPO boom feels inevitable, the timeline depends on macroeconomic improvements. She noted that companies have already raised $37 billion in public markets this year and shared her optimism about what lies ahead. Martin also highlighted the expansion of trading hours to accommodate global investors and discussed the rise of AI in stock trading, hinting at a future where technology could reshape financial markets.

‍

AI for financial services

AI continues to take center stage with the “ALL IN ON AI: Financial Services Adoption Index 2024,” released by Acrew Capital and Money20/20, underscoring AI’s rapid rise in financial services. The report shows how institutions are leveraging AI to adapt, innovate and stay competitive. Google Cloud and Citi also revealed a strategic partnership to modernize Citi's infrastructure using Google’s advanced AI and high-performance computing. Additionally, Discover highlighted the surging demand for instant payments and AI-driven solutions, as consumers and merchants alike seek faster transactions and heightened security.

‍

Latam taking an important role in financial services innovation

The growing Latam ecosystem made its appearance on the mainstage, featuring the Brazilian Central banker and companies like Dock sharing its instant payment and BaaS use cases, showing it’s ready to go "all in" on scalable digital solutions and financial inclusion. Additionally, it was great to see a strong delegation from Mexico, Brazil and other folks from Latam represented in multiple conversations from fintechs to large banks and global providers. Latam was very well represented in cross-border solutions, fraud detection, KYC and more. It is clear that we are experiencing a strong convergence on innovation across the different markets, and Money 2020 was the right stage to have these discussions.

‍

Customer-centric solutions

‍

As the industry shifts, these developments underscore the importance of putting the client in the center as AI and instant payments are enabling financial innovation to meet the fast-changing  consumer expectations.

"I think we want to see an environment where every single financial firm feels that their customer can fire them."⁣ – Rohit Chopra

‍

Chopra reinforced that allowing consumers to share their financial information would increase competition among financial institutions, ultimately benefiting consumers.

He shared an example of credit card holders being able to more easily switch institutions by porting over their financial data and spending patterns. This would in turn provide a clearer picture for card issuers when compared to the standard credit check.

We at Flourish Fi were happy to see a small, but growing contingency of folks, driving for a more accessible and inclusive banking system that truly cares about the financial health and wellbeing of people at scale.