Money20/20 2024 Recap: Key Takeaways and the Road Ahead in FinTech
Event Overview:
Last week, Money20/20 brought together leaders and innovators in finance and technology to discuss the latest trends, challenges, and future directions in banking and FinTech. The Flybits team members including (right to left); Chris Pinkerton (Chief Growth Officer), Jason Davies (VP of Enterprise Strategy), and Mitch Lougheed (Director of Growth and Development) had a great time participating at the event.
The event emphasized key themes that are shaping the future of financial services, from AI’s role in fraud prevention to the increasing adoption of embedded finance. Here’s a breakdown of our top takeaways from the event:
Combating Fraud on All Fronts
Fraud prevention was one of the primary areas of focus, with AI playing a dual role as both a critical tool and an area of vulnerability. Business impersonation scams alone accounted for over $1 billion in losses last year, underscoring the need for rapid, intelligent, and responsive fraud management solutions.
The Rise of FinTech 2.0
The next wave of financial technology, FinTech 2.0, is the new way consumers and businesses engage with money. As embedded finance becomes ubiquitous, businesses are prioritizing user-centric financial experiences, creating more accessible and convenient ways for people to manage their money.
AI Transforming FinTech
AI was a defining theme at Money20/20, with numerous companies showcasing AI-driven innovations that are set to redefine the FinTech landscape. From AI-powered fraud detection systems to personalized financial advice tailored to individual user behaviors, AI is becoming pivotal in how financial services are designed and delivered.
Open Banking on the Rise
Open banking continues to gain momentum, with a strong emphasis on data sharing, API standardization, and the development of innovative new applications. These elements are driving greater collaboration between financial institutions, technology providers, and third-party developers. By enabling secure access to banking data, open banking is helping to build new customer experiences that are more transparent and personalized, leading to a more connected and dynamic financial ecosystem.
What’s Next: Priorities for 2025
AI integration will be a key focus, but with increased emphasis on responsible adoption and human oversight to mitigate risks. Developing a balanced approach that combines AI’s capabilities with governance and ethical considerations will be essential for the industry’s continued growth. As open banking matures, new applications and partnerships will continue to emerge, offering untapped opportunities for financial institutions to enhance user experiences.
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About Flybits:
Flybits revolutionizes how financial institutions deliver personalization. Their award-winning framework simplifies the connection between financial institutions, their data, and their customers. Flybits’ platform accelerates the delivery of critical use cases with minimal IT intervention, empowering digital teams to seamlessly deliver data-led insights across all channels. Supported by leading fintech investors including Point72 Ventures, Mastercard, Citi Ventures, TD Bank Group, and Information Venture Partners, Flybits has offices in New York, London, and Toronto.
