This year’s edition of Money20/20 Europe is all about technology and regulatory-based disruption in the payments, financial services and retail sectors. As a matter of fact, we have talked to thought leaders in compliance, identity verification, blockchain, eIDs, and financial services digitalisation and all concur: in such a rapidly changing scenario, collaboration is the key to survival.
In this regard, Sarah Clark, General Manager for Identity at Mitek, acknowledges the importance of fostering such a collaborative environment, recalling that “The European banking and financial sector is full of exciting innovations and collaborations right now and the agenda of Money2020 Europe goes deep into some of the most compelling trends. For me, is exciting to have the opportunity to spend time with some of our top customers, get their first hand feedback, and learn how we can continue to expand our product offerings to further meet their needs.”
Money 20/20 Europe aspires to be “the catalyst behind growth and development in the payment and financial services industry.” But, what are the key topics that will be explored in Copenhagen over the course of the last week of June? We have combed the event’s agenda to give you even more reasons to look forward to the second European edition of Money20/20.
Know the who’s who of the new financial services and fintech ecosystem
To date, many argued that the irruption of fintech players in the financial services ecosystem has forced banks and traditional financial institutions to a tipping point where the latter either adapt or die. But something is changing; the customer-centric imperative is progressively bringing former foes together so traditional financial institutions build partnerships with fintech firms instead of seeing them as the enemy to take down. This fresher approach will allow financial institutions to grow their revenue as they offer what today’s customer is looking for without needing to invest heavily in their own technology and logistics.
To fully understand the real scope of such a revolution, all stakeholders need to open their minds and get inspiration from those who are already succeeding in meeting tomorrow’s consumers’ demands. As Steve Pannifer, COO at Consult Hyperion, says, “There is so much innovation and change in and around the financial services space, that Money2020 Europe is the place to go to be immersed in the excitement.”
Discover how AI, machine learning and biometrics are bringing the future of banking, payments, and fintech forward
Bridging the gap between digital solutions and traditional finance remains the priority number one for both traditional financial institutions and fintech disruptors. Start-ups and established organisations throughout payments and financial services are exploring different ways to use artificial intelligence and machine learning to harness the value of identifying, gathering, aggregating and analysing data to optimise processes and workflows. Their ultimate goal? Delivering superior, fully digital customer experiences that strike just the perfect balance between customer’s privacy and convenience and the financial services supplier’s risk control. "The Artificial Intelligence sessions are of strong interest to me, our platform leverages the latest in Deep Learning and so I know first hand this type of technology is literally a game changer so I am very excited to see what HSBC and others have to say about what they see as the best uses and outcomes thus far," adds Sarah.
Latest developments in biometrics and multiple-factor authentication methods will also take centre stage, as mobile payments and digital wallets gain traction. Money20/20’s coverage will include the art of engineering frictionless, secure and convenient customer experiences, while balancing collaboration and competition to achieve mass adoption and international expansion.
Be up to speed with the latest regulations affecting onboarding, identity verification, customer authentication and data protection
“Regulation is driving a lot of change in Europe right now – including PSD2, GDPR and the AML directives. My customers are being impacted by all of these. I have views about those impacts which I hope to challenge or validate with the people meet and listen to,” summarises Steve Pannifer.
“This is indeed the year of regulations in the EU - PSD2, AML4 and 5, and GDPR are forces to comply with, but also open up some exiting business opportunities. I’m interested in hearing from Lloyds and others about the open banking business models that are being created, how within the bounds of new regulations financial institutions can effectively share KYC outcomes, as well as learning about solutions offered by other RegTech players to drive forward our own collaborations,” adds Sarah.
Increasing compliance requirements to properly and timely identify your customers during onboarding and once they hit the lower-than-ever identity verification thresholds for digital transactions are some of the most immediate challenges that the AMLD4, AMLD4.1 and Second Payments Services Directive (PSD2) pose for the financial services community. Meanwhile, the data protection landscape is getting more complex and challenging for financial services firms to navigate with the General Data Protection Regulation (GDPR) - intended to bring harmony in Europe - also adding new obligations and increasing potential sanctions. Conflicting compliance requirements for GDPR and other regulations around Know Your Customer (KYC) mechanisms need to be addressed in timely fashion and consulting with regtech experts while you are at Money20/20 in Copenhagen presents an excellent opportunity to do so.
Be the first to get a copy of the ground-breaking report covering the impacts of AMLD4 and AMLD4.1
The latest Anti-Money Laundering European Directives, the AMLD4 – which enters into force across the European Union on June, 26th – and its amended version, the AMLD4.1, nothing but rise the compliance bar for banks, lenders, digital payments operators, currency exchanges, money wire platforms, virtual currency companies and other newly regulated entities. The impact of the upcoming AMLD4.1 regulation will be enormous, especially at a time when some financial service providers already spend up to 500 million dollars annually on compliance.
Mitek’s Identity GM Consult Hyperion’s COO will present the first study into how AMLD4.1 will alter the cost of Customer Due Diligence checks, increase risk of punitive measures and impact on customer conversion. Don’t miss the research’s game-changing findings, and be at the ready to embrace mobile identity verification technology to ‘bridge the gap’ where eID schemes are not yet available.
Jump in the blockchain wagon, where security meets convenience
Money20/20 organisers highlight that for cryptocurrencies, such as bitcoin, and ledger technology, such as the blockchain, to realise its full potential, it will not only need to achieve mainstream adoption on the consumer level, but also find applications in legacy financial systems and B2B uses. As industry interest continues to grow, Money20/20 Europe will explore how this technology can be used in payments, banking and financial services infrastructures to generate efficiencies and improve effectiveness. Steve Panniffer is well aware of how much compliance matters for blockchain, explaining that “My background is in Infosec and I continue to do a lot of work in this space. Securing new tech and using new tech for security are rapidly evolving areas, but knowing how effective and relevant the technology will be can be difficult to predict. Nowhere is this more true than blockchain. I will be looking with interest for applications of this technology that solve real problems.” You can gain expert insights on how using other advanced technologies such as mobile capture for identity verification can take your ledger technology applications to the next level by booking your personal consultation with Mitek’s experts in Copenhagen.
Master the ultimate user experience
User experience has become a key differentiating factor across many sectors, overtaking even price as a motivator in some cases. This year’s edition of Money20/20 Europe will put the focus on those UX best practices that have surprised and delighted even the most discerning digital native consumers. From learning more about the ‘Amazonisation effect’ to discovering how fintech newcomers have put the customer at the heart of the experience they provide, all of us attending to the conference in Copenhagen have much to learn about how the customers’ experience can be improved by moving from meeting expectations to exceeding expectations.
“User experience is always at the top of my mind when it comes to Mitek products and there are tracks that are specific to removing friction in user experiences and best in class customer journeys at this year’s Money20/20 – I’m very interested in listening to the latest from Mastercard and others on what they find is the next generation of excellence on this front,” adds Sarah.
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Mitek's experts in mobile capture and identity verification will be at Money20/20 Europe, in Copenhagen, 26 - 28 of June. Come to booth H16 and talk to us about your digital transformation needs. Alternatively or if you cannot make it to Copenhagen this year, please contact us or read more about how you can integrate our ID document verification technology to deliver frictionless, convenient, and compliant digital experiences for account opening, loan origination, insurance quoting, payments, and other digital transactions.