November 8, 2018
… and that’s a wrap.
Money20/20 2018 is officially in the bag with more than 450 speakers descending on Las Vegas over four days. This year’s agenda covered the critical ways that innovators in payments, commerce and financial services are disrupting tradition and revolutionizing the future of money. Topics ranged from artificial intelligence (AI) and deep learning to blockchain and cryptocurrency, alternative lending and credit, digital identity and biometrics, and more. Here are some key themes we walked away with this year:
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- Identity verification conversations are now mainstream. The conversations around document-based verification in the digital channel has gone from a side conversation at the show to main discussion point. This is a proof point of market maturity and recognition that this technology is not just a nice to have but a need to have. Questions have evolved from “why” to “how,” showing an increasing understanding of the fundamentals of identity verification.
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- Digital identity verification is quickly replacing knowledge-based authentication (KBA), which is expected to become more and more obsolete as IDV technologies continue to improve. Businesses are increasingly on the search for sophisticated alternatives to out-of-wallet security questions.
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- Verifying identities and preventing fraud quickly and with low friction is still of utmost importance.
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- Global coverage is a defining factor in choosing an IDV partner. Businesses want to choose an identity verification partner that can scale with them, as they pursue more digital plans and expansion opportunities.
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- A little bit of friction isn’t a bad thing. More industries are welcoming “positive friction,” including the banking industry. As we propel into the digital age, consumers are growing increasingly wary of doing business online and tend to feel more secure when they know identities are being thoroughly verified.
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- Business banking has been put on the back-burner, until now. Business banking is perceived by the industry as the part of banking most ignored by the tech disruption, which is highly focused on retail banking. The attention is refocusing on business banking and the need for authenticating customers via ID verification.
- Connections between banks and fintech companies increasing — The ongoing discussion of fintech disruption of banks is still present, only now morphing into connections between big banks and fintech companies via API strategies. The recent deal between JPMorgan and Plaid is a sign of the future of banking and prompts more discussions around security and that data needs to be securely transmitted.