This year, the Money 20/20 agenda stemmed from the current regulatory and economic reckoning taking place in the industry. From impending CFPB decisions and regional bank uncertainty to increased scrutiny on consumer data privacy, and of course AI, the organizers sought to highlight an industry rebuilding trust through resilience.
Friend of Highwire and comms pro Christine Kim said conversations on the ground centered around regulation and compliance, as well as real-time payments and pay by bank. The topics covered offered a past, present and future of the financial industry. Here are the key trends we’re monitoring:
- Regulation and Enforcement: Speaking to the “Wild West” regulatory environment of crypto, SEC Commissioner Hester Pierce posited that rather than regulating by enforcement, “Why don’t we go ahead and help people by thinking through some of the issues ahead of time? … I think it’s just a much more efficient way to regulate rather than trying to do this through enforcement.” This affirms that compliance and regulation will continue to be top of mind for the entire industry.
- Creative Destruction & A Technological Renaissance: This year, real-time payments and pay by bank providers posed a threat to the longstanding economics of credit and debit card payments, proving disruption of traditional payments by way of technology. Carolina Nucamendi, cofounder and chief executive at Waivr, a pay-by-bank provider, told attendees that “The number-one thing is, merchants hate interchange fees.… For a long time, they thought of it as a cost of doing business, but more recently have started questioning it.”
- Age of Fundamentals: Reeling from uncertainty and instability, the regional bank sector used Money 20/20 to tell a story of returning to fundamentals to rebuild brand reputation and earn back consumer trust. Signaling a refreshed approach with a suite of new digital-first options, Silicon Valley Bank used Money 20/20 as a communications opportunity to craft its renewed narrative.
- It’s Time to Build (Utility): The final theme of Money 20/20 looked to the future of how the industry can embrace open banking, real-time payments, and increased access in the banking system, all while better meeting customer expectations in the digital age. One panel encapsulated the forward-looking attitude of the industry: “Embracing Reality: Harnessing Technology to Improve Banking” that highlighted where improvements can be made in the industry to securely and strategically innovate for the consumer.
Although Money 20/20 is a once a year event, planning for the event is year-round. With a wealth of historical knowledge and media savvy, the Financial Services Practice can be your partner to unlock the highest impact moments at Money 20/20 and beyond.