What Happened at This Year’s Money 20/20

For fintech and payments companies of all sizes, Money 20/20 is a jackpot for networking and discussions on how technology will impact the future of money. Over the past year, we’ve observed new fintech companies break into the market, VCs flock to fund the next big idea and companies expanding to become a one-stop-shop for consumers and businesses. 

This year’s show trends were just as exciting. What happens in Las Vegas doesn’t necessarily stay in Las Vegas. Here’s what we saw and learned at this year’s show.

News that had a hot streak

Uber Money: Announced during a keynote, Uber is breaking into the financial industry offering drivers instant payments through a new no-fee checking account and debit card. Uber’s newest venture into finance is the latest venture of a startup venturing into territories previously held by traditional banks.

Amazon and Payments: No doubt with Amazon’s continued dominance in commerce that they’d make a splash by jumping into payments. At a keynote, Amazon announced a simple new Alexa tool, paying utility bills by voice.

BlueVine Business Banking: As startups continue to fill in the gaps where traditional banking falls short for consumers, BlueVine (a Highwire client) announced a monthly fee-free checking account service designed for small businesses – filling the gap left by traditional banks leaving most SMBs to use consumer accounts and pay $400+ in fees. 

What’s Trending

This year’s official #Money2020USA Twitter hashtag saw more than 24 million potential impressions from more than 1,200 contributors during the span of the show. During the span of the show, there was an average of 668 tweets per day with the hashtag. Looking at this year’s trends on Twitter, payments came away as the clear topic of interest. Just behind payments, AI was another buzzword top of mind during the show. Meanwhile, blockchain, cashless and cryptocurrency fell short on capturing Twitter’s attention.

20/20 Planning Tips

With the size and magnitude of Money 20/20, breaking through the noise to reach customers, reporters, potential partners and investors can prove to be challenging. As we enter planning for next year, consider standing out with digital activations. Having an always-on social strategy with video, polls and Q&As is a strong way to cut through the noise.

Using the right hashtags is key to reach a broader audience. For example, using #Money2020 saw nearly a third of the impressions as the official #Money2020USA tag saw, even with about half the number of tweets and contributors.

At this year’s show, Highwire PR had five clients in attendance. With our roots in journalism and deep experience in fintech, learn how we can elevate your story through traditional and digital communication campaigns. Reach out to our payments/fintech lead, Kim Paone, or shoot us a note at hi@highwirepr.com to learn more.

Let’s Talk about Techlash: Learnings on Bridging the Digital Disconnect from Advertising Week NYC

Advertising Week NYC has come and gone, and while the smell of popcorn has finally faded, some of the annual event’s biggest themes will be lingering for quite some time. Trust in tech was unsurprisingly a focal point, as the advertising industry continues to reel from negative headlines around consumer data and privacy, and braces itself for CCPA and other impending regulations. 

With that in mind, we listened in on a panel that spotlights new research from American Marketing Association (AMA) New York into the challenges presented by a growing resistance to technology and how marketers can work to address them. Called “Techlash is Here,” the conversation shined a light onto the disconnect between consumers’ privacy concerns and brands’ desire to reach their audiences with as much personalization as possible. Here are a few key takeaways from the study and dialogue — and what that means for tech.

Tackling techlash with transparency

Technology is all around us, playing a part in nearly everything we as consumers do. But in the U.S., many consumers are pushing back on tech’s ubiquity. AMA New York’s research found that in the next three years, many Americans will reduce their usage of social media and games. Facebook and Instagram use will level off by 2022, and Twitter, Snapchat and LinkedIn use is expected to decline. In spite of this, advertisers plan to invest even more into these channels. 

There’s a clear misunderstanding between marketers and consumers about the benefits and role of social platforms. Where marketers see opportunity, many consumers today see anxiety and risk. For marketers and advertisers to see a return on their social media investments, they will need to regain the trust of their audiences. They need to make a commitment to transparency in how, where and when they collect and use data, and put more control in consumers’ hands to monitor what they share. GDPR marked a shift in the regulatory tides, and a sea change is coming starting with CCPA in January. Marketers need to prepare themselves and have consumer sentiment on their side if they’re going to survive the storm. 

Tech skeptics on the rise

As anxiety about social media grows, so do wariness and skepticism around emerging technologies. More than 80 percent of Americans fear that fake accounts, falsehoods, hackers and bots will mislead consumers. No longer willing to blindly accept new technology for its promised benefits, consumers are boldly questioning what tech really offers and whether it might have damaging effects. Panelists called out smart speakers in particular as an innovation that U.S. consumers are growing resistant to, despite the utility of an always-on assistant. 

For technology companies to successfully deliver their future developments, they too will need to question their impact on the individuals they’re designed for. “There’s a need for people to come from humanities to question what is being built by companies like the one I work for, and ask how, if this gets into the wrong hands, will it be used,” said panelist Geoffrey Colon, Head of Brand Studio at Microsoft Advertising. “Someone needs to figure this out and say ‘We’re not about revenue. We’re about trust, privacy and consumer choice.’” 

Innovate with purpose

Consumer fears about the dangers and consequences of technology have been legitimized by major data leaks, hacks and scandals, but many marketers still fail to take them seriously — to their own detriment. Brands have an uphill battle to climb to convince users of their technology’s value, but it’s not an impossible task. 

Brands and tech companies need to put the customer front and center of their innovation efforts — and not just talk the talk — as they design and develop new tools. Innovation cannot just happen for innovation’s sake. It should serve a bigger purpose and be steered with a positive end goal in mind. As Viant CMO Jon Schulz aptly put it, “There’s a lot of innovation, but where is the consumer benefit?” 

This new era of techlash requires brands to think more critically about the purpose and benefits of technology. Will they step up to the challenge and regain consumers’ trust? Tell us what you think in the comments below.