Money20/20 USA is a couple of weeks away, and the scars on my feet from last year’s event still have not fully healed. Money20/20 is the largest event for financial services, and it presents an amazing opportunity to find out what is happening in our industry as well as connect with colleagues from across the globe. This year, I’m excited to be hosting a panel with representatives from Western Union and TD Bank titled How Technology and Collaboration Will Bridge Banking and the Money Transfer Business.
By some estimates, the 2018 global investment in fintech was up 120% over 2017, and it doesn’t show signs of slowing any time soon. Much of 2018’s growth was driven by megamergers and buyout deals, in addition to traditional venture capital funding. As both financial institutions and fintech startups grapple with the fundamentals of growing and maintaining a successful business built for the long haul, it seems one thing is clear: Partnerships are essential for effectively riding this wave of unprecedented change.
As financial services companies begin to explore the possibilities of using technology such as cryptocurrency and blockchain, providing an Uber-like payments experience for customers, or transforming the customer experience through artificial intelligence, neither the established players nor the startups will be able to go it alone. And cross-border money transfers are not an exception to the rule. Because of de-risking, FIs across the globe are missing out on a key revenue stream and neglecting an opportunity to drive customer engagement through robust product offerings. Money transfer organizations are facing stiff competition globally and watching their margins shrink. An FI/MTO partnership allows FIs to offload risk, delight customers, and drive revenue. And it allows MTOs to diversify the product portfolio, attract new customers, and grow returns. It’s a win-win situation for both players.
Join me and my colleagues David Albertazzi, Julie Conroy, Alissa Knight, and Thad Peterson in Las Vegas October 27 through 30 to learn about all the amazing ways FIs are partnering with fintech companies to improve the customer experience and the bottom line. If you haven’t made your plans to attend yet, register today with promo code AITE250 to save $250 on your registration fee. We look forward to seeing you there!