Conference Musing: Money 20/20
|The Money 20/20 conference in Las Vegas wrapped up last week. Billed as the premier conference for the CxO crowd (chief execs) with ” 10,000+ Attendees Including 1,000+ CEOs and 500+ Speakers from 3,000+ Companies and 75 Countries”, even CNBC was there to cover it live.
You can view the speakers and topics here https://www.money2020.com/ .
The conference delivered great posturing and positioning by incumbents and challengers. CNBC has a some good interviews that will catch you up on the traditional highlights. For example, Synchrony Financial CEO on future of payments http://cnb.cx/2ePyGSd
As always, we will incorporate company specific initiatives into our forthcoming IoE Score rankings and industry reports.
For this musing though, we simply highlight the following three broad observations from the perspective of our Internet of Everything disruptions filter :
|1. Blockchain & Ethereum has certainly arrived and is a recognized bona fide disruptor to established business models and naturally the large financial services providers.
How it will play out, the use cases, the winners and losers, etc … well that is all still a big TBD. But, avoiding the ‘pay pal’ effect- new methods disrupting current markets – is clearly front and center. Even the Ethereum creator – as awkward as he is – was invited to the main stage to discuss and inform. Unsurprisingly, there was an entire track dedicated to blockchain.
NASDAQ CEO believes that blockchain technology will fundamentally alter the financial services infrastructure. Greifeld revealed that NASDAQ is partnering with Chain, an enterprise blockchain platform, and will go live with a blockchain for the private market by year-end.
Most of the largest banks and some notable tech giants are participating in industry wide Blockchain standard-setting activities, partnering with startups and taking different approaches to determining which use cases would improve upon existing technology. ConsenSys and Digital Asset were panelist among others in the agenda for “How Bank & Tech Partnerships Are Shaping the Future of Blockchain” at Money 20/20.
|2. Biometrics is gaining steam, finally, with Wearables rapidly becoming a critical a supporting cast member.
· Interesting customer facing use cases, as well as merchants for financial processing
· Branching out from retina to heart rate recognition and multi factor authentication
· MasterCard showed off its Identity Check — aka “Selfie Pay” app — that lets users verify their identity with their bank by snapping a selfie, saying a phrase or using a fingerprint
· Ring/watch & sensors providing access to account, and other smart devices
· Example: EyeVerify uses the camera on a smartphone to take a photo of the eye and create a totally unique secure “password” based on the blood vessels in the whites of the eye. Like a fingerprint, those patterns are unique to each and every person
|3. Artificial Intelligence (AI) is turning out to be the buzzword and funword of the year. Which makes a whole lot of sense.
Not many years ago ‘avatars’ were being batted around as a great virtual adviser concept to scale personalized customer support.
Of course, without the underlying content it won’t do you any good. AI is gaining steam because the foundation is now in place – somewhat – and the use cases are pretty obvious.
Example Bank of America & Erica. Erica is a ‘bot’ – avatar – developed by BOA for customers. Erica will use artificial intelligence, predictive analytics and cognitive messaging to help customers do things like make payments, check balances, save money and pay down debt. She will also direct people to look up their FICO score and check out educational videos and other content. Good, solid example of the beginnings of AI.
Click to download: 2020moneyconference
Enjoy, Serge, Piercing View, @PiercingView