Money 20/20 Europe Recap
This year's Money 20/20 Europe in Amsterdam was an unmissable event for everyone who wanted to learn and experience the latest developments, trends and innovations in Payments, FinTech and Financial Services. According to the Money20/20 organization, the event was the place where the future of money is being built.
This year, we saw a huge focus from the 2,000+ companies in attendance on new technologies, like Artificial Intelligence (AI), Natural Language Processing (NLP), Machine Learning (ML), Augmented Reality (AR), Virtual Reality (VR), the Internet of Things (IoT), and how these can be applied to Financial Services. Among the big European banks there, the focus of the speakers and the content was very much on trends and innovation and the future of banking, payments, the role of the large banks and new disruptors, and where Europe stands in a global perspective.
PayPal spoke about how mobile and contactless payments are taking over and how non-cash transactions are growing at the fastest pace ever.
Ralph Hamers, CEO of ING Group explained the the ways ING innovates. First, they use their own innovation power with innovation bootcamps and ING Labs and bring the innovative ideas of their own super talent to reality, sometimes leading to separate start-ups. Second, they have a 300 million venture fund which they use to invest in specific technologies and companies that align with what they want to accomplish strategically and thirdly they work together with the FinTech community, looking for partnerships and participate in innovation.
US ambassador Susan Rice explained that even in this world full technology with strong connections and communication, perfect information does not exist, no one will ever have perfect information, we need to get comfortable with making decisions based on information which is not perfect.
Synechron’s expert, Dennis Martens spoke live from the show with FinTech Finance about how banks can identify and address business challenges with a strategic technology approach that addresses issues throughout the full implementation process. He explained, “a great partnership can only work if both partners can win something” and banks and their partners need to “search for a common goal to address and solve together.” This was a particularly powerful message given the industry trend toward digital ecosystems that being together banks with partners across a shared network to bring value to all participants. In this way, banks can enhance customer experience, update back-end systems from legacy to modern, and find the right balance between internal goal and external client goal. This can include a vendor analysis, prototyping, testing and a full-scale implementation.
Additionally, the event brought together platform and solution leaders, some of them Synechron partners, addressing prevalent industry challenges and opportunity areas such as Know Your Customer (KYC), Anti-money Laundering (AML), Fraud Detection, Document scanning and Reading, Data Analytics, and more.
For Synechron Money20/20 was a special event because we launched our FinLab-on-the-Go. We brought our award-winning FinLab (Financial Innovation Labs) to the show to showcase over 60 prototype applications for banking, wealth management and insurance which Synechron has developed over the last three years. With our experts onsite and our newly-developed mini FinLab, we showed how to Accelerate Digital in areas including Data Science, AI Automation, Cloud, DevOps, DLT, IoT, and more.
At the event we demoed our most popular AI Data Science, RegTech and Wealth Tech Accelerators.
Synechron’s Data Science Accelerators allow Financial Services, Banking and Insurance (BFSI) firms to understand causation, visualize investment research, create more informed investment strategies, better manage customer complaints, and predict credit risk related to mortgages. They offer financial services firms’ powerful platforms for advanced statistical analysis of structured and unstructured data. Following the success of these AI Accelerators focused on Data Science, we recently launched our newest set of Wealth Tech Accelerators.
They RegTech Accelerators focus on solving regulatory challenges with technology in areas such as Basel III, FRTB, Regulatory Controls, and KYC.
Finally, the Wealth Management Accelerators help solve some of the toughest challenges facing these businesses with flexible solutions that increase productivity, improve compliance and reduce overall cost in areas like client prospecting, suitability, pricing, smart statements, asset tokenization, relationship management portals, virtual reality-enabled retirement planning, and Digital Onboarding & KYC.
The next stop for our FinLab-on-the-Go is Sibos 2019 in London. If you have missed us in Amsterdam, come meet us in London in September!
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