As live events have returned, one of the events I was most looking forward to attending was Money20/20, from June 7-9 in Amsterdam. I can honestly tell you that walking 20,000 steps a day has never been so refreshing. There was so much excitement and energy pulsing through the crowd of attendees, and you could feel it.
After taking some time to recoup and collect my thoughts, I wanted to share a few key takeaways from my experience at the conference.
- Face-to-face refresher - For the last few years, we've grown so accustomed to video calls that some have downplayed the need for face-to-face meetings. For me, Money20/20 reinforced the importance of those connections, both planned and serendipitous. Be it card scheme, competitor, prospect, client, partner, colleague, consultant, stranger, ex-colleague, or someone random sitting at your table at lunch, I had the opportunity to facilitate connections between contacts with shared interests and goals. What does the future of events hold? As much as I love in-person events, I never see the hybrid nature of events going away. As people get busier, there will always be a segment of the population who view virtual events as a solution to time, budget, and other challenges.
- Crypto rollercoaster - In years past, crypto rarely got featured on marketing materials and booth messaging at major industry events. This year, it seemed like it was everywhere. Major card schemes have embraced it, and it looks like it's finally moving from the fringe. However, it will be interesting to see how the recent crypto crash impacts that move in the short and long-term. I don't foresee crypto going away, but I think the industry will face a much more cautious investor when the crypto market recovers. The key question is how to win them back and prove this was a blip and not part of a larger trend.
- Open banking makes a splash - It wasn't surprising to see more and more open banking technology providers at Money20/20 this year. Open banking has been gaining popularity across Europe over the last few years, and consumers are becoming more comfortable with the concept. As expected, we saw more businesses promoting open banking platforms or capabilities on their stands. Throughout the pandemic, consumers have moved into the driver's seat of their financial experience. We've seen this shift across the industry. Consumers want to access their finances when and how they want. Open banking is another innovation that shifts the power from financial institutions to their customers. We need to be prepared and plan for how this trend will impact the way we do business.