- As it has every year since 2011, Money20/20 is the largest gathering of the global financial ecosystem, including banks, technology and payment companies, startups, retail, fintech, financial services, and more.
- The report titled “ALL IN ON AI: Financial Services Adoption Index 2024” was presented.
Money20/20 USA kicked off this Sunday with Sunday Night Live—a live show-format conference—focused on 20 years of progress and the future of financial technology, highlighting the transformative role of artificial intelligence in finance and innovation.
Zac Anderson Pettet, Vice President of Fintech Strategy at Money20/20, began by summarizing how fintech has not only “contributed to the common good” but has also “proven to work well” since its inception and will continue to advance. He concluded, “A fintech spring is coming, driven by AI.”
Lynn Martin, President of the New York Stock Exchange (NYSE), discussed the AI use cases that the exchange has implemented. For example, it uses machine learning to process 750 billion order messages per day. “AI is powered by good access to data […] there has been tremendous innovation in times of uncertainty,” she commented.
“A fintech spring is coming, and it will be driven by AI.”
Sunday Night Live also featured a new awards program, presented by the President of Money20/20, Tracey Davies, and the Chief Strategy and Growth Officer, Scarlett Sieber, as well as a keynote on the future of Open Banking by Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB).
Additionally, the report titled “ALL IN ON AI: Financial Services Adoption Index 2024,” produced by Acrew Capital and Money20/20, was presented, indicating that 167 of the 221 leading financial services companies worldwide have initiated AI projects since January 2023. For the financial services sector, a highly regulated industry that is generally cautious in adopting new technologies, this rapid adoption signifies a fundamental shift in the conception, delivery, and experience of money.
Forty-six percent of these institutions are already employing Generative AI in their main customer-oriented products, highlighting how technology is fundamentally transforming value propositions across the sector. The report emphasizes the rapid rise of AI as a strategic priority in financial services.
New products at Money20/20
Yuno, the leading global payment orchestrator, announced the launch of Payout at the event, an innovative feature designed to simplify the entire spectrum of global payment workflows for merchants. With this feature, the Yuno platform will now manage both incoming and outgoing payments, allowing all payment flows to be administered and optimized through a single end-to-end solution.
Meanwhile, Marqeta, a leader in modern card issuing and embedded finance solutions, has launched its latest innovation, Marqeta Flex. This advanced solution transforms the way Buy Now, Pay Later (BNPL) payment options are integrated within applications and payment wallets, making them easily accessible at key moments within existing payment processes.
At Microsoft’s booth, experts will be available to demonstrate how organizations can leverage AI to deliver differentiated customer experiences, empower banking employees, manage risks and KYC, and modernize payment systems.
Frecuencia Money is present at this unique industry event, and we will continue to report on the latest developments for our readers.
