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Sapient insights from Money 20/20

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Money 20/20 is touted as the world's largest event focused on payments and financial services innovation at the intersection of mobile, retail, marketing services, data and technology. This year’s 5th annual event hosted more than 11,000 attendees from 3,000 companies and 75 countries.

The conference featured keynote speakers and panel sessions from incumbent FSI’s, CEO’s of Silicon Valley start-ups, regulators, investors and retailers. Attendees unveiled cutting-edge tech and insights on new and disruptive ways in which consumer and business manage, spend and borrow money.

To help us lead our financial services clients to what’s next, Sapient went along to Money 20/20 to bring you highlights related to AI, open banking, next gen customer experiences in wealth management and insurance, the importance of data and more.

Highlighted here are top tweets, quotes and news we gathered from the event. If you’d like to connect with us more deeply on the insights and discussions coming out of Money 20/20 or Sapient’s perspective on the customer driven digital transformation facing FSI’s please contact us.

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Sapient insights from Money 20/20

  1. 1. INSIGHTS FROM MONEY 20/20 Money 20/20 is touted as the world's largest event focused on payments and financial services innovation at the intersection of mobile, retail, marketing services, data and technology. This year’s 5th annual event hosted more than 11,000 attendees from 3,000 companies and 75 countries. The conference featured keynote speakers and panel sessions from incumbent FSI’s, CEO’s of Silicon Valley start-ups, regulators, investors and retailers. Attendees unveiled cutting-edge tech and insights on new and disruptive ways in which consumer and business manage, spend and borrow money. To help us lead our financial services clients to what’s next, Sapient went along to Money 20/20 to bring you highlights related to AI, open banking, next gen customer experiences in wealth management and insurance, the importance of data and more. Highlighted here are top tweets, quotes and news we gathered from the event. If you’d like to connect with us more deeply on the insights and discussions coming out of Money 20/20 or Sapient’s perspective on the customer driven digital transformation facing FSI’s please contact us. MAJOR ANNOUNCEMENTS Chase announced Chase Pay – it’s own digital wallet. We are seeing consumer preferences shifting and we want to make sure that we stay relevant.” – Kiki Del Valle, Mastercard SVP of commerce for every device Mastercard unveiled a new chatbot – “Mastercard Kai” – for banks and merchants to help them deliver better mobile experiences, something consumers now expect. With Erica AI, BofA can proactively engage customer to create better money habits.” – Thong Nguyen, @BofA_News Bank of America Merrill Lynch announced is own chatbot – Erica. Zelle as the mobile payment solution provided by a consortium of leading banks, one that’ll be integral to their banking apps. Alphabet's Google announced its partnership with Visa and Mastercard to extend the reach of Android Pay – which lets users verify their identity without a password, using a fingerprint, for example – to merchants that accept online payments through Visa Checkout or Masterpass. 1 2 “APIs are no longer a dark art within the bank.” – Doug Nielson, @usbank “When building APIs, use the 3/3/30 rule. Devs should find it in 3 seconds, understand it in 3 seconds, build with it in 30 seconds.” – @visa #Money2020 “If every bank goes open API there has to be someone who can provide the aggregation of those APIs.” #opportunityforfintechs #Money2020 “Attended first session at #Money2020 - personal #data and the “API of me” is the future #privacy.” “The data silos of yesterday are being washed away, enabling people to build chat bots.” #Money2020 “Some of our sales people didn't know the difference between an IPA and an API.” – Visa's Vijay Sondhi, teaching about APIs #Money2020 3 4 5 Another trending topic at this year’s Money 20/20 was the integration of AI and Bots to improve customer experiences, efficiency and operations. AI ‘Bank IT systems are silos for efficiency- which hinders learning. AI brings data together at a different layer for insight.” – Martina King, @FeaturespaceLtd #AI #Money2020 “AI adoption isn't about the technology, it comes down to the organization.” – David Gilvin, @IBMNews #AI ‘We will use AI to develop good habits based on each person.” – Dr. Arif Ahmed, @usbank_news #AI “In the cards industry alone there's $12B in savings to be had from AI.” – Martina King, @FeaturespaceLtd #AI “An awful lot of boring jobs in financial services will be done by AI.” – Martina King, @FeaturespaceLtd #AI “The best payments experiences run in the background. The customer doesn't care, they just want quick, easy & safe. Look at Uber.” #Money2020 Given the payments focus there was a hall full of exhibitors with solutions making payments more secure, more invisible, faster and easier for all. PAYMENTS TECHNOLOGY IMPROVING CUSTOMER EXPERIENCE “Facial Recognition is viewed as the next evolution of ATM biometrics – smile to get cash!” #Money2020 “People will be talking and ordering rather than getting on their devices.” – Margaret Keane, @SYFNews #VoiceCommerce “Financial services is a means to a broader end. Not just to move money but to help people with their financial health.” – CFS Innovation “The best kind of payment is the absence of payment.” – Daniel Eckert of #Walmartpay at #Money2020 “Faster payments is all about use cases to improve customer experience, not rationalizing payments infrastructure.” #Money2020 “$120Blostinmedicalbillingerrors annually. Prevent overcharge with free audit service.” – @tryremedy Conversations centered on how the insurance industry is using tech and customer focused strategies to respond to increasing consumer frustration due to time-consuming, costly and often opaque systems and products which haven’t kept pace with the digital age. INSURTECH “Insurance is supposed to give you peace of mind, but the process is anxiety inducing.” – Josh Reeves, @GustoHQ #insurtech “If we can do taxes online with the government, we can do any insurance product online.” – Jennifer Fitzgerald, founder @PolicyGenius #insurtech “With smart contracts your policy can do its own claim adjustments.” – Peter Kirby, @factom #insurtech “Prevention before the claim is now more important.” – Francois Robinet, @AXAVentures #insurtech “We need personal insurance for our identity.” – @darriusmjones @USAA “Set your trading trigger with any "if this then that" scenario using @triggerfinance app.” Accrue Building financial market software making complex analytics feasible. accrue.com ClarityMoney Helps customers stay on top of their money with insights they can act upon. claritymoney.com FeaturesSpace Brings new insights through new ways of treating data. featurespace.co.uk/gravity Gusto Group Benefits One intuitive place to manage payroll, benefits, and HR. Gusto automates the administrative stuff giving users more time for meaningful work. gusto.com Loot Bank Amillennial-focusedbankingproduct. loot.io Pinn Pinn analyzes hundreds of attributes – images, audio, video, keystrokes data, and more – to passively validate a person’s identity. getpinn.co Root Insurance Rewards safe drivers through their smartphones. joinroot.com Trigger Brings hedge-fund level investing tools to the masses. triggerfinance.com TryRemedy Finds mistakes on most medical bills, saving the average family $1,000 per year. tryremedy.com Customer experience and the digital transformation of wealth management services was a big focus at this year’s event – particularly the role of women, millennials and AI in driving change. NEXT GENERATION RETAIL WEALTH MANAGEMENT “We are not trying to take human beings out of the advisory role, just where they're not best suited.” – David Gilvin, @IBMNews “Closing the gender investing gap is good for everybody.” – Sallie Krawcheck, @Ellevest START-UPS TO WATCH The topic of Open Banking and APIs were hot at this year’s event. Everywhere there was discussion around APIs promise to deliver incumbent stability, startup innovation and interoperability – while simultaneously enabling cooperation and competition with established providers to bring the best products and customer experiences to market. OPEN BANKING, DATA & APIs “On challenges facing X-Border #Payments: “Make it borderless. Bring local infrastructures, card networks into cashless economies.” #Money2020 sapientglobalmarkets.com | sapientnitro.com COPYRIGHT 2016 SAPIENT CORPORATION. ALL RIGHTS RESERVED.

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