I just attended Money20/20, which in its first five years has grown to become the largest financial technology, or FinTech, conference in the world. With over 11,000 attendees from more than 3,000 companies and 75 countries, the conference boasts a very impressive range of technology topics that are trending the financial sector. If you like learning about what is next big thing in banking, payments, financial services, currency and commerce, then this is the show for you.
After three days of panel discussions and dozens of meaningful conversations, it is clear to me the financial sector is in the middle of a technological renaissance. Companies of all sizes are blazing new trails in fields like biometrics, blockchain, artificial intelligence and machine learning.
We will soon live in a world where everyday items like cash, credit cards, and passwords will go the way of the dinosaur, replaced by digital cryptocurrencies, mobile wallets, and facial recognition. With every innovation comes an improved customer experience, and since we are all consumers of financial services, the excitement at the conference was palpable.
Amongst all of the excitement, I also noticed a divergent theme woven throughout the entire conference. There is a tug of war between customer experience and security, and the financial industry is forced to wrestle with this dilemma. Let’s take another look at the examples I mentioned above: digital cryptocurrencies, mobile wallets, and facial recognition. The purpose of each is to provide a better customer experience. However, many attendees will return from the conference with a nagging question: When we blaze new trails in the customer experience, are we exposing the customer to new threats?
Difficult problems, by their very nature, require solutions that are difficult to find. At Big Nerd Ranch, we have worked alongside some of the world’s most innovative companies over the past fifteen years. As their guide, we have blazed new trails in technology and solved dilemmas like customer experience versus security. Just remember that behind every Lewis & Clark expedition, you’ll find a capable guide like Sacagawea. As you set off to blaze new trails in financial technology, let us be your guide. Contact Us to get started.