An in-person event. What exactly is that again?
Being locked down for such a long time in this fast-changing market, almost made us forget how the things around conferences work. Entering a post-covid world, we were over the moon to learn the event would be face-to-face again when we booked tickets to attend this year’s Money20/20 show in Amsterdam. It is the biggest FinTech show in Europe, covering the disrupters triggering change across the ecosystem. It’s all about payments innovation, banking, cybersecurity, fraud and cryptocurrency.
Money20/20 2021: Managing expectations with mixed feelings
We were approaching the event with mixed emotions – on one hand feeling cautious, due to the ongoing uncertainty of the pandemic, not knowing if everybody would make it to the show and going without a full AEVI-branded booth (for the first time since 2016). On the other hand, feeling excited as we were looking forward not only to meeting our current customers, but also talking to potential clients and business partners and most importantly, getting together with the team including some new AEVI’ators coming from 6 corners of the world: Germany, UK, France, Spain, Belgium, The Netherlands.
We were so ready to hear about upcoming innovations and hot trends in payment tech, and we were craving the vibe, energy and passion of the industry.
Hot topics: #CustomerFirst and a future of payments that is based on co-creation
- The event was designed to be fully collaborative. It was all about co-creation. The focus was to put all our brains together to collect ideas on relevant topics in the payments industry. To think about how different challenges can be tackled and to brainstorm about the future –
What is yet to come? What is next? What could be topics that are not on our radar at the moment? How can payment tech become bigger and better?
- One big focus during those “co-creating the payment future”-sessions was how to build an open data economy. So, it made sense that open banking was a topic that was discussed quite heavily. This was underlined by the statement of Francesco Simoneschi, CEO Truelayer saying that “Open banking is becoming mainstream”.
- What cannot be missed at a Money20/20 event is innovation. Most of the sessions were dominated by the digitization of the industry and with it one focus was on CBDCS (Central Bank Digital Currency) and how it can not only revolutionize the finance and banking segment, but also challenge financial fraud.
- I personally love the stories of passionate and forward-thinking teams. Amazed by the fact that futuristic imagination and innovative ideas are becoming reality, I visited the session with Walletmor’s CEO Wojciech Paprota talking about how the individual themselves become the instrument of transaction – paying with a flick of their wrist. At the center of the idea of creating an implant you can pay with, was the customer. Obviously, if you have your wallet implanted in your arm – you do not need to worry about losing or forgetting it. Also, there is no risk of theft. Ok cool, you cannot lose your wallet – but what if you lose your arm?
- Losing an arm or not: at the center of attention is “The Customer”. From discussions about how to align business outcomes with customer outcomes (and here it is important to reflect the customer’s values in the company brand) to debating what else the industry could do to give customers more choice. As we all know, it’s all about providing choices and options for how customers want to pay and when they want to pay.
- With my AEVI glasses on, I was excited to perceive a certain “simplicity”-vibe. At every corner I’ve read, heard and smelt “simplicity” – it was either about easy interfaces that should be at a core of each product, simple APIs to manage all payments, integrations that are made easy and simplify a connection of different partners or even the smell of a simple plain coffee at each corner (or should I say curve) at Money20/20.
Summing it up: 3 key takeaways
- There is a post-COVID era. Seeing all those people (4000+) back on-site gave me an energy boost and I am ready to pack the next quarter full of content about innovation
- Partnerships are key. In order to create the future of payments we need all of us. Only a collaboration of parties can build the best checkout experience for the customer.
- Simplicity is the ultimate sophistication. The easier a solution is, the greater the simplification is at the customers’ end. Payments still are and always will be complicated – but we’re here to do the magic and make it look simply
After Money20/20 EMEA is Money20/20 US!
And this year we do not need to wait long. Next month we are back in Las Vegas. If you are there – let’s connect (‘cause as you have learned from this blog, you cannot shape the future of payments alone 😉)