Blogs > Five things we learned from Money20/20 Europe
14 junio –

Five things we learned from Money20/20 Europe

Money20/20 Europe was a busy one for the Pismo team, and we left the show with some interesting takeaways

Alexander Hamilton

Pismo attended Money20/20 Europe this month and made a splash at our first major European event. If it wasn’t our eye-catching booth and colours, it was the insights gleaned and connections established with fellow fintech enthusiasts.

After a few years away, this was the first Money20/20 Europe to be entirely in-person, and it came back with a bang. Pismo attended a handful of discussions and panels over a few days at the show, and we’ve come away with a series of exciting learnings.

1. The UK’s first digital CBDC is set to launch in 2024

On the third day of the show, members of the UK government, the house of lords, and parliament gathered on the main stage to talk about launching a new central bank digital currency (CBDC) in the country.

Named the Digital Sterling (or dSterling for short), the digital currency is planned to be a way to improve financial inclusion, customer experience, and interoperability between banks and users.

Kunal Jhanji, Partner at Boston Consulting Group, says there has been a lack of proper global infrastructure to speed up the launch of CBDCs. “The potential of a retail CBDC is immense,” he adds.

2. Cryptocurrency remains an industry hot-button topic

With cryptocurrency prices fluctuating, a lot of focus among delegates, speakers, and experts was reserved for the future of digital money. Almost every panel touched upon the role cryptocurrency can or cannot play in the financial services industry.

Starling Bank CEO, Anne Boden, decried cryptocurrency. In her world, customers are being scammed more than they are getting used out of the coins. “We are spending far more time protecting them,” she says.

3. Omnichannel banking needs proper infrastructure to succeed

While omnichannel banking has come a long way, some delegates and speakers felt that consistent customer experience is still a problem.

Charith Mendis, Banking Lead at Amazon Web Services, asks why customers can’t walk into a branch and pick up where they left off online with a chatbot. He likens it to a decade ago, when he couldn’t buy shoes online and then return them in-store.

Marc Massar, CIO for Channels Transformation at HSBC, also weighed in on the subject. Customers will want the same information, user experience, and ease of use across ATMs, help functions, and mobile apps.

It’s important, the two men agreed, that processes in the back end must be looked at with the customer’s viewpoint in mind.

4. Neobanks can still learn lessons from traditional institutions

The “challenger bank vs legacy bank” narrative has been challenged recently. Judging by the tone of the panel sessions at Money20/20, the focus has shifted entirely towards one of conciliation and cooperation.

Andrew Ellis, CEO of Mettle, spoke at the show. Established banks have “been there and done it,” he says, and have experience dealing with problems large and small. Yorick Naeff, CEO of Bux, reckons mistakes made in the past by older banks can become examples for newer entrants.

Kahina van Dyke, Global Head of Digital Channels at Standard Chartered, was of the opinion that some fintechs fail to do “the basic stuff” and that there are still some harsh lessons to be learned.

Did you miss out on meeting Pismo at Money20/20 Europe? Or want to speak to us about the show or how our solutions can help you create innovative banking and payments products? Get in contact today.

5. There’s no replacement for in-person meetings and connections

Pismo made many valuable and interesting connections at the show. Some members of our team were busy across all three days of the show, fielding meetings and requests from interested executives, partners, and clients.

“Despite all the advances made in modern technology, there still isn’t a replacement for real human contact,” says Vishal Dalal, CEO for North America, Europe, and Asia at Pismo.

“We had time with every single client we wanted to connect with. Now, the challenge is taking this forward for the rest of the year and beyond.”

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