Highlights from Money20/20
This past week, Las Vegas was the place to be for anyone interested in the future of finance. Money20/20 2019 successfully created a space for people to discuss, debate, shape, and reinvent the future of money. Though there was plenty to discuss, we saw three common threads that tied the event together.
Inclusion Is the Future
“There are just too many consumers in this country who are underserved and overcharged by the existing banks,” said Collin Walsh, CEO of VARO Money. Session after session at Money20/20 2019 focused on the ways that financial services can drive global financial inclusion. New technologies and changing legislation continue to push the market toward ways to better serve the underbanked.
“There are just too many consumers in this country who are underserved and overcharged.”
Consumers Are in a Golden Age
Being consumer-oriented and revenue-oriented are no longer conflicting motivations: they go hand in hand. As lenders increasingly have to compete for consumers’ attention, the customer experience becomes more personalized and streamlined.
For instance, the consensus at Money20/20 2019 was that consumers are trending toward subscription-style payments and services. Chime founder and CEO Chris Britt predicted that successful new consumer brands will primarily be technology companies that leverage the power of their brands to drive innovation in financial services. Ultimately, this means that even fintechs will need to stay on their toes and keep customer experience as a top priority.
The Battle for Data Rages On
There’s a longstanding conflict in the industry: consumers need to share more data about themselves in order to improve their credit profiles, but they are (rightfully) wary about the manner of sharing that data. The answer? Consumer-permissioned data.
During his presentation at Money20/20 2019, BBVA Chairman Carlos Torres Vila declared that “data belongs to the data subject.” According to him, while the free flow of information between companies is essential to innovation and competition, it should only occur with the consumer’s consent.
“Data belongs to the data subject.”
Urjanet founder and CEO Sanjoy Malik shared the same sentiments in his panel with Colendi and Kiva. The nearly 100 million credit invisible adults in the U.S. could undoubtedly benefit from more data in their credit files, but sharing that data without their consent raises privacy concerns. Urjanet’s alternative data platform aims to help address this issue with consumer-permissioned access to utility and telecom payment history.
Missed us at Money20/20 2019? You can get your own demo of our alternative data platform right here.
You might also be interested in:
- Why Big Tech Is Dominating the Financial Services Sector
- eBook: From Underbanked to Understood
- Majority of U.S. Adults Are Willing to Share Utility and Telecom Data with Lenders
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About Honor Donnie
Honor Donnie is a Marketing Intern at Urjanet, with a passion for content creation. When she’s not at Urjanet, she can be found studying Political Science at Clark Atlanta University.