The Dandelion Team was thrilled to be back at Money20/20 USA in Vegas this year. The event attracted industry leaders and innovators, with the payments and banking industry showcasing the latest advancements in financial technology. Attendees were treated to an incredible array of sessions, panels, and exhibits covering all areas of the finance industry.
During the event, we had the opportunity to meet with a diverse range of businesses. The topic of cross-border payments and building partnerships that enable banks and fintechs to expand their global reach becomes increasingly crucial each year. Changes in developing markets, customer behavior, and technology all represent an enormous growth opportunity for businesses able to service them.
Three key topics and takeaways from this year's show were:
1. AI and risk
A session titled “ChatGPT Can Write, But Can It Underwrite?” explored AI's potential application and relevance in risk assessment recommendations and decisions. The panel raised concerns about the transparency and control of data and highlighted companies building their own AI models, including BloombergGPT and IntuitGPT. Other sessions at the show explored how AI-powered innovation is being used to address industry-wide cybersecurity risks and combat fraud.
2. A new generation of payments
The need to modernize global payments and deliver them in real-time was discussed in several sessions. As increasingly active participants in consumer and corporate financial services, Gen Z was highlighted as one of the drivers of this change. This latest generation of customers brings with them an expectation of immediacy to any digital service they use. Many banks and fintechs are already working with external partners (such as Dandelion) to meet this demand and, in doing so, strengthen their share of existing and growing markets.
3. The power of collaboration
The number of financial institutions and fintechs working together continues to rise year-on-year; strategists at the event discussed the best ways of making, managing, and maintaining these partnerships. Transparency, trust, and aligned values were highlighted as essential ingredients for a successful relationship. Also explored was the change in the funding landscape for fintech over the past year. Many fintechs are now focused on developing secure growth, which presents an opportunity for financial institutions looking for partners with proven and scalable services.
As always, the success of this event lies not only in the connections made and collaborations fostered but also in setting the stage for continued growth and innovation in the world of finance. It was fantastic to meet so many industry professionals visiting our stand, meeting room, and at our sponsored evening cocktail event on Money Row. We are proud to be part of this community and look forward to seeing you all again soon.
If you are interested in learning more about Dandelion, the largest real-time, cross-border payments network in the world, please reach out to us here.