Reflecting on Money 20/20
by Stephanie Corritori
It is difficult to summarize a conference that had over 7,500 attendees. I am sure Money 20/20 certainly left a profound impression on all of the participants I met. The sheer numbers were overwhelming, the amount of advertising throughout the conference hall and the energetic vibe made for a very exciting three-day conference in Las Vegas. Thankfully, the Money 20/20 app helped guide participants to the correct panels, to the right booths and provided a live twitter feed directly in the app.
In review of Money 20/20, three core themes were prominent:
- The Customer Experience
- The Uncertainty of the CFPB and Government Regulation
- The Future of Mobile Wallets
The Customer Experience
Customer Experience is king! If you don’t maintain happy customers your company will never survive. In today’s digital world, customers expect tailored and high quality service. Millennials are even willing to share their personal data in exchange for an optimal customer experience.
For issuers, vendors, and merchants to provide solid customer service they need to understand the entire “financial ecosystem”. Customers are demanding change or they will find alternative services. These changes tend to be around technology, usability and overall satisfaction.
The goal of providing an optimal Customer Experience is to make it as seamless and secure as possible. The “financial ecosystem” encompasses more substance today because there is added pressure for customer’s data and security to be protected. With tokenization and advanced security procedures, issuers and merchants are working in tandem to protect this ecosystem so the focus can remain on the Customer Experience.
The Uncertainty of the CFPB and Government Regulation
The CFPB and Government Regulation sessions of Money 20/20 were very well attended. Everyone working in the payment space understands the importance of being in the know and following the guidelines set forth by the CFPB. Transparency remains synonymous with the CFPB, although it was apparent rules and policies around this legislation are still vague.
The representative from the Bureau explained the importance of the organization to protect consumers, however, pointed questions were deflected from the bankers on the panel and the audience. The overall consensus from both the CFPB and the bankers was customers are protected when banking online and when using mobile payments. One thing was for sure, no one wanted to discuss virtual currency! This included bankers and the representative from the CFPB. Topics surrounding Bitcoin legislation were left unanswered, but based on the turnout of Bitcoin companies, this may need to be addressed in the near future.
The Future of Mobile Wallets
Whether you like it or not, Mobile Wallets are coming our way. I’m very excited about the idea of carrying less in my bag and having easy access to all of my transaction accounts. There has been a very slow adoption curve in the United States with Mobile payments; however, a key break through to this may have been found with Apple Pay.
After hearing the panel on Apple Pay, there are still many kinks that need to be addressed within the payment processor food chain. Once there is a greater understanding on interchange fees, security and merchant acceptance, Mobile Payments will become the new norm. It will be very interesting to see how the conversation around Mobile Wallets, specifically Apple Pay, will change within in the year.
Continue to follow me via Twitter (@SCorritori). Throughout the next few weeks I will update activity from the Money 20/20 Conference. Remember, you can always learn more about me, my team and cbsi by joining our eNewsletter here. Connect at our website at www.cbsiservices.com.