Looking Forward to Money20/20 2018
I have never missed attending Money 20/20, and, after all these years, I still get excited about the conference. Connecting with experts across the payments, fintech and financial services landscape is invigorating. There’s great energy, excitement and information about where the payments space is heading. It’s a rare chance to hear from and meet people that are creating the payments revolution.
This year, I am honored to have the opportunity to speak on a panel about the “Uberization of Payments” with Scott Galit, CEO of Payoneer, and Rob Mau, Partner at Oliver-Wyman. The discussion will focus on how business payments, which lag significantly behind consumer payments, need to follow consumer applications and enter the digital space.
From ride sharing to ordering a coffee, consumer apps have created the expectation that any process can be digitized -- and done with a simple tap of the finger. But the business back office, which remains a bastion of paper, disconnected systems and manual processes, presents a particular challenge. Unlike other sectors where companies can “move fast and break things,” the “uberization” of business payments is a high stakes endeavor. There is no room for errors and it requires collaboration and integration between financial institutions, and fintech companies and solutions. On top of that there are an array of federal and state regulations to comply with, as well as elevated security measures to adhere to.
I hope that those who attend the panel learn that now is an exciting time to be in the payments industry. Many businesses have been left behind when it comes to digitizing payments, but as they move away from using paper checks, innovators can help to establish new ways of paying that are simpler, faster and more cost efficient.
As I glance through the agenda, I look forward to hearing more about what my colleagues in the payments industry are working on. The value of an event like Money20/20 is that it brings experts together and allows them to learn from each other.
To all those in the payments, fintech and financial services industries: see you in Vegas!