Money 20/20 USA 2023 was jam-packed with action, literally and figuratively. The show’s Money Motor Circuit drew upon Las Vegas’s most recent obsession: Formula 1, while its Money Bot aligned with Fintech’s most recent obsession: AI.
Speaking of AI (and no, this isn’t being written by AI), it was probably the number one topic on everyone’s lips. One could also see how big AI’s influence in Fintech has become just by the number of AI-based companies exhibiting in Money Hall. While everyone agrees that financial institutions should “crawl, walk, run” when it comes to AI, when speaking at the show Super.com’s Rick Galasieski also advised teams to “get ahead of AI” by asking themselves what part(s) of their job could be replaced by the technology, and then using the answer(s) as a guide to incorporating it.
Another trending technology topic at the conference was Web3 and blockchain technology. The show was abuzz with conversations around what this new iteration of the internet means for cross-border payments, greater financial inclusion, and consumer data protection.
Late to Web3? Catch up with these useful resources:
One change in this year’s show from previous years was the smaller quantity of bitcoin and crypto sponsors. While there was still a strong presence, previously smaller bitcoin and crypto booths appeared to have undergone a consolidation under large brand names like Ripple, SWIFT, and Mastercard. (Plus, we definitely didn’t see any FBI arrests and booth closures, à la 2021.) The term “stablecoin” was more fondly referenced by those familiar with decentralized currency – something that undoubtedly reflected the sentiments of regulators and traditional banks in attendance.
Lastly, but perhaps most importantly (and we’re biased), there were A LOT of sessions and announcements around fraud prevention and consumer protection. Socure’s announcement of Sigma comes to mind, as well as Mastercard and Glenbrook’s “Fraudwatch:” MoneyPot podcast.
For more recaps of this year’s Money 20/20 USA show, check out these popular LinkedIn posts by Fintech movers-and-shakers:
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