AI Takes Centre Stage at Money20/20 USA 2024
In attendance at Money20/20 USA 2024, FinTech Magazine witnessed the latest and greatest being showcased from across the fintech industry, with artificial intelligence, cross-border payments and real-time financial services emerging as key themes.
AI and Data Converge
Mastercard's Chief AI and Data Officer, Greg Ulrich, highlighted the convergence of AI and data, emphasising how open banking and consented data sharing are creating a more robust data network across society.
This sentiment was echoed by NVIDIA's Head of Developer Relations, Pahal Patangia, who noted widespread enthusiasm across various financial sectors for leveraging AI technology to improve key performance indicators.
For Tracey Davies, Money20/20 President, this year’s event marked a shift from AI hype to serious adoption.
A joint report from Money20/20 and Acrue Capital found that 76% of financial services have announced an AI initiative, with 46% of these institutions actively employing generative AI in their core customer-facing products.
The report analysed over 220 companies and 376 initiatives, highlighting the scale of the fintech industry’s leadership in AI implementation.
Scarlett Sieber, Chief Strategy and Growth Officer at Money20/20, notes: “The findings were astounding… As an ex-banker myself, it is a broad conception that financial services move slowly because we're so highly regulated. In fact, the data shows that financial services is actually a leader in AI initiatives.”
The CBDC angle
A notable development in the cross-border payments space was revealed by Anand Natarajan, TMT and Fintech Head, Cash Management at Standard Chartered when discussing a collaborative project called M-CBDC between Dubai and Singapore.
This initiative aims to enable international Central Bank Digital Currency (CBDC) movements, expanding beyond domestic transactions to facilitate cross-border flows.
"As an ex-banker myself, it is a broad conception that financial services move slowly because we're so highly regulated. In fact, the data shows that financial services is actually a leader in AI initiatives”
Payments accessibility
DailyPay CEO Stacey Greiner introduced innovations in payment accessibility, announcing the integration of international remittances into their platform and allowing money transfers to 70 countries worldwide.
This development represents a shift from traditional linear payment processes to real-time financial management, enabling workers to handle their financial needs within the same day they earn.
The event demonstrated the financial industry's continued evolution towards more integrated, AI-driven solutions and faster, more accessible payment systems.
The convergence of different technologies and services suggests a future where financial services become increasingly seamless and globally connected, with AI and data playing central roles in this transformation.
Money20/20’s Tracey Davies concludes: “Having organised over 20 Money20/20 events globally, I tend to have a sense for the energy in a room, and it feels very positive and buzzing. I think that reflects the sentiment of the industry today.
“Many of the companies that you see here now grew up with us, brands like Marqeta and Revolut. They were all here in their infancy, and we're very proud of that.”
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