Fintech trends are set to take center stage at Money20/20
From explosive growth to regulatory overhauls, there has been a wave of new developments shaping the future of the fintech industry this year. As the fintech community prepares to descend on Las Vegas for Money20/20, Tony Fitzgibbon, CEO of Data Zoo, predicts the trends that will take center stage.
Tailored customer onboarding for fraud prevention
Providing a frictionless onboard experience while providing high-level data protection has become a balancing act. Businesses face an ongoing battle trying to combat fraudsters with increased security while maintaining customer-friendly authentication processes. Customers have become accustomed to easy and seamless onboarding. To ensure that trusted customers are on board and bad actors are deterred, customer expectations must be top of mind for companies when implementing fraud controls.
Cryptocrime reaches an all-time high
A recent report by Chainalysis revealed that cryptocurrency-based crime reached an all-time high in 2021. Organized criminal groups and individual criminals are exploiting the borderless nature of digital currencies to commit serious crimes, including money laundering, terrorist financing, fraud, and tax evasion. Criminal misuse of cryptocurrency not only affects future adoption and attracts government scrutiny, but also directly targets innocent users. As lawmakers look to regulate cryptocurrency, we expect to see the industry proactively working to protect legitimate users from illegal activities.
Buy-now-pay-later is changing the economic landscape
The rising cost of living has caused many people to redefine what they consider “essential” and look to buy-now-pay-later (BNPL) services to ease their financial burdens. The explosive growth of these platforms has changed how consumers budget and view future spending. As the popularity of BNPL continues to rise, there is speculation about whether it will eventually replace credit cards and what regulatory framework will be put in place to protect consumers.
Regulations will shape the future of fintech
In recent years, there has been increasing tension between the development of technology and the ability of legislators to create, modify and enforce regulations. This year we expect many conversations at Money20/20 to be told through the lens of fraud, regulation and policy. The fintech industry recognizes the importance of proactively working with regulators to protect consumers while promoting innovation. At the same time, decision-makers must work with industry to understand the economic consequences that specific regulations can create.
Open banking provides financial innovation
Open banking gives consumers more control over their data, allowing them to access and share their data with accredited third parties to get better offers for products and services. The aim is to create competition and innovation in the financial sector to provide companies and consumers with better products and experiences. This is just the beginning. With more than 80 countries introducing Open Banking, we expect to see it continue to expand into more sectors and become a powerful tool for consumers.
Data Zoo to attend Money20/20 in Las Vegas
Our team will be in full force at Money20/20 USA, which takes place October 23-26, 2022 in Las Vegas, Nevada. We are excited to join 2,800 like-minded companies to meet, network and share our ideas about the future of fintech.
As one of the world’s fastest growing digital identity providers, we are proud to help technology companies of all sizes build and scale a trusted process to reduce risk and prevent fraud. Meet us at Stand 3001 to find out why Data Zoo’s modern identity solution is the smarter way to verify and bring trusted customers.
