World’s largest FinTech exhibition comes to the continent
For several years now, Money20/20 in Las Vegas has been an important meeting point for the FinTech industry. The conference finally expanded into Europe from 4 – 7 April this year. More than 3,500 visitors and over 400 consultants from around 1000 companies came together in Copenhagen to discuss the newest innovations for payment and financial services. Risk Ident was present with its own booth and enjoyed a busy show.
Based on an estimate from the inter-trade organization Bitkom, around 1,200 FinTech organizations exist worldwide, including an estimated 250 in our native German. Globally, approximately 25,000 employees and several hundred billion Euros are invested in FinTech. For many, Money20/20 Europe was an excellent opportunity to present themselves and their newest innovations in front of a large, influential crowd.
But it wasn’t just FinTechs enjoying the show; representatives from big banks came to Copenhagen in huge numbers as well. Constant changes in the financial world – like digitalization, structural change and the financial crisis – make attending such exhibitions and learning about the newest innovations more and more important for them.
These days, startups can directly enter into the core business of established financial institutions, for example with algorithm-based investment advice (Robo Advisory), which consistently gains higher interest with private investors. The first startups, for instance, successfully applied for their own bank license to offer completely digitized accounts. For traditional banks, it is therefore extremely important to develop their own digital strategies and look for greater cooperation or even investment.
Money20/20 Europe also highlighted another important topic: the future of payments, both online as well as offline. Multiple mobile payment and mobile wallet solutions were presented, with a focus on improving security on these devices.
Security also was the main topic at the Risk Ident booth. Here visitors were able to get a unique insight on our newest approaches to fraud prevention. Of particularly high interest was the machine learning based concept for our new software platform EVE, which was partially created to meet the demands of the banking sector. EVE goes beyond a rule-based system and moves towards a self-learning system. This approach helps fraud managers to evaluate credit applications and better spot identity fraud or account takeovers.