Biometrics, Banking and Transformation at Money20/20 Europe 2017

Money2020 Europe

This week saw the return of Money20/20 –  the world’s largest and most popular fintech event.

The European conference in Copenhagen attracts the brightest and best in the fintech landscape, from young tech challengers to established financial institutions.

Biometrics proved more prevalent than ever this year, along with crucial debate on the transformation happening in banking right now.

Read on for our highlights.

Beyond Fintech: is Banking Having a Kodak Moment?

The former chief executive officer of Barclays, Antony Jenkins, used the event to issue a warning to traditional banks that failing to respond to the fintech threat could leave banking facing its own ‘Kodak moment’.

He said:

“We’re really at the end of the beginning of what we see as a revolution driven by technology with financial services and fintech is really a too narrow categorization of what’s going on here. As the technologies develop and season, they’re going to create a totally different way of doing banking and financial services.

“Now we will see the possibility – not necessarily the probability – of what we call a ‘Kodak moment’, where increasingly banks become irrelevant to their customers. Banks can avoid that, but they have to act now, and what they really need to do is think about innovation, but also transformation, doing something radically different.”

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Transforming Financial Transactions – Beyond the Physical

Transformation is certainly top of former Twitter CEO Jack Dorsey’s agenda.

Now founder and CEO of Square, a payments service setting out to help small businesses to accept card payments using a small reader that connects to a smartphone or tablet, his powerful keynote outlined how financial transactions should focus only on the customer experience and even reaching a point where physical payment tokens are obsolete:

Jack Dorsey Money20/20

“And that’s where the focus should be, the experience of the coffee, or dinner, or whatever you’re having. That’s where we should put the focus. Not on the transaction.”

Full article

Biometrics Payments and Trust

A biometric payment card using fingerprint verification was announced by OT-Morpho this year, signifying biometric authentication’s increasing importance in financial security.

Discussions centred not just on the technology itself, but the crucial theme of customer trust. Biometrics can only be as successful as its perception in the mainstream.

Visa - Biometrics and Trust

Jonathan Vaux, Executive Director – Innovation and Partnerships, Visa summed it up powerfully:

“I think if there’s a biometrics race I think it’s more likely to be something like a marathon than a sprint. But definitely at this point, certainly the research we see says that the usage of fingerprint, particularly combined with the device, is by far the most commonly used. It’s to the point that people really use it just as intuitive now, they don’t even think about it. So, I think that anything that overtakes it will need to prove that it is better, it’s as convenient.”

Screen Shot 2017-06-30 at 12.20.17

For more great coverage of the event, search #M2020EU ON Twitter or visit FindBiometrics.com or Banking Technology.com.

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