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Here’s What’s Sizzling in Fintech: Money 20/20 Amsterdam Highlights

CNBC | Ryan Browne, Arjun Kharpal, MacKenzie Sigalos  | Jun 10, 2023

Image MacKenzie Sigalos - Here’s What’s Sizzling in Fintech: Money 20/20 Amsterdam Highlights

Image: MacKenzie Sigalos

The Money 20/20 conference in Amsterdam was the fintech hotspot, bringing trends and insights to the forefront. Here's what’s hot – and what’s not – in fintech right now

  • B2B Fintech Takes Center Stage:
    • Business-to-business (B2B) fintechs like Airwallex, Payoneer, and ClearBank eclipsed consumer-centric apps. There's a pivot towards enterprise sales due to better unit economics.
    • Richard Davies, CEO of Allica Bank, remarked, “B2B is definitely in good shape — both SME and enterprise SaaS — providing you can demonstrate your products and services, have proven customer demand, and good unit economics.”
  • Embracing Generative AI:
    • Artificial Intelligence, especially Generative AI, was the biggest show-stopper. ChatGPT from OpenAI wowed attendees, with fintech companies exploring its potentials.
    • Callan Carvey from Cleo spoke about how their AI connects to customer's bank account for personalized financial advice and said, “It powers our transaction understanding and that deeply personalized financial advice."
  • Improved Checkout Tools for Revenue Boost:
    • Enhancing online checkout tools is one hot area, with Stripe's newer checkout surfaces increasing customer revenue by 10.5%.
    • David Singleton, CTO of Stripe, commented, “There are not a lot of things you can do in a business that increase your revenue by 10%.”

See:  10 Fintech Trends that Will Shape the Financial Industry in 2023

  • Skepticism Surrounds Cryptocurrency:
    • Cryptocurrency-related services experienced reduced interest. Fintechs were wary of entering the crypto space amid regulatory uncertainties and lack of customer demand.
    • Jack Zhang, CEO of Airwallex, expressed caution, stating, "It's very important for us to maintain the high standard of compliance and regulation … it is a real challenge right now to deal with crypto, especially with these global banks."
  • Blockchain Buzz Diminishes:
    • Blockchain, once a buzzword, received scarce attention. JPMorgan continues its blockchain endeavors, but with a focus on practical applications.
    • Basak Toprak of JPMorgan emphasized, “I think we've seen a lot of POCs, proof of concepts, which are great at doing what it says on the tin, proving the concept. But I think, what we need to do is make sure we create commercially viable products for solving specific problems, sustain customer confidence, solving issues, and then launching a product or a way of doing things that is commercially viable, and working with the regulators.”

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Tags: Fintech, Money 20/20, B2B, Artificial Intelligence, Generative AI, Embedded Finance, Crypto, Blockchain, Enterprise Sales, SaaS

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