October 31, 2015
Money20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000 CEOs, from 3,000 companies and 75 countries, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money.
The LTP founders Aditya Khurjekar and Amit Goel attended the 2015 Money20/20 conference held in Las Vegas between 26th and 29th of October to witness the latest innovations in payments technologies and industry trends.
Returning to the conference 3 years after founding it in 2012 along with the current conference chairmen, it was a special experience for Aditya, who could witness the blossoming of the seeds of innovative cross-industry dialogue that he had sown in the inaugural year, when he had laid the initial content foundation for the event.
The LTP team noticed very interesting trends happening in the various adjacent industries at the event. Companies need to keep these trends in mind as they build their strategies for 2016.
Trend 1. Shift from business model innovation to technology innovation
In recent years, the financial services market has seen a major disruption wave coming from the FinTech sector. Surprisingly, innovations were brought not by payments experts, but by technology experts and people passionate to utilize technology for a better experience.
Business model innovation can be illustrated with an example of Prepaid Cards vs. Debit Cards. The major difference between the prepaid card and debit card is the fact that you do not need a bank account to have a prepaid card. Those cards are convenient, easy to get and use with no hassles. However, prepaid cards could be used once. Therefore, the model of the prepaid card was modified to a card that can be reloaded. That is how GPRP cards were born. Now the prepaid card is a hybrid of a debit card and gift card that still does not require an account. Bright business minds utilized the positive sides of the debit cards model and prepaid cards model to create a new one – reloadable prepaid card that accumulates positive sides of both parents of the card. This is an example of business model innovation.
However, this past Money20/20 clearly vindicated the trends evident in the market for a while now – the dominance of innovations coming from techies rather than business professionals. Companies like Venmo, Square, Stripe, Braintr ...