A dive at FinTech's future after the Money 20/20 conference
In the conference halls of Money 20/20, where I've met some of the brightest minds in FinTech, I was struck by an offhand comment that cut through the buzz: "Innovation isn't just about lighting up a new idea; it's about keeping the power on." This line, coming from a seasoned CEO whose name I won't drop, got me thinking.
Money 20/20, held a couple of weeks ago in Las Vegas, had the aura of a lighthouse in the digital storm. There was a palpable sense that we were not just attendees but active participants in the FinTech revolution. And the energy was electric.
So, as I dive into detailed commentary, keep in mind – Money 20/20 wasn't only predicting the future; it was focused on creating it. And from the talks I've had, I know that our company, Vega IT, is not just ready to trailblaze; we're already on our way.
Gen AI: The great equalizer of the FinTech ecosystem
At the heart of the Money 20/20 conference was Gen AI, a term that buzzed around with the fervor of a Vegas slot machine. Let's be straight - generative AI is a tool so potent that it can disrupt anyone bold enough to step up – big banks, startups, and everyone in between. No longer are the traditional powerhouses the sole drivers of change. Now, a few-person FinTech startup has the potential to script the next big financial story.
Where's the catch? Gen AI demands audacity, the kind that's got the guts to match its genius. It's not just about access to tools. It's about the vision to wield them with precision. At Money 20/20, I've witnessed these luminous visionaries, all united by the power of Gen AI and willing to turn the financial world on its head.
Putting the 'human' back in FinTech
Also, I've seen another shift—a return to the true essence of FinTech. There's a newfound realization that while technology is the vehicle, the human element is the driver. And it's this human touch that separates the transformative from the transient, the real deal from the "shiny glossy idea" everyone seems to run to.
This insight breathes life into the notion that the discovery phase in developing digital products isn't just a preliminary step; it's the soul of the entire journey. Here, we need to take a step back to understand not just the market or the technology but the people — their pains, needs, and daily lives. The discovery phase truly transcends the MVP and PoC stages because it crafts solutions with empathy and not just efficiency.
This phase is where we uncover what the market really needs. It's a testament to the idea that when you listen closely to the pulse of real people, you're already halfway to success. FinTech companies that can connect, empathize, and humanize their product ideas will be true winners.
How embedded payments weave into our future
The spotlight was also put on embedded payments and the future, where seamless transactions will not only be preferred but expected. As I mingled with thinkers and doers, the buzz was unmistakable: the invisible payment is the silent champion of customer experience.
For Millennials and Gen Z, the payment process is no longer a separate entity but an integral part of their digital journey. We're moving towards a world where payments are not just frictionless but almost invisible, embedded into the fabric of every digital interaction. Our recent articles delve deep into this evolution, demystifying how embedded payments are reshaping the financial landscape. You can read them here and here.
The expertise of Vega IT in this area is a practical one, built on years of navigating the FinTech space and sculpting solutions that resonate with a new generation of consumers who demand fluidity.
Design thinking and partnerships: Crafting together
Underlining all this, another clear takeaway from Money 20/20 was the emphasis on design thinking and strategic partnerships. You shouldn't push boundaries in solitude. You should join forces with those who share your vision and understand the client's unvoiced needs.
True partnership blooms where there is a synergy between listening deeply and innovating boldly. In every conversation and panel, the message was clear: success in the FinTech future is as much about who you're with as it is about what you build. It's this belief that drives us not just to deliver solutions but to craft experiences that resonate, transform, and endure.
A call to action for CEOs
In the dynamic landscape of FinTech, as echoed at Money 20/20, Vega IT's decade and a half of expertise is a testament to our journey on which we craft the future with a steady, experienced hand.
As I depart from the electrifying insights of Money 20/20, I would like to touch upon a mantra that will be a beacon for many companies in 2024:
"Slow is smooth, and smooth is fast."
In this era, where every tick of the clock ushers a novel idea, only strategic patience crafts lasting legacies. And only with every calculated step can we build a future that's not just fast-tracked but also resilient.
Let's set a steady pace for companies that value precision over haste and depth over dazzle. Get in touch.
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