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Money20/20 USA 2024 - A Wrap Up

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Another successful Money20/20 USA took place at the end of October. The conference did not disappoint, it continues to grow and sees some of the biggest FinTech and Banking organizations in the world attending.  

Money 20/20 USA made AI the star attraction for the conference. Located at the Venetian hotel, the conference floor was filled with FinTechs and traditional FIs exploring the theme of Human x Machine. All asking how we can drive innovation in financial services with AI.   

AI in Practice 

Money20/20 USA made it clear, if you are not considering AI in some capacity, you’re behind the curve.  

Twelve months ago, regulators were only beginning to get to grips with AI and how to put measures in place to ensure safe and responsible use of the technology. Now we have regulations in place such as the AI Act in the EU, numerous federal laws relating to AI in the US and many countries worldwide issuing guidance on use of AI. With all these developments AI is being used in earnest. 

It feels like we are still scratching the surface when it comes to AI, but it has already had a significant impact on the financial services landscape.  

Some of the most common applications of AI on display at the conference included:  

  • Process automation
  • Increasing operational efficiencies and reducing manual human effort
  • Advanced analytics
  • Forecasting and facilitating strategic business decisioning 

Compliance is Front of Mind 

The threat of serious fines and reputational damage has compliance front of mind for Financial Institutions (FIs). Rather than being pushed out in favor of the power of AI, FIs are excited to use AI to solve their compliance challenges.  

FIs cannot afford to take their eye of the ball when it comes to compliance, especially with fines reaching $6.6 billion in 2023. As one Money 2020 panellist shared their favourite compliance quote, “if you think compliance is expensive…try non-compliance.”  

Compliance got its share of airtime at Money 20/20, with many interesting discussions on topics such as: ‘Balancing Innovation and Regulation in the Gen AI era’, ‘Boring Done Better’, ‘Compliance – the Barrier and the Key to $$$’, and ‘The Global Scale of Money Laundering’. A key thread across many panel discussions was how AI can be leveraged to support compliance efforts, and it doesn’t need to be a blocker.  

The shift to continuous monitoring and the move away from periodic risk reviews is being accelerated with the introduction of AI and machine learning technologies. It is becoming increasingly important to monitor money laundering risks in real-time and prevent suspicious activity at source, with the advancements in real-time payments and the increasing flow of money, especially across jurisdictions.  

The overriding sentiment from panellists was that technology is the key to ensuring you can remain compliant, but that it is not the only consideration. Compliance must be done holistically to include people, process and policy. In addition, when evaluating technology solutions for operations and compliance don’t just tick the box but analyze and understand your needs before investing in technology. 

As we reflect on another successful Money 2020 USA, it gave us an opportunity to understand the direction the industry is travelling on key trends such as Artificial Intelligence and the continued focus on compliance.  

We had lots of engaging conversations with peers, partners, prospects and media on how Fenergo is addressing the challenges of the industry and delivering innovative solutions that meet the needs of financial institutions across the globe.  

Talk to Fenergo to find out how we can help your business use AI for compliance.