5 Things You Don’t Know Because You Weren’t at Money2020
There is the one-word theme of the Money2020 innovation in payments conference that filled the Aria Hotel’s convention center in Las Vegas in early October.
Still Waiting on Mobile Wallets
Call Money2020 the epicenter for mobile wallet true believers, but even here the most common answer given when asked when paying with a mobile phone at retail would become commonplace was “2020 or later,” offered by 22% in a flash poll of the audience.
Branch Banking is Dead
So pronounced three of four panelists at Money2020 and the fourth, Steve Streit, CEO of Green Dot, the prepaid card company which owns GoBank, offered at best a tepid endorsement of branch banking’s future.
Three big payments initiatives, three different reactions among Money2020 attendees.
MCX, the payments platform pushed by big retailers such as Walmart and Sears, seemed to win respect from attendees. That was a change from last year’s event where many saw the initiative as a tool Walmart in particular was using to attempt to win better terms from MasterCard and Visa.
What distinguished the panel entitled “Tomorrow’s Bank” was this irony: Not a single panelist worked at a traditional financial institution (that is, a bank or credit union).
“That says a lot about where we are,” said moderator Sam Maule, a consultant with Carlisle & Gallagher.
A big era of upheaval lies ahead in financial services.
Is it time to play taps for community banks and credit union?