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Our Money20/20 USA 2024 team had plenty of great conversations at the event.
Perhaps unsurprisingly, AI was front of mind for most industry peers but improving customer experience and growing deposits through personalization were also high on the agenda for many.
Here are our team's top takeaways...
"AI and machine learning took center stage this year, with a big focus on using them for transaction enrichment and creating personalised financial services.
"It was shown that AI can sift through massive datasets to make products more user-focused, optimizing experiences and adding customer value."
"Personalization was a key topic in conversations around our booth.
"I spoke to lots of credit unions at the event. They're at different stages of their digital journeys, but it was clear that all are striving to understand their members.
"Deposits continue to be a key area of focus. I talked a lot about how Bud could help credit unions to support their members in Identifying leftover cash at the end of the month and proactively conducting outreach to drive savings/investments. This use case really resonated with the credit unions I spoke to."
"A large number of the financial institutions we spoke to at the event are looking at utilizing AI in order to provide better personalization to their customers – however building a roadmap with iterative steps is key and not something that all of them have defined.
"In addition, while AI is the ‘hot topic’ it’s clear that the majority of financial institutions we spoke to could be doing significantly better by enriching their transaction data."
"My big takeaway for banks at Money20/20 USA was the need to use customer data in smarter ways to get a real sense of who their customers are.
"By digging into data, banks can start offering more relevant products and personalized experiences that actually fit different customer groups.
"But, to make it work, banks have to keep trust front and center. Showing customers their data is safe and being used responsibly is key."
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