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The Money2020 event in Las Vegas, now in its 7th year, is the biggest and most important Fintech event in the world.
Last year, in our report on the 2017 event, we highlighted the overall impression of the fintech scene as increasingly a 2-speed world:
• On one side, the tech giants shaping the future by harnessing the full potential of digital technology, together with a new breed of cloud-based suppliers who have the agility to design innovative services that meet the demands of the new economy. Some of these suppliers have already become substantial and global businesses.
• On the other side, legacy banks and legacy suppliers struggling to overcome the constraints of their systems based on yesterday’s technology. Their change cycle-times are such that they will find it hard to keep up with the leaders and in many cases long term success will be represented by finding a sustainable role somewhere “down the stack” at an infrastructural (or, less kindly, dumb pipe) level.
This continues to be the over-arching impression, with one group struggling with the challenge of digitising legacy financial services, whilst the other is busy creating a new generation of digital financial services.
The 2018 event gave, as usual, valuable new insights into the state-of-the-art in key new technologies. It also provided clear signals about the direction and speed at which the financial services sector is being disrupted by digital.
SITS providers can help their clients by bringing these developments to their attention and helping them think through the implications. The SITS providers themselves will also find new market opportunities and challenges arising from these trends.
Subscribers to FinancialServicesViews can download our new and insightful report on Money2020 2018 here
Posted by Peter Roe at '08:47' - Tagged: cloud e-commerce payments banking identity blockchain
