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Money2020: AI Is Still a Buzzword, But The Hype Has Shifted Towards Its Optimal Use

Money2020: AI Is Still a Buzzword, But The Hype Has Shifted Towards Its Optimal Use

Published on: 12 Jun 2024 3 min read

Another year, another Money2020 event! Our team just got back from the June European edition in Amsterdam after three days of valuable industry insights and exciting idea exchanges. The event was as excellent as ever and offered countless opportunities for networking and collaboration alongside the usual high-caliber speaker sessions and fireside chats.

The overarching theme was “Human x Machine” examining the relationship between people and AI, and how to bring out the best of today’s most impressive technological advancement. However, the conversation has moved past the hype and is now focusing on the realistic ways in which we can apply AI to payments to facilitate personalization, improve fraud detection, boost customer experience and improve operational efficiency.  

A central piece in this discussion was the topic of digital assistants and how they are redefining customer relationships. Our team had interesting conversations around Scalefocus use cases of building fully-fledged AI conversational solutions for international financial companies. Since payments today are all about optionality, simplicity and meeting customer expectations, we also discussed ways to help clients with their payment infrastructure, including payment rails, networks and interoperability. 

To remain competitive in the highly saturated payments landscape, companies are keeping their focus on hyper personalization through technologies such as open banking and embedded finance. In this context, our team discussed our capabilities in custom app development, digital embedded wallets, and integrations. 

Since data is the cornerstone of AI systems, and inaccurate or badly formatted data can lead to wrong decisions, the Scalefocus team had lengthy conversations around our expertise and track record of making sure that data is not just abundant, but also accurate and useful.  

This year Money2020 drove an important point home: the payments industry might be changing with the times and utilizing all tech advancements like AI, open banking, payment gateway APIs, and more, but the technology, albeit constantly evolving, is a means to end — giving consumers the ability to make and receive payments how they like, whenever they like, as quickly as they like.

 

Our team had a great time, as always, and can’t wait to follow up on the great discussions we had with financial organizations from around the globe. Looking forward to what 2025 will bring along!   

About the Author:

Velina has been writing in one way or another most of her life. In 2020, she took a leap of faith and left advertising to explore the unlimited potential of the technology world. She is interested in topics such as FinTech, Digital and Neobanking, Payments, and Embedded Finance among others. Outside of technical writing, she enjoys vegan food, films, and creative storytelling.

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