Takeaways from Money2020
Friction-free customer experiences, personalization, and real-time payments are just some of the key topics animating conversations on stage, and on the floor. Here are some of our takeaways from the event so far.
One needn’t dive too deep into the conversational fray at Money2020 to realize the buzz around reducing friction for financial customers. It’s been the focus of several sessions on stage, it’s been a fixture in countless conversations on the floor, and it pops up again every few tweets:
As new innovations continue to redefine customer experience in the banking and payments sectors, businesses are deeply engaging in getting one essential balance right — the balance between convenience and risk:
Our DataVisor team is out there on the floor, talking with our booth visitors about the transformative power of AI and machine learning in the fraud prevention space, and one thing they’re noting is the range of perspectives coming in from different areas across the globe.
In some regions, AI adoption is already high, and enterprises are focused specifically on integration — what can a comprehensive, AI-powered fraud solution deliver anew, what can it replace, and what can it enhance? Elsewhere, there is still a great deal of ground-floor curiosity. How do AI and ML work to change the fraud prevention game?
From our inception, DataVisor has been leading the way in pioneering the use of unsupervised machine learning for fraud prevention, and it’s a remarkable experience to introduce this technology to those who are not yet familiar with the power and potential of this kind of approach.
As fraud continues to scale, and as attacks become increasingly complex and coordinated, the ability to holistically analyze vast amounts of data in real time to surface suspicious patterns and correlations is the game-changer companies need to get ahead of digital fraud once and for all.
Parallel to conversations around customer experience are those focused on trust, and particularly, how personalization comes into play:
This, of course, begs questions about what’s required in the way of data to achieve personalization — is “more is more” really the way to go, given the challenges with privacy we face today? Or can we shift to a more holistic approach, analyze data in the aggregate, and accordingly ask less of users when it comes to data acquisition?
Data is of course everywhere at Money2020, and it’s even playing a role in at the Money20/20 Rise Up panel, as DataVisor CEO Yinglian Xie discusses how facts and objectivity can counterbalance emotional intelligence to reduce decision-making bias:
It’s intriguing to see all the ways businesses are embracing the duality of head and heart to deliver data-driven experiences that are simultaneously meaningful and authentic:
While there is so much coming out of Money2020 to be excited about, there is no shortage of sobering information either:
From the moment David Marcus stepped on stage to discuss Libra, AML became a signature topic at Money2020:
Detecting suspicious money-laundering activities in real time, and uncovering sophisticated interactions between multiple accounts and players, remains a major challenge.
Fortunately, unsupervised machine learning offers a viable way forward.
DataVisor just announced a new program today, focused on putting UML-powered fraud prevention in as many new hands as possible:
“Through this initiative, DataVisor is delivering its unsupervised machine learning (UML) engine and machine learning and feature engineering technology to new use cases and markets. It gives partners a powerful offering to strengthen anti-fraud solutions. And by working closely with the DataVisor team of specialists, partners gain access to not only the most advanced technology and products, but also world-class domain expertise without having to invest in training or appointing additional resources themselves.”
— David Cassady, Vice President, Business Development, Partnerships, and Sales of DataVisor
Money2020 continues through tomorrow, and the innovations discussed will continue to reverberate around the globe as thinkers, builders, and doers return to their home bases to contemplate the knowledge they’ve gained, the insights they’ve gleaned, and the inspirations they’ve internalized. It is certainly the case that DataVisor’s home team is eagerly awaiting the return of our own event squad, and all concerned are looking forward to a powerful post-event download.
Here’s to a safe and prosperous 2020 for all!
