Two 3Pillar team members will be attending Money20/20 in Las Vegas the week of October 23, 2017. Billing itself as the “World’s Largest Payments & Financial Services Innovation Event,” Money20/20 provides attendees with a jackpot of resources in the form of financial services industry luminaries. Anyone connected to banking, FinTech, lending, or payments who is interested in producing innovative, revenue-enhancing digital products will likely have an interest in the conference.
Ann Silberstein, 3Pillar Client Partner, recently sat down with Michael Lisse, Senior Client Partner and leader of 3Pillar’s Financial Services practice, to discuss their expectations for the conference and propose how conference attendees can get the most of their time in Las Vegas..@mlisse and @annsilberstein preview their upcoming trip to @Money2020 in Las Vegas. Click To Tweet
Ann Silberstein: Michael, we’re both seasoned conference attendees, but I for one am attending my first “purely financial” industry conference. What will be different for those who like me are at their first FS conference?
Michael Lisse: Well, the breadth of the subject matter and conference “discussion tracks” – from innovation, to regulatory, to customer experience – could make this conference overwhelming for attendees – so many options, not enough time! But I’m of the mind that so many of the discussion tracks cross over to multiple areas of the business, so most attendees can pick an area of personal interest, go to that discussion track, and get a lot of value out of it – value that can be brought back to their home office. For example, just last week I was talking with a representative of treasury services for a major U.S. bank. It’s clear to me that the Entrepreneurship track is a good fit for such an attendee. There hasn’t been much innovation in treasury functions of late. Yet, our research shows that innovation – a frequently-cited difference-maker for entrepreneurs everywhere – is a critical component of marketplace success, even in old-line services like treasury. So, let’s bring in some innovation here and grow business value! Regardless of the area you work in within financial services, let Money20/20’s “innovation event” tagline be your guide, and attend some tracks that might not be the norm for you.
AS: Speaking of tracks, or, as the conference organizers call it “Agenda Themes,” which do you think are the most impactful?
ML: Let me turn that back on you – which do you feel are most appealing or impactful?
AS: OK, I’ll take a shot here! Most of my interest tends towards consumer focus, especially my own. So when I see the “Commerce” track, and especially discussions on how retail can combat online shopping, I’m intrigued. Likewise, I’m at a point where lending and credit is playing in increasingly important part in my life: I recently purchased a home, and a car, and the experience of financing those large-ticket items is fresh in my mind. I want to see where the industry is headed here, so I’ll attend some of those sessions.
ML: For me, payments is fascinating and I want to take in as many of those sessions as I can. I’m seeing the cases in my personal life as well – sending a few bucks to my nephew who recently started college via Venmo, I am not sure he would know what to do with a check, so “Venmo-ing” was the only option here. More broadly, and as it relates to our clients, I’d like to see where folks are winning – and where they have ground to make up – as it relates to customer experience in payments. This is such a strategic service for financial institutions, with so much potential to own the customer relationship for such a long period of time – I hope I see others with the same sense of urgency as me here.
AS: I’ve also been paying attention to the lending market. We see the news stories about alternative lenders, both consumer P2P space, as well as in the commercial space. Many of these companies have access to capital – there sure is bunch of money that’s been sitting on the sidelines in the last few years – but I think one thing we see in the market is that risk modeling and fraud mitigation strategies haven’t kept pace here. Can’t blame anyone – this is a tough problem to solve. At 3Pillar we’re only just experimenting in this and related areas – see one of our recent blog posts about using Machine Learning to identify 492 fake credit card transactions out of more than 284,000 – but I am curious to see if any new approaches are being discussed.
ML: Agree, interesting! You and I should have a lot to talk about when we get back to our headquarters in D.C. I feel like we’ll need to link up and share notes, since we’ll be attending different sessions. Maybe we can share notes with readers following our return to the office, and there may well be a Take 3 podcast in the making!