Money20/20 and a Brief Overview of Fintech

A place where financial technology professionals meet to discuss and form the financial landscape of the future, Money20/20 is the universal leader in premium content, sales and connections platform for the global money ecosystem. In the realm of events that cover payments and innovation for financial services, Money20/20 has no equal. It is seen as the industry’s largest multi-track conference and exhibition with more than 11,500 attendants from over 3,400 companies in 100 countries. More than 2,100 of these attendants are C-suite executives, all looking to discover new ideas and trends in the industry during this memorable 4-day experience. 

After over a year of online meetings and events, Money20/20 is ready to offer an opportunity to take part in something that pushes the boundaries of what some consider to be just a networking event. With an immersive and reimagined experience in mind, this year’s experience will bring together the fintech and financial services industries together in a way that will build promising programs in the future, provide tools for growth, and offer those who attend the opportunity to experience moments of connectivity available only at Money20/20. 

This year’s 4-day event will take place at The Venetian Resort in Las Vegas from October 24th to the 27th with a massive amount of the resort dedicated entirely for the show. Inside the largest hotel in Las Vegas is 2.25 million square feet of exhibits, meeting spaces, luxury suites and restaurants renowned worldwide.  

While the basics of financial technology and its industry are common knowledge to some, many individuals find it difficult to grasp the concept behind it and comprehend how it relates to their day-to-day interactions with payments, banking, and other related processes. By understanding the history of fintech and seeing its application in the world in the past centuries, it becomes easier to see the bigger picture and all of its relevancies in the modern-day

In plain text, fintech is simply technology that improves the attributes of financial services. While the concept has been used for more than a century, it hasn’t gained noticeable momentum until the 21st century. Thought of now as primarily related to cryptocurrency and banking, fintech can actually be linked all the way back to the 19th century when money was transferred through telegram and sometimes morse code. It may not sound very exciting, but it’s fascinating to see how the industry has been molded and changed over the course of history. 

Fintech is often looked at as having three and a half different eras, each with a change in the market that impacted how individuals connected with their money. The first took place from 1886-1967 and related to the creation of the foundation and structure that supports globalized financial services. The first-ever electronic transfer took place during this time using telegram and morse code, which was seen as a revolutionary advancement in the industry.

The second era took place from 1967-2008, highlighted by its switch from the analog to the digitalization of finances. The NASDAQ was created during this time as well as SWIFT, a communication system for financial institutions allowing a variety of cross-border payments. During this time, financial perception changed with the online craze taking over and bringing about the first steps towards digital banking in the 1990s. 

The third era of fintech, taking place from 2008-present day, marks the full transition of mobile devices as the primary way consumers interact with the web and financial services. Thought of as the era of the start-up, there is a previously unseen thirst for innovation between investors and consumers alike, bringing along with it a variety of vast new products and services. Pre-existing banks have even begun to re-establish themselves as start-ups in an effort to push forward from the banking system of the second fintech era. Digital banking creation has never been easier, and the ease of use that goes along with it is also unmatched for consumers. 

Fintech 3.5 doesn’t fall under a specific time span like the other three era’s, however it is crucial in the way that consumer behavior is accounted for and the way in which they interact with the internet in this third era. It also accounts for fintech usage between countries, with China and India currently using the most in the world. These two countries have yet to be faced with any sort of physical banking infrastructure, which allows them to create solutions to fintech issues quicker than any of their counterparts. 

The future of fintech is driven to offering the newest innovation to the world through technological means and through machine learning. The world is in the midst of recovering from a massive pandemic, but this type of innovation isn’t easily restricted when there is such a strong driving force behind it. There will continue to be a constant evolution in the way we interact with banks and other companies technologically, and the experience gained from these advancements will help customer relationships grow stronger throughout various companies attached to the fintech industry. Simply put, fintech is expected to revolutionize the way money is handled, managed and overseen within the realm of integrated payment providers. 

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