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Recap of Money 20/20 USA 2023 and 10 Banking Thoughts

South State Correspondent

In this article, we detail our thoughts and the trends we saw last week in Las Vegas from a banking perspective in hopes of giving you the flavor and insight from the conference without you having to walk 10 miles per day and listen to endless vendor pitches. Below is a breakdown of all 300 sessions, less the demos and sales pitches.

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RegTech: How investment trends are impacting the industry—and how the ecosystem can work with the regulator

Accenture

Right now, compared with Fintech, RegTech has low investment for the size of spend. Although governance, compliance and regulation (GRC) represents around 15-20 percent of run-the-bank costs and 40 percent of change-the-bank costs,[1] in 2015, US$588 million was invested in RegTech[2] versus US$22 billion in Fintech[3].

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RegTech: How investment trends are impacting the industry—and how the ecosystem can work with the regulator

Accenture

Right now, compared with Fintech, RegTech has low investment for the size of spend. Although governance, compliance and regulation (GRC) represents around 15-20 percent of run-the-bank costs and 40 percent of change-the-bank costs,[1] in 2015, US$588 million was invested in RegTech[2] versus US$22 billion in Fintech[3].

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Deep Dive: The Need For Real-Time Data To Keep Onboarding Fast And Secure

PYMNTS

Banks are jostling for space in the market because an expanding number of FinTechs and large-scale technology companies are competing for the same set of consumers. Banks must enable fast and seamless onboarding experiences, but these processes should also be secure. Biometrics and Onboarding.

Security 133
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How Banks Are Using AI, ML To Fight Account Opening Fraud

PYMNTS

Machine learning (ML) and artificial intelligence (AI) have been used by banks for fraud protection for several years, but these technologies are just starting to take on main roles: They are now displacing traditional knowledge-based authentication (KBA) methods like PINs and passwords.

Fraud 144
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Wolf, Goat and Cabbage: The Digital Customer Experience Riddle

FICO

Building compelling, digital customer experiences that are validated by analytics is the key to successful digital transformation strategies… and a vexing challenge for banks and insurance companies facing ever-stronger challenges from fintech and insurtechs. Digital Banking: Humanizing the Customer Experience.

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Finovate Debuts: Daon Brings Security and Convenience to Mobile Authentication

Fintech Labs Insights

Daon’s technology can be deployed to provide authentication for digital banking, for payment verification, and employee credentialing, as well as cloud authentication. Importantly, the technology is built to make it easier for individuals to protect themselves, delivering both security and convenience.