We caught up with Tillo advisors Michelle Beyo and Daniel Kornitzer at Money20/20 Europe for an exclusive interview. Watch as they share insights on the latest fintech trends, payment innovations, and the impact of gift cards within fintech evolution.
Check out the full interview and transcript below, to uncover key predictions of fintechs future, from two industry experts.
What’s the buzzword at Money20/20 Europe this year?
Michelle: So coming to Europe to be at Money20/20, the buzzword that I feel, and it’s part of the theme, Is human vs machine, and I think as we look at AI and how it’s touching aspects of everything that we do, how do we keep the human centric aspect of what we’re trying to facilitate to consumers, and I think that is at the core center of what we’re seeing here today.
Daniel: So I think one of the key buzzwords is performance, which is a new battleground in payments and fintech and this has to do with things like; auth rates, curing declines, cost, reconciliation and new use cases that generate new revenue opportunities, such as embedded finance for gift cards and rewards.
What are the fintech trends you see gaining the most traction?
Michelle: Looking at Fintechs, it has been a challenging year. From an SVB challenge in last year’s march, to today’s market challenges that continue to grow, but what it’s doing is allowing fintechs to truly center in on what is their genius, what are they offering to the market and how could they amplify what they do, and I think it’s had them be very focused on what is their solution, what makes them unique, and how can they truly drive growth for their consumers versus focusing on a multitude of different things.
Daniel: So when it comes to fintech trends, I can think of 6 areas that I think are very hot; performance, identity, real-time everything, AI, embedded finance and specialized solutions.
What recent payment innovation has caught your eye?
Michelle: When I think of payments, my most excited new technology is still open banking. I think the intersect between open data and how it touches payment and payment initiation, is one of the most powerful aspects of what we’re looking at when we think of the future of fintechs and how we empower consumers to be in charge of their data and how it empowers fintechs to offer us better products.
Daniel: So when it comes to payments innovation, I think all 6 areas that I just mentioned are seeing material innovation and changes that unlock new revenue opportunities, so I’m really upbeat as to the prospects of the industry.
Sum up the potential for gift cards in fintech in one word
Michelle: If I had to summarize what the potential of gift cards are in one word, it would absolutely be revenue. This is a new found revenue for fintechs when they’re looking for different ways to ensure that they can scale. They can layer in gift cards as their cash out or as their ability to reward their consumers, incentivise their consumers, and it all has this opportunity at a discount, so instead of having a cost plus marketing campaign it’s actually a revenue driving opportunity.
Daniel: So what’s the potential of gift cards in fintech? I know you’re asking me for one word, but I’m going to give you two words. So when it comes to consumers / end users, I think value-add and when it comes to fintech platforms I see profitable-growth.
What excites you most about the future of fintech?
Michelle: What excites me most about the future of fintech is its ability to give consumers control, and give them optionality, at a more affordable, more impactful solution, that can truly drive financial visibility and bring kind of a holistic understanding of our finances which then gives us more personalized offers at better pricing
Daniel: So what excites me about the future, I think that financial inclusion is an area where fintech can become the enabler, or even the game-changer, by allowing hundreds of millions of people that are currently excluded, to participate in the global economy.
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A huge thanks to Michelle Beyo and Daniel Kornitzer for their invaluable insights. Want to learn more about Tillo's advisors? Discover our partnerships with Michelle and Daniel via our blog.
Keen to catch-up with Tillo at an upcoming event? Visit Tillo's events page to see where we'll be next.
