Musings from San Francisco's Future of Money and Technology Summit
This week, we attended the Future of Money & Technology Summit in San Francisco. It’s an annual conference that gathers leaders in FinTech to discuss what’s coming next.
We’re passionate about helping our partners take advantage of the latest tech trends, so events like this are not to be missed. The fact that the fun was taking place right in our backyard didn’t hurt either, of course. Bring together that many disruptive startups, investors and service providers in one room, and it’s always enlightening.
Here are some of our top take-away’s from this year’s event:
- It’s no surprise that all eyes are on mobile. In particular, there’s great interest in predicting which players will lead mobile payment adoption. For the moment, it looks like it’s going to be the tech companies. Research shows consumers trust them, not banks or mobile network operators when it comes to digital wallets.
- Mobile payment security was another hot topic, and there’s a lot of good news on this front. Experts agree that mobile payments are actually safer in many regards, particularly intra-app payments. These have a low risk of fraud because there’s a lot more data available to authenticate payers. In other words, it’s a lot harder to impersonate someone when multiple layers of identification are tied to your phone.
- Fraud management is growing more top of mind. Led by fears that the EMV liability shift would drive more fraud online, many retailers are putting more security measures in place. Yet more security often means more friction during checkout, which can reduce conversions. So it’s a tradeoff, and there are others who are willing to take the hit to keep conversions high. We’re pretty happy with the increased attention to fraud prevention and user experience since it fits with our beliefs that you shouldn’t have to choose.
- The crowdfunding space continues to grow. There was also lots of talk around Title 3 of the JOBS Act and its influence on the rise of the equity crowdfunding category. We find this growth interesting, and are excited by the democratization of investing in new areas such as real estate.
Have any additional reflections to share? We’re all ears, and would love to chat more.