Source Technologies attended Money 20/20 for the first time in October. The event is billed as “The World’s Largest Payments & Financial Services Innovation Event,” and with over 10,000 attendees, 500 speakers, and 20 content tracks, it’s certainly the largest payments & financial services conference we’ve seen.
Money 20/20 Conference on The Power of the Retail Branch
Our team attended Money 20/20 sessions on topics ranging from financial services product innovation and blockchain technology to self-service banking and biometrics innovation (which talked about technology, but didn’t address the risks involved). In one session of the Money 20/20 conference, renowned financial services expert and conference speaker Chris Skinner encouraged financial institutions to move more quickly on embracing technology and transforming their branches and cultures. According to Skinner, financial institutions see 2.5 times more deposits with a branch than without one. It turns out that the humble bank branch is actually a very powerful branding and marketing investment.
Money 20/20 Projects the Future of Self-Service
One session of the Money 20/20 conference was particularly interesting to our team, because the topic was on ATMs and the future of self-service. This was a panel discussion, comprised of seven representatives from banks and vendors alike. Overwhelmingly, all of the participants of the financial services conference panel agreed that ATMs must evolve to offer even more transactions to consumers, who are used to simply getting cash or (more recently) depositing checks on the machines. Interestingly, this technology already exists in a solution that doesn’t require retro-fitting old technology or purchasing brand-new, $70k+ “Smart” ATMs.
Self-service banking kiosks reside in the branch and automate the transactions traditionally handled by tellers so that bank staff are free to focus on answering questions or offering advice. Our Personal Teller Machine allows customers to conduct 90% of the transactions that typically require a human teller. We were encouraged to hear at the Money 20/20 conference that our Personal Teller Machine is the type of leading self-service solution that allows consumers to decide how they want to bank.
To read more about our Money 20/20 conference experience and how we are bringing innovative solutions to our customers, contact Source Technologies today!