That’s according to a recent report from Acrew Capital in partnership with Money20/20, that uncovers the latest on AI adoption in financial services. 

At last year’s USA conference we spoke to Micky Tesfaye from the Money20/20 team and Lauren Kolodny of Acrew Capital to find out more. 

Watch the video to gain some of the latest insights on how the technology is being used across the landscape, from startups to incumbents. 

And, find out:

• How many banks are using AI in customer-facing products.
• Where are the gaps to be exploited by startups?
• Who’s adopted AI the most? 

AI’s Impact on Fintech

In the video we were joined by Micky Tesfaye who is Head of Content at Money20/20, and Lauren Kolodny, Co-founder of Acrew Capital, who were perfectly positioned to talk about why the two organisations partnered to produce this report, which you can read here, the key insights uncovered, and what AI means for the future of fintech.

Why Partner on This Report?

Acrew saw Money20/20 as the ideal partner because of its status as a key meeting point for the financial industry. As Kolodny put it, “Everybody attends.” The conference serves as a hub for thought leadership, bringing together startups, banks, regulators, and investors to discuss the latest trends shaping financial services.

Tesfaye added that Money20/20’s goal has always been to reflect the industry’s evolution. Since the launch of ChatGPT, AI has dominated conversations at their events worldwide, yet much of that discussion lacked broader context. This report aimed to fill that gap, providing a structured look at how financial institutions are actually using AI and what it means for the future of the industry.

Key Findings: AI Adoption in Financial Services

One of the most surprising findings was just how quickly financial institutions have embraced AI. Acrew and Money20/20 analyzed 221 leading financial services companies, tracking their AI-related announcements since January 2023. The numbers were staggering:

• 76% of these companies have announced AI initiatives.
• 51% have integrated AI into customer-facing products.
• A total of 376 AI initiatives were launched in under two years.

For an industry not traditionally known for early adoption of new technologies, these statistics defy expectations. Kolodny emphasized that AI is not just being experimented with—it’s becoming core to financial products and services.

Tesfaye echoed this sentiment, noting that while media coverage often presents AI in finance as a slow-moving, high-level discussion, the reality is much more dynamic. The report makes it clear that AI adoption isn’t a future possibility—it’s happening now at an incredible pace.

The Competitive Landscape for AI in Finance

One of the biggest shifts AI brings to fintech is how competition plays out between incumbents and startups. Unlike past technology waves, such as mobile or cloud, AI’s success depends heavily on access to data. This gives established financial players an advantage, as they already have massive data sets to train AI models.

However, Kolodny pointed out that there’s still plenty of room for startups. AI-native companies may find opportunities by focusing on areas where incumbents are slower to innovate. The report highlights two specific gaps:

1. Agentic Payments: While AI-powered digital assistants are becoming more common, few companies have announced solutions for allowing these agents to make payments autonomously. This could be a space where startups step in.
2. Gen-AI for Fraud Detection: Despite the rise of AI-driven financial crime, only 7% of the companies studied are actively using generative AI for fraud prevention. Meanwhile, deepfake-related fraud has surged by 700% year over year. This gap suggests a major opportunity for startups that can build AI-driven fraud detection tools.

Tesfaye also pointed to Money20/20’s exhibitor landscape as evidence of AI’s impact. Unlike past tech waves where incumbents hesitated to adopt new innovations, AI is being embraced across the board. This year’s event featured big names like OpenAI, Anthropic, and NVIDIA alongside early-stage AI startups—all competing to shape the industry’s future.

A Shifting Mindset: From Competition to Collaboration

As AI adoption accelerates, the traditional view of startups versus incumbents is evolving. While legacy financial institutions are integrating AI at scale, they still face challenges in areas like compliance and fraud detection. This opens the door for startups to collaborate with established players rather than simply trying to disrupt them.

Kolodny noted that regulatory clarity will play a big role in AI’s future in finance. As regulators better understand the technology, the pace of AI innovation is likely to increase, particularly in high-stakes areas like fraud prevention and compliance.

A Report Built for the Industry

Beyond the insights in the report itself, Acrew and Money20/20 have also released a public database where users can explore AI adoption trends and run their own analyses. Kolodny encouraged fintech professionals to dig into the data and uncover new insights.

Tesfaye emphasized that this isn’t just a static research piece—it’s a shared industry project designed to track AI’s impact over time. By making the data widely accessible, Money20/20 hopes to fuel more informed conversations and strategic decision-making in the financial sector.

Looking Ahead

As the conversation wrapped up, both speakers reflected on the energy at Money20/20 USA. Kolodny noted that, despite occasional claims that fintech is losing momentum, the industry is clearly alive and evolving. AI has the potential to fundamentally rebuild financial infrastructure from the ground up, and the rate of adoption shows no signs of slowing down.

Tesfaye reinforced the point with a final takeaway: AI in financial services isn’t a question of “if” or “when.” It’s already here.

Be sure to catch more of our great interviews from Money20/20 right here. 

The post 76% of Financial Institutions Are Already On Board With AI | FF News at Money20/20 USA appeared first on FF News | Fintech Finance.

In this video we also find out some exciting news about what to expect from the conference this year. Plus…

• How many financial services companies have launched AI initiatives.
• What an increased regulatory presence means for the conference.
• Why female representation is at an all time high.

AI and Open Banking Take Center Stage

This year, two dominant themes have emerged: generative AI (gen AI) and open banking. In our interview Davies points out that AI, particularly Gen AI, is everywhere, with financial institutions rapidly adopting and integrating it into their operations. Open banking on the other hand remains a major focus as well, with regulatory updates and industry developments continuing to drive discussions. While both trends are significant, Davies believes AI is likely to take the lead in shaping the industry’s future.

The big change will be shifting from exploration to real-world implementation. According to a recent report from Acrew Capital, 76% of financial services companies have launched AI initiatives, with top firms like JP Morgan, Block, and Chime leading the way in the US. This shift from hype to practical application underscores the increasing role AI is playing in financial services, and Money 20/20 is providing a platform for showcasing real-world use cases.

A Renewed Energy at the Event

Reflecting on the atmosphere at Money20/20 USA 2024, Davies emphasized the palpable energy and optimism compared to last year. While 2023 was marked by economic challenges and funding headwinds, this year’s event signals renewed confidence in the industry’s outlook for 2025. She noted the excitement on the show floor from day one, as professionals gathered to discuss innovation, partnerships, and the future of finance.

A major highlight for Davies was the increasing representation of women on stage, with 47% of speakers being female. She acknowledged the ongoing work of Money 20/20’s Rise Up and Amplify programs in championing diversity and inclusion. She also celebrated standout moments such as Sunday Night Live featuring Lynn Martin from the New York Stock Exchange and Sarah Fryer from OpenAI, which she described as phenomenal.

Regional Differences Across Money20/20 Events

While all Money 20/20 events share a common foundation—bringing the financial industry together for business, networking, and innovation—regional nuances shape the conversations. Davies noted that mobile money and wallets remain dominant topics in Asia, while Europe has been at the forefront of open banking. In the U.S., both AI and open banking are key focus areas. Another major trend across all regions is the increasing presence of regulators. In the U.S., high-profile figures such as SEC Chair Gary Gensler and former CFPB Director Rohit Chopra took the stage, signaling a strong regulatory interest in fintech developments globally.

A Major Announcement: Money20/20 Global Awards Is Here

This video is special as we are also party to a pretty big announcement. Here Davies reveals a significant new initiative — Money20/20 will be launching a global awards program in 2025.

This awards program aims to set a new standard for industry recognition, offering independent validation from top industry experts. While details remain under wraps, she assured that it will be unlike any other awards event, with a fresh and innovative approach. Global entries will open in April 2025, with additional announcements expected in the coming months.

It sounds like an exciting time and will be sure to be repeated this year, when Money20/20 USA returns on October 26th-29th. Catch more of our videos from the 2024 conference, right here.

The post What Does 2025 Have in Store for the Fintech Industry? | FF News at Money20/20 USA appeared first on FF News | Fintech Finance.

That’s according to Tomas Navickas, co-founder of myTU, a digital banking provider with a unique focus on efficiency and sustainability. 

We spoke to him for our latest FF News Virtual Arena, in which he explains their focus on AI-driven automation for fraud detection, compliance, and customer support. Watch the video to find out more about…

• Their extreme efficiency, serving 50,000 clients with just $1,000/month in infrastructure costs.
• How AI could drive more effective fraud prevention.
• Their fresh approach to strategic team growth.

A bank with a product first mindset

In this Virtual Arena Tomas Navickas, co-founder of myTU, shares the story behind the creation of their digital banking platform, which has a product-first mindset. With a background in software development and payments spanning nearly two decades, Navickas was introduced to his co-founder, Roman, who had the vision for a digital bank when such institutions were still rare. The goal was to create a sustainable digital banking model, avoiding the cash-burning strategies of venture-backed fintechs, and to prioritize financial accessibility and education, particularly for younger users.

As for the market need that inspired myTU, Navickas explained that while digital banks are improving accessibility compared to branch-based banking, trust remains a key hurdle. A lot of digital banks still rely on cash rewards to attract customers, but this doesn’t necessarily translate into long-term trust or engagement with higher-value financial products like loans or mortgages. myTU in response aims to offer an efficient and convenient banking solution for individuals, families, and travelers while maintaining financial sustainability and operational efficiency.

AI’s role in digital banking

The conversation then shifted to AI’s role in digital banking. It’s certainly a major topic of conversation, with many banks considering how it will play a role. Navickas highlighted that when myTU started, advanced AI models weren’t as readily available as they are today. Initially, automation was achieved through traditional coding methods, identifying and optimizing processes like transaction categorization and multilingual customer support. However, with the advent of models like OpenAI’s ChatGPT, myTU was able to significantly enhance fraud detection, transaction analysis, and customer communication. AI’s ability to make nuanced, context-aware assessments—rather than relying on rigid rule-based systems—has greatly improved fraud prevention by identifying suspicious patterns and anomalies in invoices, pricing, and transaction behavior.

AI has enabled a real shift in the way they do things, allowing teams to focus on reviewing and refining AI-driven decisions rather than making every decision manually. However, he cautioned that AI without proper oversight can be overly aggressive in flagging transactions, requiring careful prompt engineering and fine-tuning to balance security with usability.

Extremely efficient banking

One of the most striking aspects of myTU’s model is its extreme efficiency. With a customer base of 50,000, the company maintains a cloud infrastructure cost of just $1,000 per month. Navickas attributed this to their commitment to lean architecture and in-house development, avoiding unnecessary reliance on third-party services. Unlike many startups that rapidly scale their teams and software dependencies, myTU follows a philosophy of building efficient, sustainable technology, inspired by earlier software development practices that prioritized minimal resource consumption.

While myTU keeps some services in-house, such as customer support and software development, certain tasks like card printing are outsourced due to high security and regulatory requirements. However, their overall philosophy remains one of in-house efficiency, allowing them to operate with just 25 employees, including a development team of only five people.

The discussion continues with thoughts on the impact of APIs, and myTU’s vision for scaling in Europe (and the challenges they might face there). Be sure to catch the full interview above, and watch more of our Virtual Arena interviews, right here on our website. 

The post The Future of Fraud Prevention… And Why The Human Touch is Still Needed | myTU | FF Virtual Arena #350 appeared first on FF News | Fintech Finance.

Financial institutions are cautiously increasing the data collected from customers—both actively and passively—which is used to enhance identity verification and transaction security.

Chris Briggs, Chief Product Officer at Mitek Systems and Kathryn Robinson, Commercial Global Lead at NatWest discuss the focus that banks have to enhance security and KYC processes.

Briggs and Robinson agree that banks need to reduce friction while ensuring robust security and that digital verification and fraud prevention tools such as biometrics, such as voice, fingerprint or facial recognition, offer quick and efficient processes but these technologies aren’t always available to those without digital resources. 

Fraudsters have been exploiting gaps between different banks’ security measures, and moving their tactics to areas of lower resistance, however the inclusion of AI in fraud facilitates both the creation of fraud and its detection through advanced algorithms. 

Fraud techniques like face swaps and social engineering are countered by AI-driven checks and secondary verification processes. Biometrics, such as fingerprints, voice facial recognition aim to simplify customer interactions but are not foolproof and require measures like liveness checks and layered fraud prevention strategies. 

Deepfakes are a more sophisticated type of fraud that banks are seeing emerge at a very rapid pace and AI chatbots that interact with fraudsters delay their effort and are considered as potential future strategies for direct fraud prevention.

Mitek’s solution focuses on minimising false positives and ensuring fraud strategies do not hinder genuine customers, emphasizing that banks must offer inclusive, flexible solutions that cater to diverse customer needs, balancing efficiency and security.

The availability of this advanced technology to anyone amplifies the reach and impact of fraud campaigns. A broad-based topic, the world is seeing a lot more emerge in the regulation around AI, biometrics, the use of biometrics and their effectiveness, when they can be used and not.

In conclusion, combatting fraud requires continuous adaptation, with a mix of technology and human intervention, customer education, and regulatory compliance.

The post Customer Onboarding and Fraud: The Challenges | Mitek and NatWest | FF Virtual Arena #349 appeared first on FF News | Fintech Finance.

Our latest Virtual Arena explores that challenge. We find out how banks can recycle expired payment cards, and involve the end-customers for the benefit of the local community.

Joining us are industry leaders Maya Reisinger from G+D and Joe Pitcher from Mastercard to talk about the environmental benefits and challenges of card recycling, and the need for collaboration to scale impactful solutions.

Watch this insightful conversation to find out more about…

• How recycling could drastically reduce plastic waste from billions of cards annually.
• How Mastercard are working to address cost, security, and expertise gaps in recycling programs.
• The exciting technology G+D are working on to help banks showcase ESG commitments effectively.

What is Card Recycling?

Of course, first things first, it was important to know what card recycling entails. Maya Reisinger, who is Product Management Director of the Convego Beyond portfolio at G+D, introduced this as a method of repurposing expired payment cards instead of discarding them in landfills. She emphasized the flexibility in this approach, noting that some banks integrate recycling into their ESG commitments without publicizing it, while others use it as a tool for customer engagement. G+D are committed to helping banks be more sustainable with a number of focused offerings. 

Joe Pitcher is Vice President of the sustainable cards program at Mastercard & also happens to be Chair of the Greener Payments Partnership, so he made for an ideal contributor to this conversation. He elaborated, describing card recycling as a shift from traditional disposal methods to redirecting these materials into reusable streams. It’s important of course to ensure consumers and institutions are clued up on sustainable practices and mentioned Mastercard’s research into advanced recycling methods, such as chemical recycling, to further innovate in this space.

Why is Card Recycling Worth Pursuing?

Both speakers stressed the environmental and symbolic value of card recycling. Reisinger explained that recycling aligns with the industry’s broader sustainability goals, reducing waste and the carbon footprint associated with virgin plastic production. 

Pitcher quantified the potential impact, noting that recycling even a fraction of the billions of cards produced annually could eliminate significant amounts of plastic waste. Just think, there were 17.45 billion credit, debit, and prepaid cards in circulation worldwide as of the end of 2023. That’s a lot of plastic. He framed these efforts as small but crucial steps towards sustainable goals, signaling the banking industry’s commitment to sustainability.

The Challenges Facing Banks in Card Recycling

Implementing card recycling programs presents hurdles for banks, including concerns over data security, cost management, and finding the right recycling partners. Pitcher pointed out that many banks lack expertise in recycling, making it difficult to know where to start. Mastercard has addressed this by partnering with TerraCycle and creating scalable programs to simplify participation and reduce costs.

Reisinger added that banks often struggle to allocate resources to such initiatives, as recycling is not their core focus. G+D helps by tailoring solutions to individual banks’ needs, from secure card collection to partnerships with local recyclers. A partnership they have with Santander are an example of this, where G+D manages card shredding and recycling whilst the bank can document compliance with ESG standards.

A Shared Vision for Sustainability

Both Reisinger and Pitcher highlighted the importance of collaboration in overcoming barriers and driving scale. Pitcher emphasized the role of economies of scale in making recycling programs more cost-effective, urging banks to pool efforts under unified programs. Reisinger reinforced the need for external expertise, noting that G+D leverages its global partnerships and experience to streamline processes for banks, making recycling programs feasible and impactful.

The discussion also touched on the broader sustainability landscape. G+D is the first payment card provider to pledge the end of using virgin plastic in payment card products by 2030. In parallel, Pitcher noted Mastercard’s mandate to eliminate first-use PVC from card production by 2028, encouraging the use of recycled or bio-based materials. Reisinger also discussed G+D’s lifecycle analysis approach. This means ensuring sustainability considerations run all the way through to product design and material choices from the outset.

Card recycling won’t solve all environmental challenges, but it turns a challenge into opportunity and it represents a significant step forward for the financial sector. It may even increase customer trust in their bank. 

To watch more great conversations like this one, on all areas of banking, payments and fintech, be sure to check out more of our Virtual Arena’s on ffnews.com. 

The post The Huge Potential of Card Recycling in Banking | G+D and Mastercard | FF Virtual Arena #348 appeared first on FF News | Fintech Finance.

There’s a lot of talk about how Generative AI can be used to improve customer experience, but what are the implications for internal software and back office processes? 

In this episode of The Fintech Show, Trisha Price from Pendo, Marnix van Stiphout from ING, and Søren Andreasen from Nordea discuss the transformative impact AI is having in this area. 

Tune in to this informative episode to find out how:

• AI can automate KYC and CDD processes.
• Banks are leveraging AI to tailor user interfaces based on roles and experience.
• Tech can help surpass challenges posed by legacy systems.

Leveraging AI for Digital Transformation

AI adoption in all industries is growing and this is certainly true of financial services. According to the FCA, in the UK, 75% of firms are already using artificial intelligence (AI), with a further 10% planning to use AI over the next three years. Many organisations are now thinking about how it can be used to boost internal processes and the day to day lives of employees. But just implementing these tools doesn’t necessarily guarantee success. Trisha Price, who is Chief Product Officer at Pendo, points out that the success of this depends on how well financial institutions use data. 

She highlights three types of data that are crucial: quantitative (how employees use applications), qualitative (how they feel about them), and visual (tracking user behavior like repetitive clicks, which indicate frustration). By analyzing these data points, financial institutions can refine employee and customer experiences, ensuring that the software investments they make, actually do yield productivity gains and business value.

AI’s Role in Banking Operations

So how can AI be used in banking? We’ve looked at this before and got more great thoughts in this episode. 

Marnix Van Stiphout, Chief Operations Officer at ING, acknowledges that while machine learning has been integral to banking for years—powering services like instant lending—generative AI (GenAI) presents new opportunities. One area he sees particular promise in is streamlining Know Your Customer (KYC) and Customer Due Diligence (CDD) processes, which traditionally require significant manual effort. AI-driven automation can gather and analyze vast amounts of data, enabling faster decision-making and reducing operational costs.

Søren Rode Jain Andreasen, Head of Digital Customer Engagement Hub at Nordic bank Nordea, echoes this sentiment, noting that many banks, including their own, are already using AI internally to enhance efficiency. AI-driven automation shortens process cycle times and improves customer experience while maintaining data security. It’s also being used internally for everything from risk assessments to capital requirement models, and GenAI is quickly becoming another essential tool.

AI Powered Decision Making

Of course, we’re also interested to learn how AI is shifting the role of bankers by acting as a decision-support tool. Price talks about how AI-driven assistants can analyze customer data to suggest personalized product recommendations and pricing strategies. Beyond insights, AI agents are beginning to take on tasks traditionally handled by employees, further streamlining operations and improving customer interactions.

Van Stiphout emphasizes the strategic question of whether to build or buy AI solutions. He suggests that banks should develop AI tools in-house if they directly impact client satisfaction. However, echoing Price’s earlier thoughts, he stresses that successful AI implementation depends on data readiness—ensuring that data is clean, structured, and accessible.

Another key challenge in banking is legacy systems, something Andreasen clocks onto. Advisors often have to navigate multiple platforms, increasing the risk of errors when transferring data. The good news is AI can help automate these processes and detect inconsistencies, reducing error rates and enhancing operational accuracy.

Personalization Through AI

We talk about personalisation a lot and this is something that has come up before, in interviews with the likes of CX bot, Zingly.ai. But it’s not just personalising the customer experience that could be valuable. 

Price also discusses AI’s role in creating personalized experiences for employees too. Consumer platforms like Amazon and Netflix have shaped expectations for personalization, and financial institutions must follow suit. AI can tailor software based on the user’s role, experience level, and language preferences. For instance, an underwriter and a retail banker should have distinct interfaces suited to their tasks. Similarly, first-time users might benefit from a simplified experience, while seasoned professionals require quick access to advanced functionalities.

She also highlights AI’s role in localization, enabling automatic translation of banking interfaces to serve diverse customer bases. This ensures seamless communication and improves accessibility for global users.

As shown by this discussion AI is no longer a futuristic concept it’s a present day reality and it’s changing the way banks operate. Watch the video to find out how it could work for your organisation and check out our website for more great videos just like this one.

The post The Right Data is at the Core of Any Bank’s AI Strategy | Pendo, ING and Nordea | The Fintech Show #150 appeared first on FF News | Fintech Finance.

As the space matures, priorities are changing. Seamless onboarding is one major goal but compliance is also key.

Watch the episode to find out about:

• Open APIs are presenting very real opportunities to scale.
• How Zenus Bank are enabling LATAM super apps to offer U.S. banking services.
• The challenges facing Open Banking growth?

The Evolution of Banking-as-a-Service (BaaS)

The BaaS market has matured. For one, it is growing. It was valued at $15.9 billion in 2023 and is expected to expand to $64.7 billion by 2032. Commenting on the demand for this technology, Tuum co-founder Uibo suggests that banks are now under pressure to stay relevant in an increasingly competitive landscape, seeking new revenue streams while leveraging their existing infrastructure.

Initially, many BaaS providers targeted fintechs with relatively simple offerings but as the market evolves, compliance and economic viability have become critical focus areas. Now, successful players in this space, like LHV and Zenus, are focusing on solving real problems and delivering high-value integrations to their specific customer segments.

Rowlands from LHV, builds on this by emphasizing the importance of seamless onboarding for scaling operations. Efficient KYC (Know Your Customer) and KYB (Know Your Business) processes allow fintechs to expand quickly across multiple jurisdictions without administrative bottlenecks. LHV, who saw significant growth in 2023 and 2024, embraces an open approach and its APIs are publicly available to ensure transparency and ease of integration. Rowlands believes that fostering collaboration in this way is essential for driving industry progress.

Viera, who is Chief Compliance Officer at Zenus, provides a real-world example of how their offering enhances customer engagement while expanding market reach. Super apps in Latin America, for instance, can now offer U.S. banking services directly to their users, creating a frictionless experience. Zenus’ approach allows for deep customization via APIs, ensuring a tailored and branded user experience.

The Role of Technology in Scaling Modern Banking

Modern banking platforms need cloud-native, API-first architectures, Uibo says. By leveraging microservices and asynchronous processing, institutions can achieve the scalability required to support high transaction volumes while maintaining 24/7 availability. These technological advancements ensure that BaaS providers can meet growing customer demands without compromising reliability.

Viera also explains how Zenus Bank has strategically evolved from a digital bank into a flexible platform supporting diverse business models. By offering embedded banking solutions, Zenus differentiates itself and gains access to new demographics, particularly in international markets.

Through strong B2B relationships, the bank can extend its services beyond traditional banking, making financial services more accessible across various industries.

Rowlands shares LHV’s journey in open banking, highlighting its well-established presence in Estonia, where LHV powers payments infrastructure across physical and digital channels. Now, the bank is bringing this expertise to the UK, launching a retail bank and providing payment initiation services to fintech clients who want to generate revenue this way. There are challenges to commercializing open banking however. Many providers struggle with compressed margins and fierce competition. The way forward, he argues, is moving beyond basic transaction services and solving more complex problems like fraud prevention and payment orchestration—areas where businesses are willing to pay for real value.

Tuum’s Unique Advantage in Banking Infrastructure

Uibo positions Tuum as a company with a deep-rooted understanding of banking infrastructure, shaped by decades of experience. It’s certainly true that they have consistently pushed technological boundaries, from building real-time transactional core banking systems in the early 2000s to developing microservices-based platforms. This expertise gives Tuum a competitive edge in delivering scalable and secure banking solutions tailored to today’s needs.

We also hear about the critical role of data in payment processing from LHV’s Rowlands. With multiple payment schemes and varying acceptance rates across banks, fintechs need better insights to optimize transaction flows. LHV helps clients navigate these complexities, advising on the best payment routes and minimizing potential pitfalls like IBAN discrimination.

There are a number of key takeaways here and the discussion underscores how modern banking is opening up new revenue streams through agile, technology-driven ecosystems. Be sure to let us know what you think of the episode above and catch more great conversations just like this one, on our website.

The post How BaaS Can Open New Revenue Streams for Banks | LHV, Tuum, and Zenus Bank | The Fintech Show #149 appeared first on FF News | Fintech Finance.

But it’s something we all experience and a useful tool for anyone in the contact centre space. In our latest video from the Call & Contact Centre Expo 2024 we asked attendees and exhibitors what their personal pick would be.

It makes for an interesting selection of tunes and sounds.

Rick Astley anyone? Or what if you heard ‘Hanging on the Telephone’ by Blondie. How ironic would that be?

An eclectic playlist

One thing’s for sure, the answers to this question made for an eclectic playlist.

We had some specific numbers from Rick Astley’s Never Gonna Give You Up, a popular feel good tune that many places will use to keep people in a good-ish mood on the other end of the line.

We also had a Radiohead song. A rogue choice perhaps but nonetheless a good choice, for Adam Rathbone from boost.ai, a big Radiohead fan. It worked for him. The question is whether it would work for everyone.

Then there was a funny choice in ‘Hanging on the Telephone’ by Blondie, which Simon Broadbent from NICE, said was slightly ironic.

The rest of the answers were made of the sorts of music they’d like to hear, or in the case of Frédéric Durand, nothing at all. We imagine he’s not alone in feeling this way.

Hold music playing a role in the customer experience

The question is whether or not hold music is effective. A recent survey by music licensing organisation PPL PRS, revealed some truths about consumers’ relationship with hold music. According to that, if there’s a big reason that people don’t like hold music, it’s not necessarily because they’re put on hold. Most people accept that’s a part of interacting with customer services.

However, 22.8% of people stated that one of the reasons that they don’t like traditional hold music is because the tracks are unrecognisable. 50.2% stated that if given the option, they would prefer to choose the genre. And unsurprisingly, “22% of the people surveyed said that hearing their preferred tunes would make them less anxious if an uncomfortable conversation was to be had.”

This suggests some customisation options, and autonomy would go a long way. There were a number of interesting startups at the event, who may be able to help with this.

What’s the Expo all about?

Next year’s Call & Contact Centre Expo is set to take place on 19th-20th November back at ExCeL London, and this is what you can expect. According to their website, it’s the ‘essential gathering for professionals in the customer experience and contact centre sectors’. Designed to address the rapidly evolving landscape of customer expectations and technological innovation, the expo promises to be a hub of learning, networking, and collaboration for industry leaders and practitioners alike.

As customer expectations continue to shift, businesses face growing pressure to adapt and innovate. The expo will highlight the latest technologies and strategies that are transforming customer engagement. From AI-driven solutions to cutting-edge communication platforms, attendees will gain valuable insights into tools and practices that ensure customer satisfaction in a competitive market.

A cornerstone of the event is its robust educational programme, featuring expert-led seminars, panel discussions, and live technology demonstrations. These sessions are tailored to equip professionals with knowledge of emerging trends and best practices shaping the future of customer experience. Attendees will leave with actionable takeaways to refine their approaches and stay ahead of the curve.

Networking opportunities abound at the Call & Contact Centre Expo. The dedicated VIP lounge and networking area provide attendees with spaces to connect, share insights, and forge meaningful relationships. Whether engaging with industry leaders or exchanging ideas with peers, the event fosters collaboration that can lead to innovative solutions and new business opportunities.

The expo also introduces a bespoke 1-1 meeting programme, enabling pre-arranged meetings between buyers and exhibitors. This tailored approach ensures that networking is both productive and targeted, allowing attendees to maximize their time and secure valuable business connections.

In addition to networking and learning opportunities, the event offers dynamic training workshops designed to enhance professional skills and business strategies. These hands-on sessions aim to deliver actionable insights that participants can implement directly into their organizations, driving tangible improvements in their operations and customer engagement efforts.

Be sure to catch more of our videos from the event, right here.

The post What is Your Favourite Hold Music? | Call & Contact Centre Expo 2024 appeared first on FF News | Fintech Finance.

It’s a really interesting look at how we can build globally competitive companies in Europe. Watch the interview to find out how…

• Hoxton Ventures combine European focus with Silicon Valley principles to scale startups internationally.
• How growth-focused valuations differ compared to the U.S. market.
• His thoughts on the future of cybersecurity.

Hussein Kanji is a founding partner at Hoxton Ventures, with significant experience in the VC industry, both in the U.S. and Europe, and offered a fascinating perspective for fintech professionals, bankers, and enthusiasts.

A Career Rooted in Early-Stage Investing

In the interview, Kanji began by explaining his role at Hoxton Ventures, a firm he co-founded a decade ago, specializing in seed-stage investments. His career path led him from building companies on the U.S. West Coast to joining a major American VC firm, and ultimately establishing Hoxton Ventures in London. His focus on early-stage investing stems from his entrepreneurial roots and a belief that the early phases of a company’s journey are the most rewarding, albeit risky. Kanji emphasized that identifying promising startups at this stage requires a blend of art and science. With three IPOs from 17 investments in their first fund, their record demonstrates their expertise.

The Early-Stage Appeal

When asked why he chose the risky early-stage market, Kanji highlighted its intellectual stimulation and potential to shape the future. He reflected on his early encounters with venture capitalists, noting how their role as financial enablers rather than creators aligned with his strengths. This inspired his shift from entrepreneurship to investing. Early-stage VC, according to Kanji, allows for profound impact by helping startups build a foundation for growth, often leading to transformative outcomes.

A European Venture Firm with a Silicon Valley Mindset

Kanji outlined Hoxton Ventures’ distinctive approach: combining a European presence with Silicon Valley principles. The firm prioritizes guiding startups to scale in the U.S., recognizing it as the world’s largest accessible market. This strategy often involves encouraging founders to focus on America early, despite the challenges of relocation and expense, as the U.S. market can exponentially increase a company’s size and valuation.

Another cornerstone of their strategy is leveraging Silicon Valley’s accumulated expertise. By maintaining connections with the Valley, Hoxton ensures its portfolio companies remain competitive on a global scale. Kanji emphasized the importance of understanding what “best-in-class” means by benchmarking European startups against their American counterparts, benefiting from decades of industry knowledge concentrated in California.

Challenges in the European VC Landscape

Kanji candidly discussed the challenges European startups face compared to their U.S. peers. He highlighted the cultural and structural differences that impact valuations, particularly in public markets. For example, high-growth companies like Darktrace struggled to achieve U.S.-equivalent valuations in the UK, partly due to the London Stock Exchange’s preference for dividend-paying, profit-oriented firms.

This discrepancy underscores a broader issue: the need for Europe to adopt a growth-first mindset to attract and retain high-potential startups. Kanji believes Europe is still in its early days as a tech ecosystem but is making strides. While the region produces unicorns, the challenge lies in scaling these into $100 billion or $500 billion giants. He suggested this requires fostering a more ambitious investment culture and addressing structural issues in capital markets.

Fintech, Cybersecurity, and Infrastructure: Key Trends

Though Hoxton hasn’t invested heavily in consumer fintech, Kanji expressed admiration for companies like Revolut and Monzo. He acknowledged a missed opportunity with Monzo in its early days but noted Hoxton’s strength lies in fintech infrastructure. One of their portfolio companies, Vitesse, exemplifies this focus. Vitesse simplifies financial operations for insurance firms, enabling efficient fund transfers while maintaining control—a critical innovation in the insurance industry.

On cybersecurity, Kanji commented on Darktrace’s privatization, viewing it as undervalued in the UK public markets. He suggested the company could achieve a higher valuation in the U.S., reflecting the difference in market attitudes towards growth and profitability. He also highlighted the strategic appointment of Darktrace’s CEO, Poppy Gustafsson, as the UK’s Investment Minister, signaling the country’s intent to improve its investment climate.

The Path Forward for European Startups

Kanji concluded by reflecting on the evolution of Europe’s tech ecosystem. While optimistic about the region’s potential, he stressed the importance of building world-class companies capable of competing globally. The key, he argued, lies in fostering a supportive investment environment that prioritizes long-term growth over short-term profitability, paving the way for more transformative success stories.

It’s a candid and thoughtful exploration of the venture capital landscape. You can catch other conversations just like this one on our website.

The post What if European Startups Had a Silicon Valley Mindset? | Hoxton Ventures | FF Virtual Arena #347 appeared first on FF News | Fintech Finance.