The Money20/20 conference in Vegas was filled with excitement as attendees explored the latest technologies and upcoming trends in the future of money.
Hackathon teams help build solutions for SMBs
We kicked off the week’s events with the Money20/20 2017 Hackathon. Worldpay challenged teams to develop an innovative application or solution that enhances either a consumer’s purchasing experience instore or online, or provides benefit to small or medium size business owner. We saw so many incredible pitches from this year’s teams, but the winner of the Worldpay Hackathon Challenge and 2nd place winner overall was Ashwin Kumar of Team Spaces.
Ashwin reached out to real business owners to identify the key challenges that directly affected the success of their business. For small merchants, the ability to determine the best layout for displaying products in their stores was one of them.
The solution created by Team Spaces solves for this by analyzing consumer data and foot traffic to help owners make the best decisions for where to position products their stores.
Omni-channel payments are the future of customer experience
Multiple Money20/20 sessions focused on the customer experience and meeting their changing expectations with omni-channel. Worldpay US CEO, Kim Crawford Goodman, joined industry leaders from Google, Square, and Ayden to talk about the challenges of omni-channel adoption in panel session, “Omni-Channel Payments: Powering the Next Generation In-Store Experience.” Today, there are more options available to small merchants when it comes to omni-channel payments solutions, giving SMBs the opportunity to enhance customer experiences. To understand omni-channel, merchants need to stop thinking about “channels” and start thinking in terms of the experience of the consumer. Modern consumers expect a seamless, holistic buying experience from end to end.
Worldpay Total: Omni-Channel Payment Processing
Data is king
Richer data sets are starting to provide more meaningful insight to understanding consumers for making better business predictions. This data has becoming more actionable for businesses to understand their customers and deliver more personalized consumer experiences. AI allows businesses to service more people quicker and with fewer resources, making a huge impact on small business growth. Steve Wozniak, Co-founder of Apple, says when it comes to adopting AI in business, “Robots should be our best friends. If you're scared of AI, how are you going to stop it from happening? You can't. You'll just get in the way of the steamroller.”
Blockchain is on the rise
Blockchain appeared in conversations across tracks, including banking, payments and security. Most of the show’s speakers agreed blockchain technology will fundamentally transform the way people send and receive digital payments in the future, but it still has a ways to go. Bitcoin and other forms of cryptocurrency are considered to be unstable by industry skeptics. Either way, banks will need to deliver more disruptive solutions in order to compete with blockchain and other payments technologies in the future.
Even more highlights from the show:
Natalie Jacks is the Content Marketing and Social Media Manager at Worldpay. Natalie is experienced in developing social media and content marketing programs for high-growth B2B technology companies. Through the effective use of original content and social media marketing, Natalie helps companies drive thought leadership, generate business, and turn loyal customers into fans.