Money20/20 USA Day Three: Championing the Customer Experience
On day three of Money20/20 USA (client), attendees heard about the emerging technologies that are revolutionizing how consumers interact with financial services companies.
FleishmanHillard also moderated a panel with leading CMOs and co-hosted an impactful conversation about the gender pay gap.
The AI Opportunity
“AI is fundamentally rewriting how financial services will be delivered,” said Tammy Petro, executive director of wholesale payments at J.P. Morgan (client).
Petro was joined by Zor Gorelov, CEO and co-founder of Kasisto, for a fireside chat about how AI is changing the customer experience for business banking. Together, they discussed the benefits of AI, including implementing virtual assistants, like Kasisto’s KAI, to improve customer interactions. They also deliberated the importance of AI adoption for the broader financial services industry, especially as consumer expectations for this type of technology grows. However, both speakers agreed that although there is a use case for digitized support in financial services, humans aren’t going anywhere. Petro noted that J.P. Morgan will always have customer service agents, and Gorelov believes we’re still decades away from general AI that can mimic humans in every way.
A Digital Shift in the Banking Landscape
One of Tuesday’s most interesting keynote sessions was a panel featuring the founders of Chime, Varo and Grasshopper – all companies that provide various digital banking services to consumers, businesses and entrepreneurs. The panelists engaged in an animated discussion about the need for alternative banking options, especially for consumers with limited financial assets, and why now is the right time for new, disruptive digital models to enter the banking space.
All three companies are focused on innovation and technology that help deliver a better customer experience. The speakers also stressed the importance of understanding consumers’ complex financial needs and addressing their challenges by offering services they can’t always get at larger, more traditional banks. For example, Judith Erwin, founding CEO of Grasshopper Bank, highlighted that wire transactions at Grasshopper cost $1.13, while most big banks charge anywhere from $25 to $50 for the same service.
A meaningful quote from Colin Walsh, CEO and co-founder of Varo Money, illustrates why digital banking leaders say it’s time for a change, “There are too many consumers underserved and overcharged by existing banks.”
The Power of Marketing and Communications
The CMO Power Lunch featured marketing and communications leaders from Marketo/Adobe, Refinitiv (client), Synchrony and Western Union (client) for a conversation about the opportunities and challenges executives in the financial services industry face. The panel was moderated by Marjorie Benzkofer, FleishmanHillard’s chief strategy officer.
Panelists discussed the importance of putting the customer at the center and identifying new ways to meet their needs through initiatives like experimenting with digital innovations, sharing compelling content and leveraging data to offer more personalized experiences. The role of trust, transparency and accountability was another key theme.
“You want your love tank to be totally full with love from your customers,” said Sarah Kennedy, chief marketing officer at Marketo and vice president of global marketing at Adobe.
The conversation also took on the impact of societal issues, and how brands should address them in marketing and communications strategies. Nicole Vogrin’s, chief corporate affairs and communications officer at Western Union, advice to executives who speak out about social issues was, “stick to the facts” and approach it as an opportunity to educate.
The Future is Female
The day culminated with dinner and conversation at an event hosted by Money20/20 and FleishmanHillard. Thought leaders in the financial services and fintech space came together for a discussion about closing the gender pay gap in the industry. The attendees explored who is ultimately responsible for inspiring change on this topic, with many agreeing that championing this issue starts at the top, but noting that grassroots efforts are needed to bring it to life and ensure accountability.
The group also debated where the fight for more women in leadership fits into the equal pay discussion, and shared thoughts on which one will come first. Women’s roles as caretakers, and how it is often a barrier to gender parity, was also a key theme of the night.