Promoting and Improving Financial Health on Day Two of Money20/20 USA

October 29, 2019

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Audience members during day two of Money20/20 USA (client) learned how the industry is championing a more financially-secure world. Through initiatives like creating digital wallets, targeting Gen Z and placing a greater emphasis on education, leading companies are aiming to make the financial system more accessible across the board.

Day Two

Digital Wallets

David Marcus, head of Calibra, took the stage to discuss Calibra’s future and address recent headlines about the company. Marcus remains confident and positive about Calibra’s success, highlighting its goal to build new payment rails and be the most secure way of moving money. He expects to see banks joining the Libra Association, the independent governing body that oversees Libra, once they have further clarity on regulation.

“They [consumers] will trust us because we will provide a lot of value, we’ll make strong commitments and we’ll be very good at sticking to these commitments for long periods of time,” Marcus said.

Personal Finance Apps

Attendees also heard from Jason Wilk, CEO and co-founder of Dave, the number one personal finance app in the United States. With more than 2 million Gen Z users, Wilk spoke to how the app was designed specifically with this generation in mind. By analyzing customer data, which revealed Gen Z’s demand for simplicity, the team created what Wilks describes as a “picture book” for managing finances. The app also includes features geared toward this audience, like AI to predict user spending habits and a spinoff product that aggregates local opportunities for users to make extra money on the side – a nod to the entrepreneurial/gig behaviors of Gen Z.

Wilk’s advice when targeting Gen Z: create a streamlined and personalized customer experience and be open to shifting communications channels to better reach this audience.

Financial Literacy

The show’s major keynote this year was Charles Schwab, founder and chairman of The Charles Schwab Corporation. In addition to sharing personal anecdotes about his career, Schwab discussed the lack of financial literacy in the U.S. and shared insights on how the industry can help solve these challenges by offering more education and providing easier and better access to services. This, along with staying one step ahead of consumer needs and being more affordable than competitors.

Additionally, some of the big news of the day was Peter Hazlehurst, head of payments at Uber, announcing the launch of Uber Money, which will include a digital wallet and upgraded debit and credit cards. The move signals Uber’s continued push into financial services and addresses the challenges of Uber’s gig workers.

Looking Ahead

Tonight, we’re excited to be hosting an important discussion with Money20/20 about the gender pay gap. Attendees will have a chance to dissect the issue, its impact in the financial services space and explore how the industry can come together to combat it.

Be sure to keep following @Money2020 and @Fleishman for more exciting updates and powerful conversations!

Day Two of Money 20/20 USA featured discussions around practices for building a more financially-secure world.