Money20/20 USA is a couple of weeks away, and the scars on my feet from last year’s event still have not fully healed. Money20/20 is the largest event for financial services, and it presents an amazing opportunity to find out what is happening in our industry as well as connect with colleagues from across the globe. This year, I’m excited to be hosting a panel with representatives from Western Union and TD Bank titled How Technology and Collaboration Will Bridge Banking and the Money Transfer Business.
By Sanjib Kalita, Editor-in-Chief, Money20/20
This article was originally published on Money20/20.
We are in the midst of seismic societal changes of how people interact and transact. Across societies, geographies and segments, digital is the new norm. Change has accelerated, placing greater value upon flexibility and speed. Historically, money and finance have been among the more conservative and slower changing parts of society, but this has changed dramatically over the past decade by viewing money as an instigator of change rather than a lagging indicator.
Last week at InsureTech Connect in Las Vegas, Aite Group hosted our inaugural Fraud Roundtable and Networking event. In attendance were life and property and casualty (P&C) carriers that came together with a common purpose: to discuss application and claims fraud. Our intention was to spur active discussion about the human element of fraud, explore ways to identify it, and discuss strategies to prevent it. We focused on three main categories of fraud detection and prevention with our event sponsors and carrier panelists:
In the last 48 hours, three of the four largest discount brokerages have cut their commission charges on trades to zero. Combined, Charles Schwab (who commenced the expedition to zero), TD Ameritrade, and E-Trade have US$2.35 trillion retail client assets and over 28 million brokerage accounts. Thus, the switch to zero commission by these three firms enables the majority of U.S.-based clients engaged with retail brokerages to now use their services for free.
FinovateFall is right around the corner, as hard as that is to believe (how is it already fall?). This is always one of my favorite events, as startups and established players introduce their latest financial technology innovations and inventions. This year, I’m excited to be participating on the main stage as I help FICO unveil its newest innovation, Falcon X.