A few things that caught my eye from the second day of Money 20/20:
On artificial intelligence
AI powered personal assistants like Alexa will be your proxies in the real world, curating offerings based on your preferences while shielding you from undesirable ads. Think of the movie Her.
Slow adoption within companies can be attributed to negative perceptions (think Skynet from Terminator) as well as failing to understand and explain how the AI reaches a conclusion.
The next big tech companies will be underpinned by AI.
On open banking and APIs
The biggest challenge to developing APIs has been data and payment rail access. The business model for open banking is not new, we're just seeing an effort towards standardisation.
Standardization is the key to growth and widespread use.
API are not the end all to open banking but a means to an end – nowhere is the term mentioned in PSD2.
Numerous comparisons can be drawn between the dot-com bubble of the late 90’s and the ICO craze of late.
Surprisingly, one panelist commented that the lack of regulation is not the problem in the ICO space. Rather, there’s too much regulation; make it fit in the existing frameworks.
Chinese powerhouse Ant Financial takes data seriously; employees spend one fifth of their time on information security.
There is a disconnect between insurance penetration and mobile penetration, where the high rate of the latter presents a great sales channel for the former.
Some advantages for telcos selling insurance: increased loyalty and spending as well as leveraging existing unique customer data.
Major advantage for insurance companies partnering with telcos: access to a large digital sales channel.
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