Explore exciting new financial service destinations with us at Money20/20–and beyond.
The Galileo Expedition can continue even after Money20/20—we’ve gathered additional content related to the topics covered during each of our sessions, enabling you to dig even deeper as you plot your next step toward financial services’ exciting future.
What is covered?
The expedition goes on.
Click the links to access session recordings and other assets.
Revolutionize Your Bank with Next-Gen Core Systems
With the financial services landscape shifting rapidly to digital-centricity, many legacy banks are hamstrung by outdated core technologies with insular ecosystems, vendor dependencies and skyrocketing upkeep costs. Faced with this challenge, such institutions must reinvent, embracing a modern tech blueprint anchored in next-generation core banking platforms that can deliver the customer experiences and business efficiencies necessary to remain competitive as the industry evolves.
Banking’s digital transformation is driving an urgent need to modernize for financial institutions that want to remain competitive against neobanks and other digital-native challengers operating on modern, nimble, cloud-based technology stacks.
Next generation core banking systems aim to break down the barriers that limit financial institutions in their digital banking transformation process by offering financial processing platforms based on modern, scalable, flexible, and open architectures supported by the following pillar.
Customers–both consumers and business users alike–are more exacting than ever when it comes to digital banking–and many of their demands are going largely unmet.
Unlocking the Customer Experience with Conversational AI
For financial services providers, artificial intelligence offers the potential to dramatically streamline customer service processes, with AI-powered digital assistants able to address a significant percentage of customer questions without involving a human agent. But it’s not just about lowering costs. AI-optimized service can actually drive positive experiences that enhance customer engagement and satisfaction, turning a longtime pain point into a value-added differentiator.
Read the case study to learn more about how Galileo helped SoFi optimize customer support by leveraging state-of-the-art conversational AI technology.
One of the largest operational costs for a bank is training, managing and effectively coordinating their call center employees. Konecta helps lower that cost in three specific ways.
The use of bank chatbots is indeed on the rise – projected to be used by more than 40% of the population by 2025. It’s no surprise that the use of chatbots in banking is estimated to generate operational cost savings of $7.3 billion globally, but the real opportunity goes well beyond the basic chatbot and simply trimming business expenses.
Jumpstart Payment Fraud Prevention
Fraudulent payment card transactions are forecasted to reach $38.5 billion in volume by 2027. To protect against this ever-evolving fraud threat, businesses must meet the challenge head-on, leveraging artificial intelligence and machine learning technologies to analyze transaction data, as well as tapping insights from experts who know how to interpret fraud trends in real-time. In this environment, it’s critical for corporate leaders to ensure their defenses are up to the task, so they can focus on what’s most valuable: serving their customers and growing their business.
Today’s fraudsters are perpetrating new schemes at speed and scale, and the impact to businesses is nearly $30 billion a year. Payments card fraud transactions will rise 20% to $38.5 billion by 2027.
To help you evaluate what’s really needed to quickly and cost-effectively detect and minimize payments fraud, protect your organization and minimize friction for good customers.
Galileo Payment Risk Platform is a real-time risk analysis and fraud detection engine that empowers banks and fintechs to stay ahead of existing and emerging fraud threats by using rules, machine learning, artificial intelligence, and consortium data to identify and analyze patterns and anomalies, ensuring secure transactions for customers.
BNPL: The Golden Opportunity for Financial Service Providers?
Established Buy Now, Pay Later providers often rely on limited customer data when making lending decisions–an approach that has raised risk flags and drawn attention from regulators.
This increased scrutiny of prevailing digital point-of-sale financing models could be a prime chance for financial services players to get into the game, leveraging some key advantages to better serve one of the fastest-growing demand areas of financial services and capitalize on what could be a transformative market opportunity.
Banks and fintechs now have more control with payment plans and our new solution makes repayment flexibility available to more consumers in the U.S..
From banks to credit unions and neobanks, financial institutions should ride the wave of demand for consumer-friendly BNPL solutions, or risk being swept away from their most valuable customers.
Pay over time options – often referred to as Buy-Now-Pay-Later (BNPL) – are creating behavioral shifts that change how consumers and businesses engage with financial providers and retailers.