Mano Bank's Takeaways from Money 20/20: Exploring the Latest Trends Shaping the Future

VILNIUS, Lithuania - June 17, 2024 - PRLog -- Mano Bank, a specialized European bank, participated in Money 20/20, Europe's premier fintech event held in Amsterdam on June 4-6, 2024.

The Mano Bank team gained insights from the conference, which highlighted 4 trends.

Artificial intelligence (AI)

Speakers emphasized how AI can transform customer interactions, enhance security measures, and broaden access to financial services. The AI in financial services market is projected to exceed $61 billion by 2031, with over 80% of banks recognizing its potential. The financial services industry invested an estimated $35 billion in AI, (https://www.statista.com/topics/7083/artificial-intelligence-ai-in-finance/) in 2023, with the banking sector accounting for approximately $21 billion of this investment.

"AI increases the ability to proactively understand customers' real expectations and behaviors. By applying AI thoughtfully, banks can enhance the overall customer experience, bolster risk management processes, and even contribute to a higher level of customers' financial literacy through AI-powered gamification elements. However, AI requires very good data collection and processing capabilities, and that's our main focus right now," stated Giedrė Blazgienė, CEO of Mano Bank.

Payments

Recent payment trends highlight significant technological advancements, such as real-time and P2P payments. Non-cash transactions are projected to grow by 16.6% annually, reaching $2.3 trillion by 2027. Instant payments and e-money are expected to rise from 17% of global non-cash transactions in 2022 to 28% by 2026.

"The latest trends in payments indicate a continuous shift towards digital and automated solutions. Innovations such as real-time payments, digital wallets, and blockchain technology are transforming how transactions are conducted, increasing efficiency and reducing costs. Mano Bank expanded its services with SEPA Instant transfers in May 2023. Currently, instant payments already account for 65.82% of all payments, according to the number of transactions," said Blazgienė.

Open banking

Open banking is transforming the financial industry, offering businesses opportunities to leverage data for revenue generation, cost reduction, and improved customer experiences. Real-world case studies at Money 20/20 showcased how companies use open banking data beyond payments, integrating it into diverse industries like healthcare and transportation. The shift towards "Open Everything" and the critical role of interoperability were key themes. Data protection and the requirements for business models centered on data movement were also central to the discussions.

"With reports stating that open banking users in Europe will double by 2027, we see the need for Mano Bank to focus on strategic data utilization and security resilience as we expand our open banking capabilities. For Mano Bank, leveraging open banking data will not only enhance our customer experience but also open new avenues for revenue generation and cost reduction, driving significant growth and efficiency," continued Blazgienė.