In October, I had the privilege of representing Luby at Money 20/20 USA 2024, one of the most important events in the global financial industry. This year, Las Vegas became the epicenter of innovation, bringing together visionary leaders, disruptive startups, and industry giants to discuss the future of money.
The event featured deep discussions on artificial intelligence, open banking, and instant payments, but what stood out was the ability to turn these trends into real-world solutions for businesses and industries. Today, I want to share some practical examples of how these innovations can be implemented and why they matter to your business.
Key trends and discussions
1. AI at the heart of financial innovation
It’s no surprise that generative AI was one of the hottest topics this year in Money 20/20. Organizations of all sizes are exploring how these technologies can not only optimize internal processes but also transform the customer experience. From highly personalized chatbots to fraud prevention systems that learn and adapt in real-time, practical applications are becoming the new standard.
At Luby, we’re already applying AI to customer projects such as financial product recommendation systems and proactive risk detection in banking transactions. These solutions increase efficiency and provide users with a safer, more intuitive experience.
Banks and financial institutions are increasingly using generative AI to identify suspicious patterns in real-time, reshaping their approach to security and operational efficiency. This approach mirrors our work with Papaya, a payments fintech that uses computer vision to automate bill payments. Our solution processes digital documents with exceptional accuracy, eliminating human error and significantly speeding up validation workflows.
2. Open banking and the future of financial data
Another key focus on Money 20/20 was the progress of open banking in the US. With new regulations on the horizon, the market is gearing up for a significant leap in innovation and competition. Open data promises to empower consumers, giving them greater control over their financial information and access to personalized services.
We’ve seen first-hand how integrating open APIs can accelerate the development of financial products. For example, we partnered with Caliber, a fintech company specializing in loans, to develop a solution that connects different financial institutions and enables the aggregation of bank data for more efficient credit analysis. This integration not only improves the customer experience but also paves the way for new, personalized financial products.
3. Instant and cross-border payments
Advances in instant and cross-border payments were another highlight. With the growth of global trade and the gig economy, the need for fast, frictionless payment solutions has never been greater. From instant international remittances to digital wallets that bypass intermediaries, the use cases presented were impressive.
One practical example is our work with CETESB, where we automated the system for collecting environmental fees. We developed a platform that enables instant payments and real-time tracking, increasing transparency and efficiency for businesses and citizens alike.
4. Financial inclusion and ESG
Financial inclusion and ESG (environmental, social, and governance) practices also took center stage. The message was clear: it’s not just about doing good, it’s about creating sustainable and profitable business models.
One inspiring example came from a fintech that uses AI to offer microloans to underserved communities, with terms tailored to their local circumstances. At Luby, we’re exploring partnerships to implement similar solutions in Latin America, a market with huge potential for financial inclusion.
How these insights impact your business
What became clear at Money 20/20 USA 2024 is that the financial sector is at an inflection point. The changes we’re seeing aren’t incremental; they’re reshaping the rules of the game. For companies that want to lead, now is the time to act.
At Luby, we believe that true innovation happens at the intersection of technology and strategy. That’s why we not only monitor these trends closely but also work side-by-side with our clients to implement them in practical and effective ways.
If your organization is ready to turn these trends into actionable results, let’s connect. We’re ready to build the future together.
– Alon Lubieniecki, CEO of Luby
