I was thrilled to take part in Money20/20 Europe this year, which was in person after a two-year hiatus. And it was great to walk the show floor and see the Verimatrix name on our booth! I found the event had a pleasant calmness, which seemed to encourage more free flowing conversations.
It also gave room for some of the smaller fintechs to show off their innovations – hopefully this is something we can see more of at future events. For example, we spoke with several companies that are disrupting the market by taking security sensitive operations and combining them with a mobile-first philosophy.
So, what were the main highlights from the show?
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Advances in App Security Monitoring
We were very excited to launch our new App Shield Monitoring service at the event! We’ve been working hard to make this service more than just the ability to see raw security information. App Shield Monitoring actually gives customers access to security insights about each app instance that is distilled into a risk score. It was great to take the wraps off and finally be able to demonstrate it publicly and get people’s reaction.
One of the main value propositions for the Money 20/20 audience is having security oversight of their entire mobile app install base. This resonated with everyone we spoke to, which was expected from this audience. Fintech, while very technology focused, is still in the finance business and fraud prevention is very important. In a mobile-first world, understanding the risk profile of the apps being used by customers helps manage the financial risk as well as the security risk.
Balancing “Know Your Customer” processes with privacy regulations
As anyone who has taken out a mortgage knows, traditional “Know Your Customer” processes are a painful barrier. It’s not uncommon for a bank to ask you to set up an “identity check” appointment before they will even discuss financial products with you.
In Amsterdam, we found many innovative companies solving this problem. Automation, self-service, and mobile first were the watch words; with a large amount of AI thrown in for good measure.
Each company we spoke to had a unique emphasis and value proposition – which was great to see as these weren’t identical solutions by any means. They all have one thing in common though: lots of sensitive personal data was passing through their mobile app. This brings in privacy regulation compliance considerations.
The key learning for anyone developing a mobile-first know your customer (KYC) product is to take the time to do a data flow analysis of the app (good advice for any app, not just KYC). This can quickly highlight where sensitive data is being processed, stored, and transmitted. Once identified, make sure the app is secure and the data can’t be easily syphoned off.
There’s no doubt fintech is still an industry full of innovation and disruptive ideas. We now look forward to comparing the trends and themes from Money20/20 US.
If interested in hearing more, here is a video of the interview I did The Fintech Times at Money 20/20 Europe where I expand on these themes and security challenges.
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