Money20/20: Resources Are Still the Focus

Money20/20 is an annual event that brings together the world's best financial companies, mostly in the fintech, payments, and banking sectors. Despite the economic and social damage of COVID‐19, this year's event took place offline, which gave visitors the opportunity to see old friends and make new ones. This year, the event was attended by DataArt’s VPs of Business Development — Matt Ambrogi, Maureen Fitzpatrick, and Neil Smullian.
3 min read
12/15/21
By Alexey Ivachkin
Marketing Coordinator, Finance Practice
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Money20/20: Resources Are Still the Focus

This year's Money 20/20 event was well attended and attracted a large number of specialists from a variety of fields. For obvious reasons, it was not as crowded as previous events, but this did not prevent almost 4,000 people from gathering under one roof. Most of the attendees were business-oriented, with product management people, CFOs, and COOs in the majority.

The organizers created a comfortable environment suited for effective networking. There was a well-oiled networking app that let visitors schedule meetings. As a result, it was easy to set up calls and personal meetings beforehand. The app itself assigned a location to meet at automatically, which was very convenient because there was a large meetup area at the event that was easy to get lost in.

As for the companies that came to the event, this year there were a lot of companies involved in payments and cryptocurrency. Their presence was particularly noticeable, many of them had their own booths, and they also organized drinks at the event.

Many participants were focused on blockchain technology, which continues to gain traction in the industry. A large number of companies that came to the event were interested in the blockchain, and there was a lot of talk about this technology.

Unlike previous events, this year's line-up was more democratic. More and more startups are showing interest in the event, which refreshed the atmosphere and reduced the hegemony of enterprise companies. There were many innovative online wealth management companies and startup insurance groups catering to niche markets. Participants were also interested in security issues, and there were some anti-fraud companies at the event that were willing to satisfy that interest. The topic of platformization has also gained traction in the industry. Companies are increasingly taking their offerings and exposing functions and behaviors via APIs. This allows companies to modularize their architecture and clients – to cherry-pick from their offerings.

DataArt’s representatives found that one of the most urgent problems was resources, not technology. Many companies complain that they still use outdated technology with little support. They invariably said that they need help modernizing their architecture and finding qualified resources. For a lot of these companies, the most painful issue is moving to cloud, and they struggle to find certified engineers to perform this migration.

Common reasons for needing these resources include an increased emphasis on technology, and cut-throat competition for good technical talent amid a tight recruitment market. Small companies, in particular, suffer because they cannot get to the resources they need. Oftentimes, they look for these resources locally or internally, and they often fail to find the correct talent, or their internal staff lacks bandwidth to carry out the tasks. Some of them may have used the consultancy services in the past that were unable to provide the necessary resources.

All in all, startups and large enterprises alike participated, and there were ample opportunities for networking, to the great credit of the organizers of Money20/20.

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