They say what happens in Vegas, stays in Vegas, yet people leaving the Railsr Money 20/20 USA booth will be spreading the Credit-Card-as-a- Service message far and wide.
For five days the Railsr US team were out in the desert, at The Venetian hotel, talking fintech with customers, new prospects and the media.
It is reckoned that over 17,000 people had personal eye-balls on this event and the team reported brisk business at the booth. Over 120 Railsr scheduled meetings were completed, together with a couple of hundred drop-ins - we know, because we scanned attendees in for the chance to win either AirPods Pro, or an Apple Watch.
Paul Flanigan
Paul Flanigan, Head of Infrastructure & Operations in North America, was happy: "Our messaging resonated with prospects. Through demos and case studies we were able to demonstrate the power of embedded finance. There were many 'click/ahh ha' moments as people realized Credit-Card-as-a-Solution offers unprecedented ability to design a card program that integrates with their brand AND can drive their overall strategy.
"There were several we spoke with that recognized the complexity of the solution we built and the value of utilizing one partner, one contract to deliver the solution. Some specifically mentioned going down the path of building on their own and getting frustrated by the complexity/time/expense involved.
"It was also helpful to have some face to face time with some of our key vendors/partners so they could better understand our value prop and where they fit in.”
Eugene Farber
Eugene Farber, US Marketing Manager, welcomed the introduction of a number of themes into this year’s event.
“Most interesting for me was the excitement coming from the LatAm markets. Fintech is a growing phenomenon in Latin America and there was a lot of discussion about how the market is being developed.
“Also very welcome was the focus on diversity and women in the industry. Fintech has always tried to lead here, so it was good to see the amount of air time it had throughout the event.
“Other stand-outs for me were the influence of Web 2.5, AI and how, despite the crypto winter, it hasn’t discouraged the companies involved in this industry still pushing for innovation and the potential adoption of a wide range of solutions.
“Fraud and security was also high on everyone’s agenda and featured in a large number of our meetings. This is always a talking point at these industry events and rightly so.
“I also noticed an entire track of talks about cannabis and payments, which is a new one for me and reflects how the industry is happy to take on new challenges and customer requirements.”
Westlake
The team also had a number of key media meetings, with many following up on the news of our partnership with Westlake which has chosen Railsr to build and scale its new credit card offering.
Westlake Financial is a tech-driven, privately held finance company that specializes in the acquisition and servicing of prime, near-prime, and subprime automotive retail instalment contracts.
This credit card will be initially offered to Westlake’s existing customers who can now integrate the company’s services throughout their entire finance journey.
The unique offering will provide users with cashback on all purchases, including 2% back on all qualified auto purchases. With credit limits up to $10,000, the Westlake Financial Black Credit Card is a competitive option for customers looking to strengthen their credit and save money. The Railsr partnership is key for empowering Westlake with valuable data to customize these rewards.
Rohit Chopra
As for talks, top of the pile was the turn from Rohit Chopra, Director of the CFPB.
A rapt audience listened to the director's remarks, which focus on Section 1033 of the Consumer Financial Protection Act. This will instruct financial institutions to share consumer data upon a consumer request.
From what was said, it looks like the rules outlined in Section 1033 will see the light of day in the first half of 2024. The main take-out from the speech was that the movement of banks towards open banking will be achieved in incremental stages, not in one go. And that initially, the rules will cover credit cards, deposit accounts, prepaid cards and digital wallets. Chopra made it clear the ultimate aim is more competition.
Serena Williams
Adding the celebrity glitter was international tennis supremo Serena Williams. She was on stage with Takis Georgakopoulos, global head of payments at JP Morgan and Scarlett Sieber, Money20/20’s chief strategy and growth officer.
Williams is now involved in venture capitalism and said this about her own approach to early-stage investing: "The valuations are so small that it’s a huge risk, and I like to win. When you invest that early, you might get one winner out of 20. For me, I’m like no, I really love all these companies – they all are like someone that I believe in. That’s why we pick them, that's why we work with them.”
And who could argue with that?