This week Copenhagen held the first European Money2020 conference, showcasing the global fintech industry. The talk on the conference floor seemed to evolve around the rise of "neobanks", or app-only banks, machine learning and AI capabilities and (not surprisingly), the shift in valuations towards more sane numbers. It took some time, but seems the industry is clear now that banks will not crumble to the ground, but will rather partner with new fintech startups to generate better, cheaper and sexier services for consumers.
It feels like everyone is looking at artificial intelligence (AI) too. Throw a rock in the Bella Centre in Copenhagen this week and you'll likely hit someone who's building machine learning into their new app in one way or another. This often ties into financial management — a robot that learns your spending habits to try and rein them in — but not always. AI expertise could be a more defensible advantage as I suspect getting that right may be harder than data analytics on your spending. We'll see.