Money 20/20: From agentic commerce to lessons for fintech marketers 

Agentic AI was a hot topic at this year’s Money 20/20. One of the most well-attended sessions of the conference was a talk titled, ‘Is the financial services world ready for agentic AI?’. The discussion drew such an audience that a significant number of delegates crowded round beyond the packed seating area to learn about the foreseeable applications of the technology, as well as its implications regarding payments infrastructure, security and other risks. 

The topic of agentic commerce, which panellists believe will be ubiquitous by 2030—a view shared by opening keynote speaker, Rahul Patil, CTO at Stripe—served as a succinct use case that reveals both the stunning potential and inherent risks with agentic AI in financial services. For example, when agents have the power to make transactions on our behalf, who is liable when things go wrong? How do we build in the necessary guardrails and procedures that will enable agentic commerce to deliver nothing short of a revolution in customer service and experience?  

Of course, so much relies on how the supporting infrastructure advances in the intervening years. With some exhibitors already talking up their agentic capabilities and offerings, we will likely see a growth in the number of fintech partners that specialise in agentic AI exhibiting at future conferences.  

A key thing to remember is that AI agents are not exactly the same as agentic AI. The former refers to targeted use cases where AI agents perform specific tasks. They are limited in scope by design and typically limited to an organisation’s own IT systems. Agentic AI refers to fully autonomous, intelligent systems that can learn and reason and perform multiple tasks without human intervention. Taking the example of agentic commerce, agentic systems could learn a user’s unique behaviours and adapt quickly should their circumstances or requirements change. For example, if a customer’s behaviour changed wildly, an agentic system could flag potentially fraudulent activity and take steps to protect the customer, which is far beyond the capability of AI agents currently.  

Inside the mind of the fraudster: “We will always find a way” 

Another fascinating session saw ex-fraudster Alex Wood talk with Gus Tomlinson, Managing Director, Identity Fraud at GBG, about the extraordinary lengths’ fraudsters will go to get what they want.  

Alex took us through the psychological profile of a fraudster, even admitting that psychopathic traits are common among his former cohort. Traits such as a complete lack of empathy, a relentless attitude towards getting what they want, and at any cost, and delusions of grandeur are what victims are up against. Alex told of loyal and highly adaptable criminal networks, where those with the required skills can be brought in with ease and who will work tirelessly to find vulnerabilities.   

He spoke to the importance of zero-trust principles, training employees and ensuring security protocols are revised, reinforced and tested regularly. Alex advised that fraudsters won’t give up and “will always find a way”. As AI is used to enhance social engineering techniques, as well as deep fakes and voice-cloning, this message must resound when organisations come to assess their security postures as the threat landscape is expanding at an ever-greater pace.  

Alex gave up his life of crime after a victim impact statement was read out in court, which laid out the various ways his actions had destroyed a man’s life. In short, after realising the magnitude of the £1.5 million scam that had befallen him, Alex’s victim suffered a stroke from the shock and lost his business. Up to that point, Alex said he had never even considered that his victims were real human beings, which is the mindset that allowed him to pursue them so relentlessly. It was a stark reminder to remain vigilant and never let your guard down when it comes to ensuring you, and your business, are secure. 

The importance of showing up: a lesson for fintech marketers 

With the final day of the conference having more of a focus on the marketing side of fintech, we attended a discussion between Beth Saint, CMO at Schroders, Philip Davies, EMEA president at Siegel+Gale, and Anouschka Elliott, former head of global marketing at Goldman Sachs Asset Management.  

The talk centred on how effective brand strategies can unlock growth in financial services, with a core theme of ‘showing up’ for customers. The panellists agreed that a powerful brand strategy influences the operating protocols and wider strategy of a business, from how it approaches customer experience and marketing, right the way through to sales processes. As Anouschka Elliott put it, “It allows businesses to make shortcuts when making decisions around how they show up for their customers every single day.”  

In essence, by defining a true north for their brands, fintechs and financial services organisations can do away with claims of being innovative and a “market leader” and stating how trustworthy they are. This is because a good brand strategy is consistent and shows customers and stakeholders what you are and what you stand for, which is far more effective when it comes to building long-term trust and credibility. 

Beth Saint used the example of showing up for customers in the face of tumultuous geopolitical situations and the subsequent macroeconomic headwinds that follow. Organisations that communicate with customers and reassure them during difficult times stand to increase market share, not because they are overtly seeking to capitalise on uncertainty, but because sometimes awareness is just about being visible in challenging times.  

Finally, an essential piece of advice from the panel was to use evidence and data to get buy-in. A strong brand strategy is essential, but it must be built on robust research and insights, according to Davies. This is the key to getting buy-in from the C-suite and other stakeholders, as it provides a clear link between creative decision-making, brand strategy and building reputation. 

As fintech marketers, particularly on the agency side, we know how fruitful data insights are in determining go-to-market messaging and strategy for our clients. The data never lies, and knowing and operating on what’s true is the key to building a brand strategy that resonates because it is authentic.