Money Experience Summit 2020 Day 1 Highlights

With 30+ presentations and discussions from leaders inside of and outside of financial services, Day 1 of the Money Experience Summit 2020 was full of actionable insights.

Common themes included how to excel at customer advocacy, understand consumer psychology, overcome seemingly insurmountable challenges, and lessons learned over the course of a career in financial services.

Here are a few of the many stand-out quotes:

“The reason that so many people make poor decisions around money is basically because of fear of one kind or another. … There is a vast gap between our declared preferences, what we say we'll do, and our revealed preferences, what we actually do.” — Stephen Dubner, on how consumers make money decisions

“You gotta take those moments and say, 'Alright, let's learn from this, and let's push harder going forward and not give up.' — Gabby Douglas, on how she managed to overcome adversity to become a 3x Olympic gold medalist

“In my 20 years experience the most impactful management lesson I’ve learned is stewardship delegation. Stewardship delegation focuses on the end objective that needs to be achieved and it leaves room for the doer to choose their own path or the method to get there.” — Brady Harris, CEO, Dwolla

“Rethinking how the experience can work from the customer's point of view is so valuable. There is so much that we in banking can learn from Apple and Google that do this better than anyone else.” — Justin Adler, Co-founder & Chief Operating Officer, NorthOne

“Customer advocacy is not just knowing what to do and how to do it but making sure you’re able to do it quickly. If you know what’s right for your customer and you take too long to mobilize you lose the opportunity.” — Mary Kate Loftus, SVP Digital Banking, M&T Bank

“Representation matters especially in tech, where you have been building on legacies of networks and privileges.” — Mehrsa Baradaran, author of The Color of Money: Black Banks and the Racial Wealth Gap

“Be inquisitive. Ask the question 'why?' or 'why not?' as much as possible. Because if you don't, you're not going to be able to build something great.' — Allen Schramm, VP, Procurement Strategist, KeyBank

'The tools that we're integrating with MX have helped provide context that a lot of people don't have anymore when it comes to spending.' — Clinton Hess, VP of Financial Analysis, Alaska USA