The Big Themes from Money20/20: Why Banks Are Back, AI Is a Risk, and Financial Inclusion Finally Matters

By Alessandro Hatami, European banking innovation expert and co-author of Reinventing Banking and Finance and Inclusive Finance.

Just like that another Money20/20 is behind us — and this year, the floor buzzed with a new reality. The banks weren’t relics trying to catch up; they were prowling the floor in deal-hunting mode, setting the pace. Meanwhile, the most powerful force in the room — agentic AI — was also the least understood, raising urgent questions about governance and control.

After years of fintech-led disruption, the power balance is shifting again. Banks are back on the front foot — but this is no time for complacency. With agentic AI, digital currencies, and financial inclusion all moving centre stage, institutions’ choices will define whether they lead or lag in the next wave of innovation.

Here are my four key takeouts.

1.      Agentic AI — banks must not build black boxes they can’t control

Agentic AI was the most powerful — and potentially the most dangerous — technology on display this year.

While recent hype has centred on generative AI, the spotlight at Money20/20 shifted to agentic AI: systems that can plan, make decisions, and take autonomous actions. For banks, the promise is enormous. Agentic AI could power hyper-personalised customer engagement, drive next-gen fraud detection, optimise risk management, and even run complex trading operations.

But the risks are equally profound. Could it be that many banks are rushing to deploy agentic AI without embedding the right governance? The danger here is that they could end up with black-box systems whose behaviours they cannot fully understand or control — an unacceptable outcome in a highly regulated sector. Ongoing hands-on monitoring and supervision will be essential. The challenge is to provide this supervision without damaging the growth of a very promising new innovation.

That said, AI governance must now be treated as a foundational risk  — on par with credit, liquidity,  compliance and operational risk. It must be embedded from day one of AI development, not bolted on afterwards. If an agentic AI system can’t explain its decisions or demonstrate transparency, it has no place running critical processes.

Boards need to grasp this fast. In AI, what you can’t see can — and will — hurt you. If you can’t audit it, you can’t trust it.

2.      Stablecoins vs CBDCs — regulation will decide the winner

Stablecoins and Central Bank Digital Currencies (CBDCs) were other hot topics, and the battleground is becoming clearer.

The question on everyone’s mind: will stablecoins disrupt fiat and displace the case for CBDCs, or will they struggle to gain mainstream trust without robust regulatory backing?

A market shakeout among stablecoins appears likely. While these digital assets have gained significant traction, many operate under weaker governance frameworks than traditional fiat currencies. In particular, a large number of stablecoins lack the transparency and regulatory oversight needed to inspire long-term trust among users, regulators, and institutions. Without clear standards for asset backing, auditing, and accountability, their credibility as reliable instruments of value is at risk. As scrutiny intensifies and regulatory frameworks evolve, only those stablecoins that meet higher thresholds for governance and transparency are likely to endure. Without clear, stringent regulation, they will struggle to achieve the credibility required for mass adoption.

Conversely, CBDCs — while slower to develop — are gaining momentum, backed by central banks and benefiting from regulatory clarity. The digital Euro is leading the way in Europe, with clear progress on design, governance, and regulatory frameworks. However, CBDCs still face hurdles in building public trust and demonstrating real utility beyond the wholesale banking sector.

Ultimately, the rules of the game will determine the outcome. Well-governed, asset-backed stablecoins could complement fiat currencies, particularly in cross-border payments and digital commerce. But coins without strong foundations are unlikely to survive.

Early adapters who understand how agentic AI will transform digital currency flows, compliance, and risk monitoring will gain a significant competitive edge.

3.      Financial inclusion — from side note to front stage

One of the most encouraging trends at this year’s Money20/20 was the prominence of financial inclusion.

Historically, inclusion has been treated as a niche topic, referenced in keynote speeches but rarely prioritised in strategy decks. That is changing. At this year’s event, inclusion was no longer a side conversation — it was front and centre, reflected in packed sessions and serious debate.

This is not just good PR — it is good business. Across Europe and beyond, regulators are pushing for fairer access to financial services. Consumers are demanding greater transparency and fairness. And fintech firms are innovating to serve underserved groups profitably.

At the same time, the digital transformation of finance is playing a pivotal role here. Even though digital banking is driving a cashless society and the closure of thousands of bank branches, it is also emerging as a vehicle through which providers can reach a much wider public. In particular, the use of AI is increasingly enabling more personalised, affordable financial services, helping to eliminate legacy opaque and biased decision-making.

As co-author of Inclusive Finance, I see this shift as long overdue. Inclusion is not a charity case — it is a commercial opportunity. The unbanked and underbanked represent one of the largest untapped markets in financial services. Those who design products and services to meet their needs will unlock growth and impact.

We need to move beyond lofty rhetoric and focus on tangible action. True financial inclusion means designing products that are affordable, accessible, and grounded in the realities of people’s lives. The leaders in this space will be those who prioritise user needs over publicity. This isn’t about charity, it’s about making smart, sustainable business choices that create value for society, strengthen the economy, and deliver long-term returns for the business itself.

4.      Banks are setting the agenda again

Finally, perhaps the most telling signal from this year’s event: the behaviour of the banks themselves.

Not long ago, banks came to Money20/20 with large exhibition stands and PR-heavy teams. This year? Many of the biggest banks abandoned stands altogether. Instead, their executives prowled the floor, actively scouting for new technology, new partners, and new talent.

Meanwhile, it was the tech firms — including some of the loudest fintech disruptors — that were queuing up to pitch them.

The message is clear: the balance of power has switched. After a period of fintech exuberance and regulatory pressure, banks have regrouped. They are now setting the agenda and shaping the next wave of fintech innovation.

But this new position of strength should not give way to complacency. Banks must continue to embrace innovation, invest in partnerships, and adopt a more agile mindset. The next wave of disruption — from agentic AI to digital currencies to inclusion-focused products — will not wait.

Final word

Money20/20 this year underlined the opportunities and the risks ahead for our industry. We are entering a new phase where banks are setting the pace — but they must do so wisely.

The choices made now — particularly how we govern agentic AI, shape currency innovation, and build genuinely inclusive services — will define the winners and losers of the next decade.

It is an exciting time to be in banking. But it is also a time for leadership, responsibility, and vision. Let’s not waste the opportunity.