CCG Catalyst attended Money20/20 USA last week to capture insights on what’s hot in banking and fintech. Based on our observations, its content confirmed several trends we are seeing in the market, with a couple of more surprising highlights. Here are three takeaways that stood out to us:

Artificial intelligence (AI) got top billing — with a focus on risk and compliance. AI was the focus of a bullish address from OpenAI’s CFO and three enthusiastic sessions that featured executives from NVIDIA and Stripe. There were also thoughts shared on AI regulation and a session on applications for generative AI in financial services. We saw a fair share of companies advertising AI-driven products and services, though nothing to the casual observer screamed “AI.” Clear applications of AI fell into the risk and compliance category, with offerings that included biometric authentication and identity verification, risk decisioning, cybersecurity, and regulatory and compliance management. Some vendors also called out generative AI use cases, particularly generative AI-driven copilots for employees of financial institutions.

Open banking was also in the spotlight. Less than a week after the release of the Consumer Financial Protection Bureau’s (CFPB’s) open banking regulation, CFPB Director Rohit Chopra was on stage in a fireside chat to discuss the new rule. He revisited a familiar pitch that open banking would lower costs for consumers via greater competition in financial services and portability of customers’ data. He also touched on changes to compliance deadlines and specifications for the secondary use of consumer data. The text of the CFPB’s rule may worry bankers, particularly those who are unfamiliar with the technical language, but Chopra’s words could concern them more. During his remarks, he said he hopes there’s a point where “every [financial institution] feels that their customer can fire them.” In other sessions, speakers focused on preparedness for the open banking rule’s implementation requirements. Open banking infrastructure companies were notably present, on the floor and in meeting rooms.

Crypto was a topic of discussion, surprisingly. It’s been a few years since crypto was hot at Money20/20. And while it didn’t make a comeback, per se, sessions were bullish on aspects of the crypto industry and looked ahead to federal regulation and practical use cases for blockchain-based money movement. The consensus appeared to be that “crypto” in the form of stablecoins and certain tokenized assets will be complementary to traditional financial infrastructure in the long run. Also mentioned: The potential for licensed banks to issue their own stablecoins. Absent was any argument that crypto would replace fiat currency or aspects of the modern financial system, and there was little obvious presence from crypto companies anywhere at the conference.

Other themes were a grab bag — major sessions included digital innovation and the adoption of fintech in Mexico, cloud-based infrastructure modernization, and financial equity and inclusion; the last day consisted of marketing-oriented content for fintech and financial services companies. Looking beyond specific content, innovation in banking and fintech showed it’s alive and well, with well-rounded representation among vendors in sync with the industry’s basic technology needs, in addition to those on the bleeding edge.