Listen to Feedzai Welcomes the Biggest Risk-Takers to Money20/20 (4 mins)

Risk implies an uncertain outcome with the possibility of loss or injury. Sounds scary, doesn’t it? Yet, if we opted for zero-risk, we’d never leave our homes, never innovate, never achieve. This holds true for organizations as well. Without taking on calculated risk, organizations won’t grow, won’t succeed, and won’t break down barriers. It’s that last one - breaking down barriers - where risk pays off. 

Great companies risk the proverbial road less traveled because they’re not content winning the game. Rather, they want to create a whole new game entirely. Without these bold risk-takers, we’d call taxis instead of using ride-sharing apps. We’d labor on with on-prem CRMs instead of powerful SaaS solutions. We’d hope to walk more instead of using wearable health trackers that motivate us. Risk is the gateway to progress. 

The financial services landscape is filled with risk. No financial institution can survive without clients. Banks and financial institutions (FI) take a risk every time they onboard a new customer. If the customer uses fake credentials in an effort to keep something shady in their past a secret, FIs could unwittingly give safe haven to untrustworthy individuals. FIs risk heavy fines from regulators or a damaging public relations fiasco that could take ages to undo. But this risk is worth it if it leads to growth and exceptional customer experiences. 

Of course, the risks for FIs don’t stop at the onboarding stage. FIs, like all other organizations, want to innovate to meet the shifting needs of their customers and new categories of payments and financial products. This includes introducing innovative features like instant payments, releasing virtual assistants, implementing voice commands, or even enabling cryptocurrency transactions. As the financial landscape evolves, FIs that are prepared and willing to take risks on new products and technologies will lead the industry from the front instead of falling behind.

Put another way, FIs need risk to both thrive and survive. But when does risk become risky? Alex Honnold scaled Yosemite’s 3,000-foot El Capitan without a rope. One misfortunate move, and he would have plunged to his death. Garrett McNamara risked life and limb to surf a 100-foot wave in Nazare, Portugal. Danica Patrick dominated in open-wheel car racing, a sport that was not only risky but also heavily dominated by men. Where most don’t question what is possible, they risk their lives to create a whole new category of possibilities.

Our clients run financial institutions and manage risk for a living. We wondered how Alex, Garrett, and Danica’s experiences could inspire, inform, and illuminate their work around risk. So we invited these three possibility makers to chat – in real life! – with our CEO, Nuno Sebastiao at Money20/20 in Las Vegas. They’ll share the stage and help us apply the lessons they’ve learned to our risk strategies, be that for our organizations or our personal aspirations. 

George Bernard Shaw said, “Some men see things as they are and say, ‘Why?’ I dream of things that never were, and say, ‘Why not?” If you’re going to Money20/20, join us for an inspirational conversation to discover the why not and maybe even create a whole new category for yourself. 

Going to Money20/20? Join our CEO, Nuno Sebastiao, in conversation with Alex Honnold, Garrett McNamara, and Danica Patrick on October 26 at 10:30 AM on the Ignite Stage for 100 ft Wave, 3000 ft Cliff – How World Champions Manage Risk and Cheat Death.