Money20/20 day three: The Big Announcements

October 25, 2018
4 min read

Day three of Money20/20 was stocked full of major announcements and new product launches!


In the day’s biggest announcement, Amazon and American Express unveiled the Amazon Business American Express Card. There are two rewards structures: Amazon Prime members can choose between an interest-free loan for 90 days or 5% back on purchases made at, Amazon Business, Amazon Web Services, and Whole Foods Market; for non-Prime members, the rewards are reduced to 60 days or 3% back. In addition, all customers will receive 2% back at restaurants, gas stations and on mobile phone services. Customers will also receive 1% back on all other purchases. At sign up, Prime members will receive a $125 Amazon gift card and non-members will get $100. Shark Tank’s Barbara Corcoran was also on stage to promote her relationship with American Express and the merits of small business ownership.

Amazon and American Express unveil the Amazon Business American Express Card.

Stash and Green Dot officially launched Stash Money, an online-only banking tool within the Stash Investment app. Stash decided to develop a no-fee banking product when their research showed their average customer was being charged over $300 annually in banking fees. With Stash user data automatically loaded, the process for onboarding is simple. While the service is not live yet, current Stash customers can reserve their spot.

HSBC is partnering with online lender Avant to offer unsecured personal loans for up to five years and $30,000. New and existing customers are eligible, with the formal launch expected in early 2019. The partnership began during an encounter at last year’s Money20/20 with Pablo Sanchez of HSBC and Al Goldstein of Avant highlighting how quickly new products can launch when traditional banks and fintechs work together.

Wealthfront launched freemium, a new product that offers free retirement planning software whether customers have a Wealthfront account or not. Customers can upload their financial information and receive spending and budgeting advice. The hope is that customers attracted to the free model will eventually sign on for the fee-based service.

WorldFirst announced the expansion of its World Account to US businesses. The service allows users to open and manage accounts in seven different currencies with no fees. The simple online platform offers free international payments and instant transactions between accounts.

Intuit, the company behind TurboTax, QuickBooks, and Mint, highlighted four new products/features:

  • MintSights, which uses machine learning to understand patterns and provide recommendations to improve financial health.
  • A combined household view, whereby Turbo users can view total household income, credit, and debt to potentially qualify for better loans.
  • Enhancements to pre-qualification.
  • Partnerships with Lending Club and Wealthfront that will allow pre-population of loan applications for a faster overall origination process.

In a similar move, Credit Karma launched its new Marketplace to help consumers make solid choices around credit card and lending options. Users are able to compare cards, loans and products they are pre-approved for, followed by a simple application process. Like Intuit, Credit Karma’s software is powered by machine learning technology which helps present personalized recommendations and is able to pre-populate customer data.

Other noteworthy announcements

  • SoFi plans to launch crypto investing in 2019.
  • Goldman Sachs is creating a new combined consumer and investment management division to grow the Marcus brand.
  • Deutsche Bank promoted its recent investment in Modo Payments.
  • Bank of America sees a future where its Erica assistant expands into trading and wealth management.

In other news…

In addition to the announcements and launches, VP of Amazon Pay, Patrick Gauthier, took to the stage to predict the future of voice assistants in payments. He expects Alexa to occupy more spaces outside of the home (I.e. office, car, even retail locations) and sees interactions spanning the entire process of making a purchase, from searching for items, making a transaction and following up on order status.

Day three closed with Laurie Riley earning the Money20/20 Startup Award for her company, Icon, which offers an alternative to traditional 401(k) plans. The runner-up was Henry Yoshida’s RocketDollar, which allows individuals to use IRA accounts to invest tax-free. Basketball legend, investor and advisor, Shaquille O’Neal was also on stage as a judge. O’Neal made perhaps the biggest announcement of the conference – his new nickname, “The Big Steady.”

Stay tuned for day four highlights and Mark’s overall thoughts on the big trends and themes of 2018’s Money20/20 – don’t miss it!

Mark Miller
Mark Miller

Mark Miller is Director of Insights for Comperemedia and Mintel Financial Services Reports. He is an expert in financial products and consumer behavior. Mark previously worked at Discover Financial Services supporting banking and lending products, and also has an extensive research background, which includes a PhD from the University of Cambridge.

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