Money20/20 USA, the world’s largest fintech and payments event, took place earlier this week in Las Vegas. The annual event, now in its sixth year, touts itself as the place where the payments, fintech and financial services create and explore the ways consumers and businesses manage, spend and borrow money.

One of the core themes BBVA has been exploring at the Money20/20 U.S. event this year has been the power of networks.

At the 10th edition of BBVA Open Talent, Dunforce, Sedicii and ChargeAfter were the fintech startups who took this year’s winning titles. Preparations are now underway so that the companies are ready to develop pilots in conjunction with the bank.

Gone are the days where verifying your identity meant photocopying your ID or showing your face in person alongside your driver’s license. Identity verification is easier thanks to camera-enabled smartphones.

Peer-to-peer payments, or P2P, have become a popular way of quickly and easily paying family and friends using a mobile device or home computer.

Are banks going to withstand the challenge of the big tech players and indeed beat them at their own game? It's a question that banks all over the world are working on but for two of the leading digital banks in the world —BBVA and Citi— it's more a question of how far do ‘we’ want to go.