Alara Basul, Reporter, bobsguide
In the lead up to Finovate London, bobsguide asked show exhibitors and industry experts a series of questions to get the conversation rolling before the conference. Today's discussion is focused on who currently holds the power in the relationship between the disruptive fintech companies and tradtional financial services. Don Bergal, CMO at Avoka, Puneet Chhahira, Global Head of Marketing, Infosys Finacle, Philipp Pointner, VP Product at Jumio, and Tomasz Czech, Business Solutions Consultant, Comarch share their thoughts.
Alex Hammond, Managing Editor, bobsguide
Last month BNP Paribas announced that it was joining forces with Silicon Valley-based tech accelerator scheme Plug and Play to develop future fintech partners to assist with its €3bn digital transformation project. Laurent Herbillon, Director of Development & Cooperation for Start-ups, Fintechs & Insurtechs, spoke exclusively to bobsguide, giving his thoughts on how the partnership will give the bank an edge in the race to become more digitally evolved.
Rachel Hunt, Marketing Director, ACI Worldwide
Asian consumers are at the forefront of digital innovation and are embracing digital and mobile solutions across all aspects of their lives. Payments, banking and financial services are no exception. This has translated into a huge appetite for fintech and as a result, customer satisfaction and innovation are booming. A recent KPMG report on fintech in the APAC region shows that venture capital-backed investments in fintech companies reached $1.2 billion in the third quarter of 2016, accounting for approximately half of all such funding globally.
Mark Holmes, Managing Director, Waymark Tech
Many banks I talk to see regtech purely as a way to beat their competitors. This is the opportunity sold to them by management consultants; advisors who trot out the line that regtech can “transform compliance into a competitive advantage”. In other words, regtech can help banks, and other regulated institutions, bash their competition faster and more cheaply than before. This is, of course, a very effective way to sell regtech.
But, as a regtech CEO, it also disappoints me. In my view, the real opportunity presented by regtech is its ability to unleash the power of collaboration in the compliance sector. And rather than helping just a few mega-banks, it could well transform the industry as a whole.
Dan Rowinski, Digital analyst, Applause
The age of waiting in line at your local bank branch is thankfully over. The banking industry went online in the early 2000s and we haven’t looked back since. Competition between retail banks remains fierce, particularly as challenger banks and fintech players begin to take market share. In a low interest rate environment, and with bank incentives few and far between, an attractive (and secure) digital offering can often be the difference between winning and losing business.
So how can banks truly digitally differentiate themselves? Bank app and online functionality is often similar across the major players, but there are some key areas in which banks can steal a march on their competitors.