The Collaborative Power of Fintech & Banking – Shaping a customer experience in the New Banking Age
The webinar follows the FinTech & Banking Report 2016 by Axis Corporate and EFMA, which explored the increasing prominence of FinTech firms and need for banks to adapt to a changing industry ecosystem.
FinTechs are disrupting big banks compelling them to reinvent themselves to survive.
Digital disruption is surging ahead and bringing in new business models, technology, and players into the market, bringing a renewed focus on consumer experience. Engaging the customer through the most relevant and convenient channels, leveraging key data points has become crucial to maximizing customer value and meeting expectations in this new age.
In the UK, the CMA Banking Open Banking API has the potential to revolutionize competition, increasing transparency, forcing banks to work harder for their customers in the said region. It will enable third parties to plug in to the underlying services, allowing companies to build products on top of the bank’s infrastructure, as well as opening the way for new entrants to the markets.
Webinar Panelists’ Insights:
- Daniel Meere, Managing Director of Axis Corporate “Mindset is the key change required to enable successful partnerships between banks and FinTechs. Ensure the culture, customer outcomes, ways of joint working and alignment of objectives are focused on delivering the future, not redressing the past.”
- Pierre-Jean Hanard, Co-founder of SHAREPA, a WealthTech social and investment platform. “Partnership makes the most sense, both for the bank and FinTechs. To understand FinTech partnerships, banks should hire executives with startup experience.”
- Luis Perez Urena, Chief Executive Officer & Founder, FINN VENTURES “We are seeing FinTechs acquiring their own customer base directly. Banks need to understand that working with FinTechs provides a solution for faster time to market, improved customer experience and opportunities for new commercial strategies.”
- Deniz Guven, Senior Vice President for Digital & Mentor at Garanti Partners, Garanti Bank Turkey “The best play for growth is cooperation. Garanti has over 5 million active digital customers and we gain more than 100,000 new customers in mobile banking every month. Of course you can gain growth from your existing digital assets but if you want to grow faster, you need to collaborate with different platforms, players, and digital assets.”
- Nadav Yur, Head of Business Development, eToro “Most regulators are not Generation Y. I recommend that regulators hire millennials or Y Gen lawyers to help them understand the mindset of the new user behavior in the financial world. FinTechs are the only hope for the consumer, who bring the next generation financial services and offerings for all of us. It won’t come from banks at the speed where we are moving.”
- Konstantinos Kalogerakis, Head of I-Bank Business Development, National Bank of Greece “We are following an open, collaborative approach towards FinTechs and our first step was to set-up an accelerator providing also our Open Bank API to the teams. There’s definitely room for crafting sustainable business models by surpassing some cultural differences. Setting up an agile team on the bank side as well as top management support are key.”
Keytakeaways: Fintechs & Banks Collaborate?
- The entire banking industry ecosystem is being disrupted by new entrants, and nurtured by regulator inventions such as Open Banking API and PSDII.
- Fintech disruption models focus on removing friction from legacy processes, providing 24/7 access without logistical limitations, near real-time decisions, a new level of transparency for customers are gaining traction.
- Banks need to decide which collaboration model works for them.
- The rise of the millennials has the potential to redefine financial services and transform how financial services companies interact with their customers.
- The winners will be those who think and act differently to drive real innovation to meet customer need.
- Daniel Meere, Managing Director, Axis Corporate UK
- Deniz Guven, Senior Vice President for Digital & Mentor, Garanti Partners, Garanti Bank Turkey
- Pierre-Jean Hanard– Co-founder of SHAREPA, a WealthTech social and investment platform; FinTech startup advisor; MIT Sloan Fellows; former Head of Private Wealth Clients and Chief of Staff to COO of HSBC Private Bank.
- Konstantinos Kalogerakis, Head of I-Bank Business Development, National Bank of Greece
- Lubomir Olach, Head of International Development and Member Relations, Efma
- Luis Perez Urena, CEO and Founder, Finn Ventures (ex Global Head of Commercial Management at Banco Santander)
- Nadav Yur, Head of Business Development, eToro