Big Data, biometrics, blockchain. These words need to be on your regular vocabulary if you want to keep up with fintech’s rapid rise and change. The global investment for fintech solutions will exceed $150 billion in 2017. In addition, 80% of financial institutions believe that they are at risk because of innovators and technologies such as Blockchain.
So, does the booming fintech sector need to compete with traditional banking? Short answer: NO!
According to the global fintech review by PwC, Financial institutions are embracing the disruptive nature of fintech and 56% of them have included it in the heart of their strategy.
FinTech for Bankers, Bankers for FinTech.
With 77% of financial institutions considering increasing their efforts to innovate, it’s time to think outside the box. Adopting one of many solutions fintech startups can provide, banks and other financial institutions can gain additional returns on investment (up to 25%), expand their product services and create a new clientele.
Understandably, banks have been reluctant to link their systems with 3rd party software and platforms. The privacy laws are strict and the penalties in case of a data breach severe. However, fintech startups can provide the technology, knowledge, workforce and innovative thinking, and most importantly, they can build trusted relationships with potential clients. Partnerships like that can completely change the customer’s experience focusing not only on the product but the overall service provided.
You may remember the famous Andreessen Horowitz quote from 2014 about banking and fintech:
“We have a chance to rebuild the system … You shouldn’t need 100,000 people and prime Manhattan real estate and giant data centers full of mainframe computers from the 1970s to give you the ability to do an online payment.”
Since then, the rumors of fintech startups single-handedly “smashing” banking giants have been put to rest and more and more famous partnerships have been announced. Both institutions are making huge steps forward for the financial industry. And a new way to stir up the partnership fire has emerged from the ashes of the economical crisis.
The Phoenix FinTech Conference is opening up immense partnership opportunities which are and will continue touching lives of generations marked with any letter of alphabet :). 40 fintech startups and 100 bankers will come together on September 20-21 in Prague to to break barriers and build more bridges between the two worlds.
Pre-selected start-ups will compete on stage during the Quick Pitch Competition and attendees will have the opportunity to meet with bankers from across Europe from big financial institutions such as J.P. Morgan, Raiffeisenban, Denizbank, Sberbank, Generali and many more.
If you are looking to transform your digital customer experience in 2017, request your own guide to Phoenix and learn how you can join one of the most innovative knowledge sharing platforms in Europe.