Last week, we attended Finovate Europe 2018 in London, to demo our mobile receipt management solution with our partners at NatWest. It was an exciting opportunity to show off the new functionality for the bank’s small business customers, as well as catch up on the latest in fintech.
Takeaways from the conference:
- European banking is in an age of uncertainty with the introduction of new regulations like PSD2 and GDPR, the rise of challenger banks, and threat from big tech. The conference reflected this with debates about how best to unleash the potential of fintech, capitalize on open banking, and respond to disruptive markets and technologies. Looking forward, mobile banking features like receipt management will be a must-have for banks competing for segments like freelancers and small business owners.
- Open banking offers traditional banks the opportunity to evolve into “smart banks” that augment their own offerings with specialized financial products and services. By building out robust digital platforms, banks can move beyond transactional relationships with their customers, and instead become active partners in their customers’ financial lives.
- Author, thought-leader, and CEO of Fast Future, Rohit Talwar, gave his keynote address on how AI innovation is transforming financial services. He predicts that the services that stick won’t necessarily be the shiniest or trendiest technology. The future of AI in financial services will hone in one customer-centric solutions that solve everyday inconveniences.
Through our partnerships with big banks like NatWest, we’ve witnessed the measurable impact of a solution that targets real pain points. Despite the changing EU banking climate, it’s clear that the banks who listen to their customers and focus on improving their customers’ lives, will drive financial leadership. The success of this strategy hinges on banks choosing the right fintech partners, and procuring solutions that address their customers’ everyday needs.