FinTech Weekly Magazine

  • We talked to Michael Mellinghoff, Managing Director at TechFluence. Being a longtime banking professional with several years of experience with FinTech startups, we asked him about some of the key questions in the industry at the moment.

  • Thomas Joykutty, working at the London office of Deloitte Digital, was part of the “Grid” team at Fintech Connect Live. We talked to him about their project, the terms fintech and insuretech and tried to take a look into the crystal ball.

  • Teun von den Dries talked to us about his company GeoPhy and the role of fintechs in the finance sector.

  • We met a part of the Scalable Capital team in London: Adam French (Founder and UK Managing Director), Dr. Manuela Rabener, (Global CMO) and Marianne Slamich (PR specialist).

  • Tel Aviv based startups App Dome offers what they described to us as “Security as a Service”.

  • New technologies have shown to be a driving force behind new business cases. Most of the time, however, banks are not really pioneers regarding these kind of changes. New providers keep pushing into traditional business areas and use innovative technologies to generate additional value for the customers. Particularly the past year needs to be viewed as a wake-up-call for the banking sector to push its efforts in the digital sector. How can banks react to challenges posed by new competitors like Apple Pay? Taking a look at other industries reveals a lot of opportunities apart from the risks. To use these opportunities, banks need to adjust their strategies smart and consistently.

  • The finance sector is increasingly affected by the presence of fintechs. But many of these finance start-ups do not really reinvent the banking business. What they do is adjusting it in a way that the customers can make better use of it. Berlin fintech company Bergfürst offers shares of young and growing companies to private investors and offers real estate investments since 2014.

  • The virtual world created certain new customs. Decision-making is heavily influenced by the digitalization and this is, of course, also true for bank marketing. Customers inform themselves online, exchange opinions in the social networks and post online ratings. What used to be personal correspondence is now anonymous convenience in the world wide web. This online society calls for a new understanding of marketing and the way of dealing with the customer.

  • BUSINESS CASES Co-Creation - this is the term by which the Consorsbank treads new paths in the retail business: They involve their customers in the development of products and services. Thereby, modern means of communication like Social Media and communities play increasingly important roles in the individual client business. Initial exerience has shown that the customers happily accept the opportunity to make a contribution, which makes the concept a significant step towards the future of banking.

  • Business Cases The financial industry is currently still trying to catch up on their delayed start into the digitalized future. Technology-focussed start-ups approach different points of the value chain, to optimize digital banking processes. On this basis they develop a great number of business cases, all of which follow a similar goal: to simplify the digitalized everyday life of the customer. Disregarding the threat posed by these companies, established banks can view the digitalization as chance - provided that they adapt to the challenges and cooperate with FinTechs. Sutor Bank developed a start-up platform for fintechs, offering solutions and services which are subject to bank-licensing. This makes them an entry point for founders in the financial industry.

  • Business Cases The financial industry is currently still trying to catch up on their delayed start into the digitalized future. Technology-focussed start-ups approach different points of the value chain to digitally optimize banking processes. On this basis they develop a great number of business cases, all of which follow a similar goal: to simplify the digitalized everyday life of the customer. Disregarding the threat posed by these companies, established banks can view the digitalization as chance - provided they adapt to the challenges and cooperate with FinTechs. Sutor Bank developed a start-up platform for fintechs: it offers solutions and services which are subject to bank-licensing. This makes them an entry point for founders in the financial industry.

    Keywords: fintechs, start-up platform, strategy, digitalization

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Jan Kus

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