Dear readers, as we told you before in our article „The Review of START Summit 2015 – St. Gallen“ we will now present you the most interesting points from the FinTech panel discussion from the Summit.
The attendees of this discussion were:
A Alexander Graubner-Müller. ( Co-Founder Kreditech )
B Nektarios Liolios ( MD Startupbootcamp Fintech )
C Holger Spielberg ( MD Digital Priv. Banking, Credit Suisse )
D Marc P. Bernegger ( Fintech Investor )
C: Big Chance, in some years driven by data analysts. There is a need for financial services but banks will don’t play a big part in the new market.
A: Customer experiences have changed ( you can order online in one day ). Banking change is comparable to retail changing. The mindset changed which Banks have already realized. The questition is: Will banks get the move and the speed to transport this innovation to the customers or will the FinTech world win the pot.
B: He was working the last 6 years with banks. In his opinion in 5 years there will not be much banks in the market, if we have it today. Banks are still moving in a lineal way, but the market is changing in exponential way. So if he was a bank, he would be very scared of today’s situation. Moreover it’s a good time for innovative people to get involved in this market.
D: Did 11 investments in FinTech. Was started in 2010 in Suisse. Publishing / E Commerce markets are going to disruptiv development also, like Alexander told before. In his opinion the name FinTech will become much more famous in the next years.
B: What’s the USP for FinTechs? Keep up the speed of change the intellegence of technologies.
Fintech Startups want to be a part of the big picture. They don’t see the banks as a dangerous player for them – their position in the market is to set up a new attractive offer.
C: In banks it’s seldom to be brave enough to bring people to a manager direction to cover FinTechs.
For a short period he is working for Credit Suisse and will change the way of old bank thinking. He want to find the solution, what position can the bank take place in today’s markets. „Deserves customers, not audiences“.
Reference point: Banks can learn from FinTechs in these days.
D: The important thing is the value for the customers, no matter if we talk about big banks or FinTechs. On the one hand the low price channel targeting through FinTech startups. On the other hand you have big brands with etfs portfolios and other big cases, where trust is the most important thing.
A: It’s all about the users. Nowadays financial products are very complex. It’s not easy to say give all of your money to the machines. The existing bank accounts will continue to exist, but the mindset will change and the amount of mobile accounts will raise. In his view of the future there were lots of partnership models. Banks will do the part of the „backoffice“ and FinTechs will face up to the modern customers.
B: Why are banks so bad in innovation? 35% old user experiences. It’s not the right way to give an offline service a new design – it’s important to create a native app and provide the right service for the customers.
C: Banks should create transparency ( data ) and trust like uber. Directly payment. Live in front, pay in front. They have to be addressed to reach them.
A: Alexander agrees. Data transparency is very important. It’s like google. Don’t be evil with the user data. You have to communicate this. It’s comparable to the credit approval process from CrediTech. If you tell the customers what you do, everything is okay.
B: Which of the global player will offering financial services in the future? Google, facebook, amazon, alibaba? It could be every company in his opinion, if they have a fair acting transparency.
Do you think the germany legal could destroy FinTechs and transparency?
C: Most of the regulators are not there to safe the banks or the customers. They are in the position to safe the banking eco systems. Legal should prove, how banking could be driven in the future in a safely way.
B: It’s different from country to country. But legal improvement is important.
A: Data + analytics is a very old banking thing. So dealing with historical data is a good banking USP momently. And therefore the legal will not change from one day to another.
B: He explained that many bankers were in meeting and on events to leave their jobs to do something interesting. Because in his opinion banks will never get innovative enough, because the processes in the backround are to big and so the people with spirit in the front can’t change the face and ideal of the bank.
A: The Peter Thiel learning is not the only thing you have to notice if you create a new FinTech.
B: Find the right persons who wants to go the way with you. Find your USP and create your project around the regulation and with your mindset of your idea.
Most impressively last words came from Nektarios Liolios:
C: Apple will change everything. Blog chaine is the important infrastructure. The new technologie will not come from the west. It will come from asia or afrika or india.