Imagine walking onto the stage inthe spotlight while being captured in detail by the cameras. This is exactly what the entrance to the unique fintech game changing event looked like. Each participant entered the event space as a true star of the fintech scene.
Great people, unique atmosphere, special spaces, 6 stages full of interesting inspirations, and of course great organization of the whole event. These are the words that come to mind when I say Money 20/20. The great sunset atmosphere didn't end there, but we moved on to either Amsterdamse Bos Park or Reguliersdwarsstraat in the very heart of unique Amsterdam.
It's impossible to summarize all the key takeaways from this event in one article, but we would like to mention the unique companies and trends that connect with our expertise and that's why we were called in. So, here they are:
Basic banking services such as account maintenance should be free and available to all. Business models are thus changing in such a way that a significant part of the profits is made up of complementary products and services to current accounts. More accounts directly proportional to more new clients using new forms of products and services. Starling Bank can be considered as a pioneer of open banking services, valuable functionalities such as instant notifications, categorized spending insights, spaces (virtual piggy banks), connectivity to other banks products such as mortgage, insurance or pension thanks to marketplace, and new way to pay: settle up IOUs with a payment link.
If banks want to create unique customer experiences for clients, they need to build ecosystems that can be a one-stop shop for addressing their specific needs based on the period of life they are currently in. It's this trend that creates pressure for the development of new functionalities, which will complement the range of ways in which mobile banking, for example, can be used. A good example can be more advanced financial management. Also, new payment options such as paying for services using a vehicle (from J.P. Morgan).
Good examples of new ways of services are solutions like Zilch. This solution can be summarized as follows: Buy now, pay later. For some product you can pay 25% upfront, and pay the rest in 3 installments.
Solaris bank is another leader in empowering financial services focusing on areas like Digital banking & Cards (digital bank services, convenient ways to pay, securities brokerage API following actual regulatory challenges) Lending services (split payments, paperless loans, taylored lending solutions) Payment services (following PSD2) and KYC solutions.
The speed of response to specific use cases can be reduced by implementing third-party solutions. Solutions from Plaid can be a great inspiration. Their solution makes it easier to integrate solutions focusing on personal finances, consumer payments, lending, banking, wealth, business finances, and customer stories (like helping people invest in each other).
This is just a very short sample of the inspiring companies that are pushing the fintech scene forward. We definitely encourage you to visit Money 20/20 next year and hope to see you there.
Interested in find out more or discussing your next project? Feel free to contact us😉