Finovate Europe 2019 – Main takeaways from London
This month, Technisys participated in Finovate Europe, one of the largest fintech innovation events, in London. More than 1,400 senior fintech attendees took part in the event and witnessed cutting-edge banking and financial technology. Here are the main takeaways from the event.
Call to Action: PSD2
One of the most pressing issues for banks across Europe is undoubtedly PSD2. The latest version of the Payment Service Directive specifies how banks should transfer their customers’ data (with their express consent) to payment companies.
The new law was the predominant topic of conversation among bankers during the event. Some institutions are more organized and structured to meet the September 2019 deadline for complying with PSD2, while others are still seeking a solution.
Finovate attendees were particularly worried about the challenge of adding value to these changes and generating business opportunities.
Banks want to bring intelligence to the use of this data. Some banks see sharing data as a threat, while others see it as an opportunity with open APIs.
During the event, executives also considered examples of successful Open Banking experiences. During the Technisys panel “Reshaping the industry: Maximising the strategic opportunities afforded by open banking,” we presented two great success stories: Banco Original and Banco Patagonia.
Banco Original was launched in 2016 and is the first 100% fully digital bank in Brazil. You can find the complete case here. Banco Patagonia, an Argentinian bank, is using our Open Banking technology to generate new revenues in partnership with MercadoLibre (the Argentinian eBay) and has gained more than 200,000 new clients in a few months.
Open Banking to an Open World
PSD2 is a big leap forward for Open Banking in the region. Banks are concerned with how to grow their business within this new reality. Technology is one of the obstacles to achieving this goal. Bank executives know that if they do not have robust and flexible digital banking platform providers, they will not succeed. Banks are looking for platforms that offer new, customizable and fast services.
Artificial intelligence was also an important topic during Finovate Europe. AI is crucial for analyzing information and customer behavior. Banks need to use this technology to remain competitive. Understanding customers and customizing their experiences is important to banks wanting to add value to the customer relationship. Banks need to differentiate themselves and help customers see the value in these unique experiences.
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