Technological evolutions and socio-economic changes are disrupting industry after industry and are about to make their way into the insurance industry. It has been predicted by most leading strategy and consulting firms that 2017 will be marked as the year of the insurance revolution.
B-Hive is here to help you navigate the São Paulo fintech scene. Vamos nessa?
In 2003, Prof. Orlitzky took a granular approach on CSR, he rejected the vision of the neoclassical economists, in which CSR is not consistent with shareholder wealth maximisation. Furthermore, he proved that CSR is likely to pay off.
Banking Tech for Humans
By Frédéric Olivier (B-Hive) and Trendwolves.
Artificial intelligence (AI) will become the primary way banks interact with their customers within the next three years, according to three-quarters of the 600 US bankers surveyed by consultancy Accenture in a recent report.
The hype surrounding AI, blockchain and data intelligence in finance is only going up, fueled by fintech and the big tech companies that are developing AI technology at top speed. AI could be the holy grail, the solution to personalised and instant customer service, the answer to the question of how to survive in a fast-changing world.
Some of the AI examples out there are Capital One’s co-op with Amazon Echo’s Alexa, allowing people to check their accounts and pay credit card bills via the Echo device, and HSBC’s virtual assistant Olivia, who answers questions about credit cards or current accounts.
So far, so good. One would agree that bankers are finally getting the point that tech companies have long since understood: putting the consumer first - designing products and services starting from their interests, behaviour and moods - is the key to success. It’s no coincidence that Millennials trust tech companies more than they do banks. Believe us, youngsters know that tech companies are no holy saints, and that the Googles and Facebooks are not using the knowledge they gather in consumer’s best interests. Even so, they trust banks even less and a big part of the explanation is that the apps and the services banks provide their young consumers, aren’t as user-centered as they should be.
In order to design in a way that truly taps into human behaviour, banks need to start using their data to analyse human behaviour. There are fintech out there that match financial transactions with personality traits through HR, so banks would know how, when and with what products they have to approach that specific consumer.
Introducing AI to fully understand customer’s needs and goals will be a game changer for the banking industry, if banks will put the same amount of effort into designing apps, services, products and communication that fit their consumers’ life, desires and needs.
Our old ancient Chinese Confucius said: Study the past if you would define the future. Based on his quote we present you the following infographic, providing an overview of the history of financial technology. Now, let's build the future!
$4.28 trillion: this is what companies spent worldwide in 2015 in Mergers and Acquisitions. Yet, between 50% and 90% of Mergers and Acquisitions fail to achieve their objectives.
Financial Institutions (FI) invest a lot of effort and hard cash in blockchain projects at the moment. The first real hurdle, slightly tackled by good intentions, is “collaboration”.
Millennials love Venmo, because it has turned financial transactions into social media. Other generations wonder: why on earth would anyone care what their friends are paying each other? And what's next?
Now, you would like to build this beautiful dream-of-your life website on the domain name you recently bought and adding to it a guenuily cool salesflow. But… you are lost in the translation of all the legal jungle. Let us here help you.
The development of banks depends, between other points, of how efficient they are in to deal with the balance that pends between data protection and the need of research sensitive customer’s personal data. How the fintechs are developing KYC tools that are also caring about data privacy?
This week’s spotlights were all shining towards the UK fintech scene, and we’re happy to say that the Belgian ecosystem shared the limelight.
On wednesday, the governor of the Bank of England, Mark Carney, noted that the fintech sector, which represents about £7 Billion and 60,000 jobs for the UK alone, needed to be recognized as a driving force of economical growth for the region. The comment was made during the Treasury’s first fintech-oriented conference, which piggy-backed on the Global Summit organized for the second time by Innovate Finance, taking place on Monday and Tuesday.
B-Hive announced its partnership to Innovate Finance beginning of January, and has been growing its ties to the FinTech Hub for quite some time now, which is why, naturally, the Belgian ecosystem chose to take part in the summit. Beyond exhibiting at the summit and having a seat in the judge panel of the #Pitch360 contest, B-Hive was delighted to welcome some of its start-up members to the summit as well. Furthermore, two of our members, Guardsquare and Juru, had been selected to partake in the finals of the #Pitch360 contest taking place on the second day of the summit, thus belonging in the top 24 of all submissions.
This brings us to the three pieces of news we couldn’t wait to share with you all:
1) Belgian cybersecurity company, and B-Hive member, Guardsquare, was declared overall winner of the #Pitch360 contest of the Innovate Finance Global Summit and Belgian blockchain company, and also B-Hive member, Juru, was declared track winner of the blockchain track at the contest.
We are really proud of the recognition attributed to these well-deserving companies, proving to the world that beyond great beer and amazing chocolate, Belgium now counts an additional export product: qualitative startups and impactful technology. We consider this acknowledgment, together with news like the decision made by the reinsurer Lloyd’s to move its European hub to Brussels, as early but lasting signs of Brussels and Belgium being able to better position itself as a next generation financial hub. At B-Hive, we look forward to keep on contributing to this ascendance, and play the role we were created to play.
2) Building further on this point, we are extremely excited to announce the establishment of our permanent representation in London.
As no ecosystem or community can suffice on its own and thrives on further, beyond-borders, connections, an international expansion of B-Hive can only be seen as a logical next step. Speaking of next steps, we have planned to open offices in the following cities in the months to come: Tel Aviv, New York City and Singapore, and we’re looking forward to tell you more about it. But first things first, if you’d like to get in touch with our London office, don’t hesitate to get in touch with Thomas, or come by for some free beer (everyday from 2PM onwards, yes, we choose our offices wisely) at the WeWork in Moorgate.
3) “But how do they do it?”, we see you wondering already. Well, it’s quite simple, it’s all thanks to the incredible support provided by our shareholders and partners, which brings us to our third piece of news. We are happy to announce B-Hive has finalized a capital round of €5 Mio, provided by 13 major financial players and the Belgian Government.
We couldn’t be prouder to welcome AXA, BNP Paribas Fortis, ING, KBC, Belfius, Euroclear, SWIFT, AG Insurance, Baloise Insurance, Allianz, Isabel, BNY Mellon, Mastercard and the Belgian Government (by means of the federal investment fund) on board. B-Hive will continue to benefit from the support of existing partners, such as Cresco Law, Ingenico, McKinsey&Company, Proximus and Time.lex. You can find our full press release right here.
So, it really was quite the week, and we look forward to the times to come, and are excited to keep on growing this flourishing community with your help.
What’s the lesson for private banking today?
Part I - Fintech is about more than convenience
Part II - And why that’s essential for Millennials
In a world of interconnected objects, insurance won’t be “social” as stated by the so called P2P innovators but rather parametric and invisible.
We would like to invite you to participate in the Step Up! Program, organized by Microsoft Innovation Center Brussels. This is a great opportunity to develop your tech startup!
Can your solution enrich the proximity shopping experience of merchants or shoppers?
How can a financial institution create a high level of intimacy and attract the customer’s attention? How can you create values that relate to the clients?
We would like to announce that Time.Lex will be present at our B-Hive HUB on the 18th of April, from 16:00 to 18:00, to give you legal advice regarding the topics bellow:
This blog is a reaction on “Is insurance ready for Millennials”, which you can read over here. Summarized: insurance is old-fashioned, lives in the past and tries to pummel you silly with paperwork… especially when filing a claim. Luckily InsurTech is here to save the day.
Putting in place a startup needs of course an idea, an innovative and digital project. Be it a financial one or not. After you will certainly want to create your website to introduce your idea to the world. If your idea is a product, it will be via an online sales-flow. At that moment you will certainly ask yourself : how can I do it ? and linked to that question: what can I legally do?