How to Increase Relevance & Productivity in the Ever-Changing Financial Landscape?

By Charlotte Gréant

The title says it all. As the new technologies keep emerging in the financial landscape, how can we keep increasing the relevance and productivity of our services and products? Now, companies are forced to adapt not only their products, but their mindsets as well.

To tackle this challenge, here are three important steps that every company should consider taking if they hope to keep up with the ever-changing financial landscape.

  1. Build the bridge between regulators, disrupters & financial institutions  

    We look at regulators differently than before. This has led to a need for more cooperation between regulators, disrupters and financial institutions. Regulators  worldwide have been taken by surprise by the dynamism and speed of development in the fintech space. Now, innovations such as AI and cryptocurrencies have changed the space for good. For example,  long before there were any established rules for ICOs, startups could already raise up to several hundred million dollars by issuing tokens. This may have been the golden window for opportunity,  as Saheli R. Choudhury said, “good times for money launderers”. “For regulators, it’s hard to embrace innovation as they get trapped in their own legislations. Banks are historically way better at dealing with legacy  technology, so it’s time to use their forces”.

  2. Let technology be your guide

    You’ve  got to understand  where the change is  going. Look at your customers and listen to what they have to  say, get inspired by new innovations  and stay open minded. In the end, it’s  all about data. Whether you’re using AI, blockchain  or any other buzzword technology, reliable data will give  you the answers you need. The next question is, how can we  get the right information that we can count on? Easier said than done, right? This takes us to the next step on our to-do list.    

  3. Engage with the ecosystem!

    Consumers will always ask for more  – faster, better, more efficient etc. Therefore, simplicity is needed in everything they do. Every day, banks  are challenged to make their consumers’ days easier. People are  used to dealing with the Amazons of the world, alerting them when  they will run out of toothpaste. One or two clicks maximum. Financial institutions  don’t need to reinvent the wheel, but they need to connect with the right startups  and scale-ups through the best worldwide ecosystems and close partnerships in order to  find answers to the consumers’ demand. “Branch out and surround yourself with multiple international  ecosystems, take advantage of their unbelievable talent and get in touch with the newest technologies  and trends.”

Finally, let’s ask ourselves a couple of questions.

  • How to be prepared for the future of banking?  

  • Are you willing to embrace change?  

  • What do you need and who should you contact in order to make a successful  transition?  

Luckily, at Digital Finance Europe, all actors from digital finance will come together to discuss these exact questions among many others. DFE is bringing inspiring speakers, companies and attendees from all over the world to Belgium to give you as much insight as possible. Below, you can find interesting speakers to see at DFE based on the three steps. We hope to see you at DFE18!


What to go see at DFE18?

  1. Build the bridge between regulators, disrupters & financial institutions

    *Keynote  Caroline Nachtegaal,  Member of the European  Parliament

    *Policy  Dialogue:  Fostering Prosperity  Through Financial Innovation

  2. Let technology be your guide

    *Open banking, data ecosystems: a promising landscape under PSD2  

    *Fintech Business cases: RegTech – onboarding – robo-advice

  3. Engage with the ecosystem!

    *Partnering  for Growth: What  future for FinTech  in the growing European  digital economy?

    *Strengthening  EU Fintech Ecosystem:  harmonizing hubs of innovation  

    *Pitch  session,..


References


Choudhury, S. R. (2017, August 4). It’s A Very Good Time To Be A Money Launderer. Retrieved from https://finance.yahoo.com/news/apos-very-good-time-money-091800000.html?guccounter=1