The Importance of Innovation in Customer Experience

With 2021 right around the corner, we’re taking one last look at a year we will remember for a long time.

The Finovate Fintech Fulltime Review kicks off next week with a free, all-digital, live and on-demand showcase of webinars, white papers, eMagazines and more – all designed to make sense out of a year that was in many ways both tragic and transformative. The event begins Monday, December 7 and runs through Friday, December 11.

Among the features of next week’s event worth highlighting is our interactive conversation: Don’t Let Your Contact Center Be the Black Sheep of Your Bank’s Innovation. This live webinar with Mike Straham, VP of Contact Center Solutions with Lifesize, will explain the role of the bank contact center in the overall customer experience and why it is critical for banks to innovate in this space.

A customer experience specialist, Straham has more than 20 years of experience identifying and implementing advanced software technologies to reduce costs, increase productivity, improve customer satisfaction, and create new revenue streams. He joined Lifesize earlier this year after tenures at Talkdesk, Genesys, and Interactive Intelligence.

Headquartered in Austin, Texas, Lifesize specializes in providing video conferencing and collaboration solutions. In October, the company announced a strategic partnership with Omilia, a conversational AI solution provider. Over the summer, Lifesize acquired U.K.- and Silicon Valley, California-based digital collaboration solutions company Kaptivo.

Also featured next week during our Finovate Fintech Fulltime Review is our conversation with Quadient: Digital Overload: What Do Customers Want Now Besides Emergency Zoom Installations and Contactless Payments?

Led by Quadient’s Andrew Stevens, Principal for Banking and Financial Services, and moderated by Celent Senior Banking Analyst Craig Focardi, this interactive webinar will discuss how to maintain a true focus on the customer experience in the middle of rapid technological change and disruption.

Stevens is a customer experience and communications experts who has worked with and executed transformation programs for institutions across the world. His experience in both technology and banking/finance gives him unique insights into the challenges that financial institutions face today in meeting the needs of ever-more-demanding customers.

Quadient is an international customer experience solution provider specializing in customer experience management, business process automation, mail-related solutions, and parcel locker solutions. Headquartered in Bagneux, France, Quadient includes Societe Generale, Humana, FedEx Express, and Ping An Bank among its customers.

To learn about all we have in store for next week’s Finovate Fintech Fulltime Review, check out our event hub for more information.

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InterSystems on Navigating Data in the Fintech Landscape

The topic of data is one that pulses throughout conversations in the fintech industry. No matter what sub-sector you’re working in, it’s likely you faced the challenge– or are facing the challenge– on how to manage, store, and interpret data of all types.

I recently spoke with Joe Lichtenberg, Director of Industry Marketing at InterSystems, one of our FinovateWest sponsors. During our conversation, Lichtenberg spoke about recent trends he is seeing within financial services, the technology that is driving those trends, and how data is playing a role.

Be sure to catch InterSystems’ keynote on Monday, November 23 at 2:15 pm Pacific time. In his discussion, Jeff Fried, Director of Product Management for InterSystems, will be detailing seven steps to implementing machine learning in financial services. Finovate Analyst David Penn highlighted Fried’s session earlier this fall in a post titled, Giving AI and Machine Learning the Business.

FinovateWest’s Investor All Star Panel on Tomorrow’s Fintech Trends

What trends are likely to drive fintech funding in 2021? Which sectors in fintech are most likely to produce the next fintech unicorn or the next big fintech IPO? What are the key factors that startups and entrepreneurs need to keep in mind when it comes to securing investment, driving growth, and developing constructive partnerships with fellow fintechs and industry incumbents?

In less than two weeks our Investor All Star Showcase at FinovateWest Digital will answer all these questions and more. Featuring five professionals involved in helping fintech startups get the capital they need, our Investor All Star Showcase is a must-attend event at a conference you won’t want to miss.

Check out our All Star Quintet below.

Joel Brightfield, Principal, SixThirty. Brightfield leads the investment activities of SixThirty, a global early stage venture capital fund and go-to-market program.

Andrew Casey, Director of Corporate Development, Fidelity Investments. Casey is involved with organic growth opportunities focused on investments and acquisitions.

Isabelle Freidheim, Co-founder and Managing Partner, Starwood VC. Freidheim is a fintech venture capital investor and repeat fintech entrepreneur. She invests in high growth fintechs in the U.S. and, previously, in Europe.

Arvind Purushotham, Global Head, Venture Investing, Citi Ventures. Purushotham leads Citi’s efforts to invest in and partner with startups as a way to bring technology-based innovation to Citi’s businesses.

Greg Shepard, Founder and CEO, BOSS Capital Partners. Shepard is an upcoming author and angel investor with a legacy of building and running sustainable growth businesses.

Moderated by Ansaf Kareem of Lightspeed Venture Partners, our Investor All Star panel at FinovateWest Digital will give you a 30,000 foot view of the critical trends in fintech going forward, as well as a look at the availability of capital in a post-COVID world.

To save your spot at our upcoming, all-digital event, November 23 through November 25, visit our FinovateWest Digital hub today. Take advantage of big savings if your register this week!

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BigTech, Partnerships, and the Evolution of the Fintech Ecosystem

The growing presence of BigTech in the fintech ecosystem is one of the stories of 2020 that will likely be among the top stories of 2021, as well. As companies like Apple, Google, Amazon, and Microsoft look to fintech for new markets and opportunities to innovate, how will their relationship with the fintech ecosystem evolve and change?

For a few answers to this and other questions, check out our interview with Microsoft’s Sandeep Mangaraj and Tom Feher, industry executives, Digital Transformation, Financial Services. Both Mangaraj and Feher participated in our all-digital fintech conference, FinovateFall Digital, in September.

What is the value of partnership as BigTech becomes more involved in fintech?

Mangaraj: Microsoft leads with partners. That’s been true throughout our history and especially given what we are facing now, all the uncertainty and challenges that our partners are facing. I don’t see that changing. Our partners were quick to respond to what happened with COVID. They leveraged the power of our platform, and they were there immediately with creative and innovative solutions.

That has been the story of Microsoft. What is it that we provide? We have a secure, compliant, scalable platform that they can innovate on, and we are here to help them and support them, and make sure that they take advantage of the full power of what we offer, what they offer, and what our other partners offer, to take to their clients.

Feher: Partners are key to our success. We have several programs to help incubate and expand our fintech ecosystem. This includes everything from Microsoft for Startups, a program that assists startups in building solutions on our platform, to our M12 Ventures program that invests in a portfolio of fintechs in the industry. We also have our worldwide partner organization that focuses on strategic alliances and partnerships with fintechs that enable us to bring net new solutions to market on our platform that accelerate our clients’ innovation and well as helping them drive business outcomes.

Watch the rest of the conversation. And for more from our FinovateFall Digital speakers, check out our Finovate TV YouTube playlist.

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George Anderson on What You Don’t Know About Open Banking

When we saw Ninth Wave Founder and CEO George Anderson’s keynote presentation at FinovateFall titled, “Open Banking: Ignore at Your Own Peril,” we wondered what else the tech industry is missing about the topic.

After the event, we tracked him down to ask him a few questions about what we’re missing about open banking and where the U.S. stands on the path to an open banking paradise.

When it comes to open banking, there’s a lot of terminology out there: open banking vs open finance, for example. What’s the difference?

Open banking is often viewed as a set of regulations and government-mandated standards (e.g., U.K. Open Banking, PSD2 in the E.U.) and usually describes the consumer-permissioned exchange of financial account and transaction data. I see open banking as a basic “check-the-box” feature for financial institutions.

Open finance represents a broader paradigm shift. Anything we can do by walking into a bank branch, calling our financial advisor, or logging into the bank app, we should be able to do from any app, software, or online service. Open finance is the natural extension of open banking and as such can be a strong differentiating factor for financial institutions.

What is one thing most fintechs don’t know about open banking?

One thing many fintech firms don’t realize is that, when using an aggregator or other API service, they will pay fees to get data they can get for free by integrating directly with the banks. While it’s currently not practical for smaller fintechs to do that, the move towards a standardized API – such as the FDX API standard – will make this more and more feasible. Why pay fees for data you can get for free?

A close second would be for fintechs to try and step into the shoes of the bank. This could make their business model more successful in the long run and also face less resistance from data providers. Questions entrepreneurs should ask themselves include: How does the bank perceive what I am offering? Can we find a win-win situation for the bank by adding value for them in some way?

What is one thing most banks don’t know about open banking?

Many financial institutions (FIs) still see open banking as a threat to their traditional business model. I think that’s a shortsighted view. I believe that banks that embrace open finance will be able to reinforce the “trusted advisor” relationship with their customers and also leverage third-party integrations as a true differentiator from other financial institutions.

Open finance API platforms, such as the Ninth Wave Platform, allow customers to securely share their data, integrate their bank accounts with third-party software, and most importantly, act on this data. This means that customers can initiate payments from non-bank-owned applications. Banks can regain control by having the necessary tools to securely and transparently manage data exchange with fintech applications, aggregators, and other third parties.

Without specific governmental regulation, do you think it’s possible for all banks, fintechs, and consumers to be on the same page when it comes to open banking?

On the surface, it would appear that banks, fintechs, and consumers have different viewpoints and interests. While I agree it’s really a tall order, I think it is possible to get all market participants aligned on open banking since they all realize that customer security and privacy must come first and foremost. Without these, the ecosystem completely breaks down.

The Financial Data Exchange (FDX), of which we are a member and contributor, is a group of ~150 companies, consumer, and industry groups which are developing and promoting a common, interoperable, and royalty-free data sharing standard. This includes banks, aggregators, fintechs, as well as other companies that provide or request financial data. The FDX working groups contributing to the standard have balanced representation of interests from members.

Having said all that, regulation may not be that far off, as indicated by the recent CFPB “pre” ANPR (Advance Notice of Proposed Rulemaking) on Section 1033 of the Dodd Frank Act.

The Open Banking Implementation Entity recently unveiled that over two million U.K. residents now use open banking. What will it take for the U.S. to reach that point?

While the U.S. may not have a government agency tracking users of “Open Banking”, I believe the U.S. is already at or beyond that level of utilization. Earlier this year, the Financial Data Exchange said that nearly 12 million end consumers have been transitioned away from screen scraping since 2018. This has been achieved mainly by large organizations embracing stronger security and data access methods, such as APIs, to reduce or eliminate screen scraping. I also believe the U.S. is leading with open finance initiatives – which go well beyond the definition of open banking – and have seen immense adoption during the COVID-19 pandemic. Embracing open finance will allow the U.S. and U.S. institutions to lead global adoption.

Sometimes the open banking conversation can feel like a battle between banks and fintechs! Where does the end customer fit in and how can firms consider their needs?

This is a great question and one I very much enjoy speaking about. I’ve watched this ecosystem evolve for longer than I care to admit. While Ninth Wave officially launched in 2018, the experience of our team is unmatched in this space.

The one constant I’ve been seeing is the perceived tug-of-war between banks and fintechs. Predominantly, I see three groups of players. First is the consumer or account owner, next comes the financial institutions, and third are the apps a consumer wishes to use and the aggregators/API players that connect fintech apps to financial institution account data.

Everyone needs to understand that the data belongs to the account holder. Period. Once you acknowledge and embrace that, it becomes much easier to understand the customer, meet their needs, and protect them.

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Google, 21st Century Branch Banking, and the Power of the Platform

This year, FinovateFall Digital brought representatives from some of technology’s biggest players to our all-digital stage. One of these individuals was Paul Rohan, Solutions Consultant with Google Cloud.

Rohan’s presentation on the future of banking showed a connection between the evolution of branch banking and the necessary changes banking will need to undergo in order to thrive in the 21st century. He also discussed the changing nature of competition in financial services brought on by trends like open banking.

Check out our interview with Rohan ahead of his FinovateFall Digital presentation last month.

On the current state of open banking and PSD2

This is a major change in mindset because you start to realize that you could have the very best banking product with superb features and brilliant pricing. But if it’s not a part of these connected digital experiences across multiple brands that customers are increasingly demanding, it could fail. And you could have a middle of the road, not the best financial product, with not the best prices and not the best features. But, boy, if it pops up with the right context, with the right personalization, and the right customization – in these connected digital experiences – it could be a tremendous success.

On open banking as 21st century branch banking

Why did unit banks fall away and then branch banking become the norm? Because it didn’t matter how superb the staff were in the one branch you had, or how wonderful the customer experience was once they came into the branch, or how fast the decision-making was because everyone in your bank was in that one location. But if your one branch was in the wrong town, or beside the wrong industries, as things changed, it didn’t matter how wonderful the user experience was … In essence, (branch banking) started to allow customers to begin their customer journey with the bank where they were living their lives or where they did business.

On the difference between pursuing an app strategy versus a platform strategy as a financial services provider.

The sociology is quite different. In a traditional enterprise that’s quite reliant on doing everything themselves, and there’s always a human desire to innovate and serve your customers, if you do something clever to serve your customers, there is a big round of applause: “This is exactly what we should be doing.”

Companies that are immersed in the connected experiences of digital ecosystems (are) all about trying to make your partners clever. Enable them to be clever because they’ll do the customization, they’ll do the personalization. So there’s a huge amount of thought that goes into taking friction and difficulty out of your partner’s ability to deal with you, and to extend your brand and your proposition into segments you don’t want to serve yourself directly or you couldn’t serve yourself directly.

Watch the rest of the conversation. And for more from our FinovateFall Digital speakers, check out our Finovate TV YouTube playlist.

Giving AI and Machine Learning the Business

When it comes to leveraging technologies like machine learning and artificial intelligence to enhance processes and improve business operations, many financial services firms know what they want but, to steal a line, “just don’t know how to go about getting it.”

One of the keynote presentations at the upcoming FinovateWest Digital conference in November is designed specifically to address this problem. Jeff Fried, Director of Product Management for InterSystems, will provide a address titled The 7 Steps to Using Machine Learning to Improve Your Business that will give stakeholders key insights into the steps they can take to get their machine learning- and AI-based projects underway.

“Continued advancements in ML and AI have huge potential in many domains,” he wrote in a blog post titled Maximize Today’s Downtime to Train ML Models for Tomorrow in August. “The key is to surface low-risk, high reward business solutions to ensure your organization continues to thrive, while also weathering the effects of an economic downturn.”

Specifically, Fried is cautioning companies against treating any COVID-induced slowdown in business activity as “downtime.” Encouraging companies to not let “the crisis go to waste,” Fried sees this year as a unique opportunity for companies to hone in and test out some of their ML-oriented projects. This is because while he considers machine learning and AI to be “high promise” technologies, the time and energy required to test and implement these initiatives is often hard to find when the usual, every day business concerns are often more “urgent and immediate.”

One factor in favor of companies looking to innovate using machine learning and artificial intelligence is that while there is a high demand for talent in these areas, the actual technologies themselves require relatively modest capital investment. This, at a time of heightened financial risk aversion by most businesses and combined with new tools that are making machine learning technologies more accessible to data scientists (and even those who aren’t data scientists), further argues for companies to make the most of the current moment when it comes to pursuing their more ambitious technology projects.

A self-described “long-standing data management nerd” and a former Chief Technology Officer for BA Insight, Empirix, and Teleoquent, Fried joined InterSystems in 2018 and is passionate about helping people build powerful data-driven applications. Learn more about Fried and his upcoming presentation at FinovateWest Digital in November.

FinovateFall Digital Features Ten Keynote Speakers in its Upcoming Autumn Event

In less than two weeks our all-digital, fintech conference, FinovateFall Digital will begin. If you haven’t registered yet for our week-long live and On Demand event – September 14 through September 18 – then there’s no better time than the present to visit our registration page and save your spot.

To whet your appetite for the latest in fintech thought leadership and technical innovation, we wanted to introduce you to ten of the industry experts who will be presenting keynote addresses during the week.

Pablos Holman – Futurist, Innovation Speaker, Inventor at the Intellectual Ventures Lab, Founder, Turing AI. LinkedIn.

There is no try but do: Raising the bar, passing the test, and innovating in a post-COVID landscape. Preview

Scott Gnau – Vice President, Data Platforms, InterSystems. LinkedIn.

“There’s a growing opportunity to lay the foundation for game-changing business data transformation that leverages both automation and analytics for sustainable success in any business climate.”

Digital Transformation’s Journey Toward Automation and Analytics. Preview

Jeremy Balkin – Head of Innovation, HSBC. LinkedIn.

“From robotics to wearables, how is technology being used to make us more human, to further financial inclusion and to allow for greater wealth creation?”

Technology and partnerships to bring people together, and the impact of COVID-19 on partnerships. Preview

Adam Dell – Head of Product, Marcus by Goldman Sachs. LinkedIn.

“What fintech trends will emerge as a result of the pandemic and how will consumer banking be changed forever?”

The Future of Finance: Predictions for a Post-Pandemic World. Preview

Sarika Sangwan – Global Head of Strategy & Marketing – Financial Services, Pinterest. LinkedIn.

“As one of the most trusted platforms, Pinterest allows FinServ partners to reach their target audience when and where it matters most.”

Rebuilding, capitalizing and maintaining customer trust in financial services. Preview

Tom Feher – Banking industry executive, U.S. financial services, Microsoft. LinkedIn.

“As the world continues to respond to COVID-19, we’re equipping our customers with the tools they need to respond, recover, and reimagine the future.”

Coming together to respond, recover, and reimagine during COVID-19. Preview

Paul Rohan – Head of Business Strategy – Finance, Google Cloud. LinkedIn.

“In the digital 21st century, customers expect their favorite brands to collaborate to provide extended and connected digital experiences.”

Open Banking is 21st Century Branch Banking. Preview

George Anderson – Founder and CEO, Ninth Wave. LinkedIn.

“Learn how leading banks are staying ahead of the surge in demand for transparent, secure, and scalable data connectivity from business, consumer, and wealth management customers.”

Open Banking: Ignore at Your Own Peril. Preview

Mike Burr – Lead Android Enterprise Security Evangelist, Google. LinkedIn.

“Discover how to debunk security myths, and learn how the latest, multi-layered security protections, encompassing software, hardware, and application levels, now leverage the power of machine learning to protect your device fleet.”

Redefining the approach to mobile security in fintech (and why it works). Preview

Oliver Hughes – CEO, Tinkoff.

“Learn about achieving profitability as a digital bank, launching new products in the time of COVID-19, and what you need to be thinking about in terms of current and future trends in fintech.”

Digital banking in a post-COVID-19 landscape: The bright future of fintech. Preview

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Innovating in a World of Exponential Change

Describing the opportunity to use AI to create tools and solutions that make society better off, Pablos Holman (pictured right) said, “we get the chance to work for the humans yet to come.”

I like the way of looking at a controversial technology in such a positive light. Instead of focusing on the potential of AI to displace us at our jobs or make our lives unfair in some ways, maybe it is better to examine how we can use AI to craft products, technologies, and services that make our world better to live in.

To do this we need to ask ourselves and the community we work in, “All of this technology is in our hands, what do we want to accomplish with it?” It’s important to ask questions like these in the fintech sector, so that the industry can control how we use new technologies such as AI. As Holman puts it, “Speculate about the possibilities, focus on the positives.”

Holman is a hacker, inventor, entrepreneur, and technology futurist who is on a quest to solve the world’s problems through the innovation of technology. He will be the keynote speaker kicking off FinovateFall on September 14, offering his thoughts on innovating in the post-COVID landscape.

He is certainly a speaker you won’t want to miss. Holman has helped build spaceships; the world’s smallest PC; artificial intelligence agent systems; and the Hackerbot, a robot that can steal passwords on a Wi-Fi network. He is a world-renowned expert in the fast moving 3D printing space, and is currently working on printing the food of the future among other things.

Holman will discuss some of the invention projects under way at the Intellectual Ventures Lab, and their efforts to create an Invention Capital market. He will also be showing off some of the super powers that hackers possess.

FinovateFall Digital will run September 14 through 18 and will be broadcast live in Eastern Standard time. There’s still time to register (at a discount!) so take advantage and book your ticket today.

Photo by Sinjin Thomas on Unsplash

A Place for Robots at the Banking Table

The new, low-touch economy has set me thinking about robots recently. The less society is able to interact with fellow humans, the more voids exist, especially in the services industry.

And I’m not just talking about restaurants and hair salons (though, are robot barbers in our future?). The banking industry is a prime candidate for the intervention of a physical robot in a world suffering from a highly transmissible disease.

Perhaps the most famous robot in fintech is HSBC’s Pepper, a humanoid robot created by Softbank. HSBC has deployed Pepper at branches around the world and has been praised for boosting ATM transactions, increasing credit card applications, and more.

At last year’s FinovateFall event I caught up with HSBC’s Head of Innovation Jeremy Balkin, who discussed the bank’s traction with Pepper the robot.

In a world still struggling to collectively fight the virus while remaining socially distant, HSBC is leveraging technologies such as AI, wearables, and robotics to bring people together. The bank is using these enabling technologies to help promote financial inclusion, spur wealth creation, and support equality through language translation.

These goals may require heavy-lifting but the technologies we have are more-than capable for the tasks at hand. At FinovateFall this September, be sure to catch Balkin’s keynote address as he discusses HSBC’s efforts amidst the global health crisis.

FinovateFall will take place in a digital format– complete with live, remote networking– on September 14 through 18. Discounts are available so be sure to book today.

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Jim Marous on the Future of Work in Banking

Finovate VP and host of the Finovate Podcast Greg Palmer (@GregPalmer47) recently caught up with Jim Marous, co-publisher of The Financial Brand, and owner and CEO of the Digital Banking Report.

The two discussed Marous’ latest research on the changing face of work in banking and financial services in the age of COVID-19. Here are a few excerpts from their conversation.

On the future of work-from-home (WFM) and working remotely in financial services

What we would found was that a lot of jobs worked almost as well if not as well from a work-at-home or work remotely environment as they did at the business place. One of the biggest examples were call centers. A lot of call centers, when they went remote, found out there wasn’t really a dramatic negative impact. In fact, from a quality of life basis, there actually was a better impact from the standpoint of employee happiness, awareness, and the ability to actually get the job done.

On the ability of new video and audio technologies to transform the way bankers work with small businesses

Let’s say you’re a small business banker. You can do a better collaborative call by not being in-person. (Instead) bring in three or four other specialists from the small business world into a (video) call to serve the client. An innovation example from Deniz Bank in Turkey was that for their agricultural division they found that their business bankers spent a lot of time traveling from farm to farm. But when they did it centrally (with video conferencing), they were able to bring in meteorologists, fertilizer people, equipment people, people that dealt with crop rotations and different elements that brought value to the farmer …

On overcoming the skills gap that can accompany rapid adoption of new technologies

Organizations and governments are going to be required … to help up-skill employees to be ready for the future. The challenge is going to be that employees and companies can’t wait for this to happen. Organizations right now need to find the people to fill those skill areas. Amazon, I believe, has committed to training 100,000 of (its) employees in moving to the digital world in their organization. They’re going to train their own employees because they realize it’s going to be easier to train them than it is to find them in the outside marketplace. But that’s not going to be enough. Employers and organizations are really going to have to encourage people to do this training on their own.

Check out the rest of the conversation. Join Jim and Greg on Episode 55 of the Finovate Podcast.

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FinovateAsia: Finding Opportunities in Emerging Markets and Financial Inclusion

Day Four of FinovateAsia Digital focused on two issues that have only become more pressing in recent months: the role of emerging markets as sources of innovation and new markets in fintech, and the rise of financial inclusion as a moral – as opposed to simply economic – imperative.

For many entrepreneurs, corporate leaders, and consumers the fact that these themes have come to the forefront in 2020 is bittersweet. Global interconnectivity is now challenged by coronavirus-fighting lockdowns and quarantines. Efforts to bring more diverse voices to the fintech industry – and to bring the benefits of financial technology to more people – will put additional pressure on companies and entrepreneurs who are already negotiating technological disruption, increased competition, and economic uncertainty.

Here are some of the highlights from the fourth day of our all-digital conference. Visit our FinovateAsia Digital hub and register today to join us for hours of live and On Demand access to more insightful commentary on the trends shaping fintech innovation in the Asia-Pacific region.

On the importance of technology as a tool in advancing financial inclusion around the world

How can we use technology to include more people in the formal financial system? How can we reduce (the number of) unbanked and underbanked? Perhaps by 50% or more by 2022?

Half of the world’s unbanked adults reside in Asia. And there are more women than men who are unbanked. We can use technology to change that. Some of the top reasons for not having an account in a financial institution include: not having enough money, it costs too much to open an account; it’s too far to get to a branch; there’s not enough or insufficient documentation to prove you are who you say you are; or a lack of trust. A lot of these can be resolved with the proper business models, value proposition, and technology.

–Theodora Lau, Founder, Unconventional Ventures

On the biggest challenge Singapore faces in maximizing its opportunity as an international fintech hub

For us, for Singapore in particular, I think the ability for the cross-border business activity to start to pick up again (is key). Clearly during COVID-19 elements of that would have slowed down. So at the moment most countries are thinking about how do we get our domestic market back in shape again.

And the way that Singapore (sees it) – and I think this is a view from quite a few countries, not just around the region, but around the world – is if we start to think just domestically, then we miss a big trick here in terms of real growth and that will materially impact GDP. And so you have to start thinking about things as collections of countries, as regions, as a world. Because that way, if we all kind of plug together, we can stand up together rather than the opposite of that where everyone becomes a bit more nationalistic, the barriers come up, and we all end up a little bit worse off in terms of business activity.

–Pat Patel, Principal Executive Officer, Monetary Authority of Singapore

On the role of readiness and the public sector in helping the fintech industry survive COVID-19

It’s a difficult time to be a fintech, but when you look at the various different aspects that make this challenging, with collaboration, sales, these are things that many successful fintechs have had in place in southeast Asia for many years – and indeed globally.

We’ve been talking to a number of B2B fintech companies that are doing very well in the roboadvisor space, in the payments space. It’s one of those areas that, before COVID-19 started, you really needed to be ready for it. And after COVID-19, it’s even more important to have those collaboration tools and remote sales tools in place.

–Zennon Kapron, Founder & Director, Kapronasia

Available both live (Singapore time) and On Demand during the conference week, FinovateAsia Digital is a unique opportunity for those interested in learning more about fintech in the Asia-Pacific region. Browse our all-digital presentations, interviews, and discussions; network with fellow attendees; and gain key insights into the trends driving fintech innovation in critical, emerging markets. Visit our FinovateAsia Digital Hub and register today.

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