NextGen Banking Nordics 2016 (October 11th) brought together industry leaders from banks, traditional and new, established and start-up fintechs, investors and other key stakeholders for an intensive one-day conference focused on exploring all aspects of digital transformation in the Nordics financial industry.
- How is digital impacting retail banking and wealth management on one hand and transaction banking on the other?
- What do retail and business customers really want from Nextgen banking – and how are their requirements evolving?
- How is digital impacting the business of being a banker?
- What will be the impact of key regulation such as PSD2?
- Which of the much-hyped technologies we hear about – blockchain, mobile, robotics, biometrics among others – will actually shape the future landscape, and how should nextgen banking providers be using them?
- Who will win – and who will lose – in the future banking landscape?
Improve Customer Experience during Banking Transactions
Eric Bohner, Connective’s Founder & CEO, opened the KeyNote Roundtable together with other FinTech’s and banks like Nordea & Sparebank to discuss what customers want from NextGen Banking. Eric’s vision and suggested approach resonated well amongst the other speakers and the audience. Indeed, many specialists agreed that the Next Generation Banking customers want to experience their banking transactions in many of the same ways as they experience booking airplane tickets, hotels, checking an Uber or airBNB. They want banks to earn their respect by providing trusted and proven technology to improve the customer experience. Not just improve, quantum leap the experience of transacting with them.
The customer never asked for PSD2
The roundtable also asked if the customer knows what he wants. Eric referred to PSD2. The customer never asked for PSD2. He expects to have a consolidated view on his cash position across his accounts with three different banks in probably as many different countries. He wants to be able to instantly move money from his account in one country to another account with another bank in another country. Maybe between Belgium and Finland. Or between Sweden and Malaysia. Banks need to embrace things like PSD2 to further improve the customer experience whilst leveraging PSD2 to offer “bank as a platform” services.
In addition, Connective had a booth which was well positioned and allowed us to talk to several Nordic Financial Services Providers, potential partners & VC’s. Eric was also invited to a luncheon with BNP Paribas Atelier which lead to discuss how Connective could help BNPP respond to their digital onboarding challenges.
From Finextra’s event we learned that banks look as follows towards FinTechs:
- Banks want to keep the trust factor and offer a trust platform to their customers.
- A few years back, they saw Fintechs as head to head competition, now they see them as enablers to offer and facilitate services as a trustee to their customers.
- One of the greatest things to keep in mind for the future is the importance of data and keeping this data safe & secure.
- Their overall goal is meeting the simplicity a customer wants without compromising on security and compliance.
Finally, the day ended with an energizing and attention-grabbing approach by former US Embassador to Finland – Bruce Oreck who challenged the audience by claiming that banks don’t see what will hit them when it comes to FinTech disruptors & new developments around e.g. Artificial Intelligence. In addition, Julie Meyer from Ariadne Capital encouraged FinTech’s to team up with banks in the spirit of David & Golliath i.e. join forces. And banks need to leverage the opportunity by enabling smart use of the huge set of data & intelligence that reside within their systems.
We already look forward to next years’ edition!