Fintech
FinovateEurope 2024: Digital transformation, shifting customer expectations and Africa’s fintech growth
Influential figures from across the fintech industry assembled at the Intercontinental O2, London, for the final day of FinovateEurope 2024 on Wednesday.
The conference came to a close with a day packed full of keynote addresses and enlightening panels, tackling several common themes such as trust in AI and the need for digital transformation and adaptability in the face of shifting consumer expectations.
Can we trust AI?
Digital transformation and the utilisation of generative AI were repeated topics over the day. One key consideration raised was the need to remain aware of the potential cybersecurity risks of AI when utilising the technology or developing new use cases.
During a panel consisting of several heads of innovation, Adam Lowe, chief product and innovation officer at US-based CompoSecure, claimed that there is still a way to go before the financial industry can be fully confident that AI will not accidentally gain access to confidential data and potentially leak said data.
“You don’t want to accidentally delete PII (personally identifiable information) internally, or worse leak to the public,” he says.
Marco Eijsackers, ING’s head of CIO office and tech strategy and transformation, adds that “we still can’t trust the accuracy of AI or where the source of the information is from, we still need to be prudent”. Eijsackers continued by stressing the importance of collaborating with a trusted partner when deploying the technology.
Nevertheless, Lowe argues that if banks can move past their “legacy mainframe systems” and incorporate AI tech that is capable of transporting private information securely within itself and between other financial institutions, then it will provide dramatic cost savings to the industry and improve customer experience.
“Change is the only constant we can rely on”
One of the most well-received addresses during the day was delivered by the consumer behaviouralist Ken Hughes, who spoke about the need for fintechs to adapt to ever-changing client expectations, or else they run the risk of becoming “floppy disks” – in other words, redundant.
Fintechs face the challenge of having to develop products that engage with all six generations. Hughes identifies Gen Z as the first “truly digital generation”, who expect services to be efficient and to come to them.
He describes them as the “blue dot consumer” – the “pulsing centre point around which everything must revolve” – asking, “Why would anyone flag a cab when Uber will deliver straight to your door?”
Hughes adds that personalisation is key for fintechs and banks when it comes to attracting and retaining these customers. “It’s people first, not product first. The customer wants to feel special,” he states, concluding that firms must go “beyond satisfaction” and lead customers to the “delight space”.
Crypto to drive Africa’s fintech growth?
During a fireside chat, Brett Magrath, chief product officer (CPO) at Chipper Cash, revealed the factors driving the current and future fintech growth in Africa, the world’s fastest-growing fintech market.
Magrath believes that Africa is in a prime position to take advantage of what fintech has to offer due to its increasingly digitally literate population, improving social mobility and the continent’s willingness to embrace new technology.
He further suggests that it is in crypto where he can see fintech making a significant difference for emerging markets across Africa.
Magrath states that the continent encounters challenges in accessing and efficiently circulating dollars – “I think crypto is something that solves that,” he argues.
As a piece of advice for those looking to tap into the African market, Magrath states that firms must have an “understanding of what resilience and chaos is about”.
“The ability to thrive in chaos is something that in Africa is embedded in you. You need to build your business case and model to handle that,” he concludes.
To gain deeper insights into the African fintech landscape, tune in to our recent episode of the What the FinTech? podcast discussing the topic.
Source: Fintech Futures
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As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
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Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
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