Takeaways from Finovate Fall, 2018 @ NY
I left for Finovate Fall with the thoughts about Millennials. You can read them here. The motivation approaching Gen Y as the potential client target is clear — businesses must think about the future. That’s why, I have left for Finovate with ideas about digitalisation, mobile first strategy and investments in UX.
Some of these ideas got confirmed and expanded right on the first day. Also I noticed some of the directions which are not related with the advices in my article.
Yes there are solutions tailored for the Millennials
UX is important and it helps a lot. It helps to on-board with your products easily and not only for Millennials but also the older generations. The best of show winners — Meniga, the personal finance management solution is a great example. They came to Finovate with colours, great UX, a nice demo and visual message straight to the minds of the users. It’s a pity, that there is no demo version to try it without being a client of the banks they serve.
Then there is a variety of communication tools with the banks. I wrote previously that the way to reach out service provider without going to the branch is a must. We had chatbots, now we have a video service. There were plenty of products in the show, some of them going into the direction of process automation, however this direction is still in development. Solutions, such as Finn AI chatbots, Vidyo video, secure messaging from Switzerland — Unblu, particularly worth checking.
One of the technologies in the show, worth knowing is biometrics. I have to admit my understanding of it was up to this point limited. The current development of biometrics technology is really staggering, and is speculated to replace pins and chips in 5 years time. The new thing to me was the use of motion used for identification, next to fingerprints or face recognition. So I wish for the attendees of Finovate to break barriers on the banking side. Hopefully there will be more trust in motion based biometrics solutions and implementation during the next year.
APIs is the must
The other eye opener for me was the API. [EK2] No, that is nothing new, and we were implementing APIs in banking sector in the last decade. But all you need is a few hours in Finovate to understand that API is a must. It’s a must for the financial institutions, a must for core providers, a must for any products aiming for any niche. You have to have modular architecture to be adaptable for adding new products into your portfolio.
A wish for the next year
As discussed with a great group from the event, I wish for the next year that there will be less companies talking about AI and more doing it. I also hope that there will be more blockchain speakers from Europe — I already proposed some of them for the organisers. And I hope that open banking will move forward both in EU and USA so that I can download Meniga into my phone finally :)
Catch me on LinkedIn if you have more insights or would like to discuss how we could help you to prepare for developing fintech, targeting Millennials. Next week I am still in US.