Finnovation 2018: Kenya series
Finnovation held their annual fintech event in Kenya on 31st May 2018. There were interesting topics covered by the group of diverse panelists (list of speakers) . Some of the topics addressed were collaboration and acceleration, finclusion, blockchain and payment innovation.
The event brought together bankers and tech start-ups in the financial sector. These two need each other and have to work together and co-exist. As the digital director of Co-operative bank said, “Our initial instinct was to eradicate fintech, however we need them. They have the agility and technology that the banks don’t. They also need the banks for their infrastructure as well as the connections. Hence, the need to partner and co-exist.”
I attended the event at 11.00am and sadly missed the morning leadership dialog ue with the likes of Jeremy, Barclays bank MD Kenya, Aaron Fu, MD Mest.
Changes in the financial sector
Cloud technologies: There are new technologies that are bringing changes in the financial sectors. Institutions want to take advantage of these technologies to serve their customers better and give them exceptional experiences. Since the fintechs are revolutionalizing the financial sectors, the banks have to catch on somehow to serve their customers better. One of the ways they are doing this is through design thinking.
Risks of false tracking: There are new risks that come with new risks. There are new policies that are being put in place by the institutions to curb the risks. Financial institutions are now expected to comply. However, regulators need to understand how payment innovations work in order to create a safe place for them to take place.
Social media and analytics
Security issues: With the exposure and more transparency, it has opened up the financial sectors to security that didn’t exist prior to current technologies. This creates a new
Some factors propelling scale
- Expertise: Availability of talent to implement and take advantage of the upcoming technologies propels scale. According to Asoko Insights research analyst, data shows that in the most innovate countries, demand for talent is on the rise as companies seek to expand and grow.
- Population: Numbers play a huge factor when it comes to the need to scale. Companies look at countries where their solutions are needed and the number of people who are likely to adopt. This way they can keep their revenues up as they venture.
- Policies: Flexibility of policies influences how well companies can scale and grow across different countries. Some countries have strict policies that make it very difficult for foreign companies to register, set up and start operating in those countries.
The most dynamic as well as engaging bit, was listening to the pitches. There were 7 investors (wolves) and 5 companies had the opportunity to pitch their start-ups. Some of them had elaborate business models, products as well as captivating traction. However, others had a long way to go in figuring out their business as well as their customer acquisition and revenue generation.
One that had traction but the communication was off was micro. This is a dairy product that helps dairy farmers keep track of the amount of milk they sell, receive payments and get advance credit if need be. The solution wants to help farmers to get the real measure of their milk and get paid well.
Another one was Wazinsurance, a product by. This solution addresses the problem of commercial motorcylists issue in getting insurance. It’s either too expensive for them or isn’t personalized for them. They provide a solution where they work with the bodaboda association to help the bodaboda guys get insurance.
The event ended on that note. Generally, organizers did a great job other than lunch. There were no spots reserved for sitting to have lunch. Otherwise the event met my objectives and standards.
