Bloomberg terms the pandemic fuelled business activities and product development processes as ‘’crisis-inspired innovation’’. Not only that, they also describe fintech to be bringing about an uprising of sorts once the world is through this period of economic uncertainty.
Bloomberg terms the pandemic fuelled business activities and product development processes as ‘’crisis-inspired innovation’’. Not only that, they also describe fintech to be bringing about an uprising of sorts once the world is through this period of economic uncertainty. The topic provides a rich pool of information, developments and insights to be explored which is exactly what Gaper’s next event in New York (July 28th) is based around. The event, titled “Future of Fintech”, features Kenenth Goodwin, Founder and General Managing Partner at Jeanensis, Harumi Urata-Thompson, Chief Financial Officer at Celcius, and Jasmin Sethi, CEO at Sethi Clarity Advisors as key speakers who will take part in a moderated discussion on the present and future of fintech.
We are at a point where it is crucial for businesses and consumers alike to understand what the world of fintech holds for us moving forward – the networking event in New York is thus aimed at gathering top professionals in the field who can impart informed insights pertaining to this rapidly developing field of finance.
The role of traditional banks is possibly the first idea that comes to mind when any discussion of fintech is invoked. Where do they fit in? Are they a part of fintech businesses or do they exist as competitors? Can they integrate innovative fintech solutions into their services? Will they even survive the so-called ‘uprising’ of fintech businesses?
In an interview with Gaper, Kenneth Goodwin surmised that while the growth and merits of fintech cannot be questioned, traditional banks will always have a major role to play in the finance world. While the governing aspects and central nature of traditional banks are essential for a healthy future of the system, their incumbency advantage will not always afford them this upperhand. These banks will need to digitize and transform the way they do things to remain relevant and continue to be of value to their clients.
At the same time, fintech institutions will have to accept the role and importance of traditional banks as well. It does not bode well for a healthy future of the finance sector if the two do not recognize and work with the value that the other provides.
Another area of importance is the implications that the fintech sector holds for consumers.
The relatively stagnant and straightforward nature of traditional banks that overwhelmingly dominate consumer banking meant that the sector was a perfect breeding ground for new ideas and innovations. Traditional banks have, for some time, been lagging in the development of customer-oriented services; something that fintechs recognised and directed their focus towards. In particular, fintechs have worked on solutions for those who need loans but have a poor credit scores, P2P platforms for those that failed to get loans from traditional banks, finance management tools, among many other targeted financial services.
The flip side to this, and a key topic of discussion in the New York networking event, are the risks and uncertainty that consumers might associate with fintech. These concerns surrounding the sector include but are not limited to, security issues, unreliable technology, lack of transparency and clarity about services and their cost, and a relative lack of regulations accompanied by computer decision-making.
Businesses have perhaps had to harbour even more frustration about banking services. Even traditional banks have had to partner up with fintech startups to make use of open development and offer Software-as-a-Service (SaaS) solutions through these startups in order to better integrate and streamline their operations and services with the needs of business customers. These are partnerships that are still in the works however. Banks question the security infrastructure that fintechs offer, while fintechs find it tricky to collaborate with banks owing to management, work culture and operational differences.
With several business owners and professionals in fintech expected to be present at Gaper’s networking event in New York, this area of discussion is expected to be explored and tackled in thorough detail.
What with being the financial center of the world, New York is rife with opportunities for new businesses, banks, fintechs, capital markets firms and insurers to base themselves amongst existing clusters of finance entities. There is a lot of room to meet new people, engage with entrepreneurs, finance professionals and work towards more innovative and customer-centric solutions and business-focused partnerships.
Join Gaper for an exciting networking event in New York to engage in insightful discussions on the future of fintech and meet experienced and aspiring entrepreneurs and professionals with diverse and rich experiences and work backgrounds!
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