Finovate Europe 2023: Take Over

This article is based on episodes 167 and 168 of Breaking Banks Europe, which featured interviews and live event coverage from Finovate Europe, hosted by Francesca Aliverti.

The banking industry is constantly evolving, and several leaders are working tirelessly to make it more user-friendly, efficient, and sustainable. In this article, we will discuss insights from four industry leaders about the challenges, opportunities, and innovations in the banking industry.

Bianca Zwart , Chief of Staff to the CEO at bunq , emphasized the importance of building products, experiences, and business models based on customers’ wants and needs. Bunq’s mission is to revolutionize the banking industry by making it more user-friendly and this approach proved to be essential for banks to stay relevant and attract Gen Z and millennial customers.

Elizabeth Rossiello , the CEO of AZA Finance , started her business in Nairobi, Kenya, in 2013. Aza Finance is a pan-African fintech company that provides foreign exchange payments, settlement, and treasury services. Rossiello saw an opportunity to tackle the issue of the dollarization of the African continent and reduce the significant barrier to trade created by expensive cross-border payments. Starting a business in Africa is not without its challenges, with instability, currency volatility, and different legal systems creating structural differences. However, companies like Aza Finance are innovating and tackling these challenges to accelerate economic growth in Africa, reducing reliance on the US dollar and promoting monetary policy sovereignty in African economies.

Saira Khan , Head of Business Model Innovation at first direct bank, highlighted the importance of collaboration between traditional financial services and fintech startups. Khan leads and supports collaboration efforts at First Direct Bank in areas such as open banking, emerging technologies like data and AI, and sustainability. One challenge she has faced is the cultural shift in the way startups and banks communicate. Founders need to understand how to collaborate with banks and get the best out of their experiences.

Michael Ramsbacker , the Head of Product at Trulioo , discussed the evolution of digital identity verification solutions for businesses operating in the international market. Ramsbacher highlighted the problems that customers face, such as fraudulent activities, and the need for reliable and efficient identity verification solutions. Trulioo is a leading provider of such solutions and has been at the forefront of digital identity verification innovation. In conclusion, the banking industry is facing significant challenges, but also significant opportunities for innovation and growth. Industry leaders are working tirelessly to make banking more user-friendly, efficient, and sustainable while navigating challenges such as cultural shifts, regulatory differences, and currency volatility. Collaboration between traditional financial services and fintech startups is key to driving innovation, serving customers better, and staying on top of emerging trends and technologies.

The success of these great episodes is attributed mainly to the collaboration with the Informa . Join the next Finovate Europe (February 27-28, London), Finovate Spring (May 23-25, San Francisco), and Finovate Fall (September 11-13, New York).

Article by Andrea De Caro