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What You Noticed and What You Missed at FinovateFall 2021

What You Noticed and What You Missed at FinovateFall 2021
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Earlier this week we celebrated the return to in-person occasions with FinovateFall. Although this 12 months’s occasion felt a bit totally different from years previous, with vaccination wristbands and social distancing changing handshakes and hugs, there was an plain power current. Whereas it was fantastic to see many acquainted individuals face-to-face, it was additionally refreshing to see new concepts and know-how introduced by the specialists themselves.

With three days of demos, panels, keynotes, and networking, there was lots to soak up. Whether or not you attended in particular person or digitally, you have been in a position to see among the latest concepts and know-how in banking and finance. And for those who weren’t in a position to attend this time round, right here’s a recap of what you noticed and what you might have missed.

Overarching themes

  • Customers have modified how they select their financial institution.
    This one looks as if a theme we’ve been listening to for a few years now, however I feel it’s turning into much more concrete because the transfer to digital is ever-accelerating. The anecdote I heard a number of instances was how shoppers used to base their banking relationship on which FI had the closest department or essentially the most ATMs of their area. At the moment, with the abundance of neobanks, shoppers have a distinct mindset. They select their banks based mostly on the model. Does it seem reliable and clear, or is there an excessive amount of advantageous print? Does it supply distinctive options corresponding to early wage entry that talk to the client’s wants? Does it profit the neighborhood? Does it converse to the distinctive wants of the client’s tribe?
  • Cybersecurity ought to nonetheless be top-of-mind.
    The cybersecurity and fraud prevention theme is one which has been round for the reason that daybreak of fintech. It is usually one which isn’t going away any time quickly. With the push to digital, fraudsters are discovering elevated earnings. At this week’s occasion, we noticed a number of fintechs seeking to stem the movement of money into criminals’ pockets.
  • Regtech is rising.
    The U.S. has been gradual to undertake current regtech instruments and create new ones. Nonetheless, we’ve seen a rise in regulation round shopper information and buyer communication. Not solely that, however new applied sciences are additionally bringing pending regulation round AI, good contracts, and cryptocurrencies. Fintech is right here to fill the dearth of regtech options and save monetary companies corporations and fintech alike from authorized complications.
  • Customers are prepared for self-service.
    We now dwell in a world the place individuals not need to make a cellphone name to order a pizza, however would fairly accomplish that by way of an app. On high of this mobile-first desire, shoppers additionally count on issues on-demand. For these causes, the chatbots that have been dismissed in years previous as a solution-looking-for-a-problem. At this week’s convention, nevertheless, we heard that chatbots are actually among the most sensible instruments FIs can implement to finest serve their shoppers.

My spotlight

My favourite session was the Investor All Star panel that includes Alexa Von Tobel, Founder and Managing Associate of Impressed Capital, and Matt Harris, Associate at Bain Capital Ventures. The 2 mentioned the brand new “creator financial system,” a sub sector of the gig financial system that represents not simply social media influencers, however anybody who monetizes content material on-line.

Harris identified that, generally, comparatively little cash trickles right down to creators corresponding to musicians and artists as a result of a lot of the funds are devoured up by middlemen corresponding to studios, public sale homes, galleries, and publishing corporations. Nonetheless, with the arrival of NFTs it’s now attainable for any artist to straight reap the rewards of their labor utilizing solely an NFT Market.

Von Tobel added that banks must be able to serve the distinctive wants of this new workforce, lots of that are Gen Z, that desires to ditch conventional jobs to work for themselves.

Hints at what to anticipate for 2022

  • We’ll see extra no code and low code options.
    At FinovateFall this 12 months, it was apparent that the no code motion is having a second. It democratizes the web, making it simple for nearly anybody to launch a brand new device, product, answer, and even a whole enterprise. Competitors on this area has been slowly heating up for years and subsequent 12 months we will count on it to blow up.
  • There might be extra chat bots and AI-enabled assist channels
    With all the mentions of self-service know-how that pulsed all through this week’s convention, it turned clear that the chatbot motion isn’t only a passing fad. Given this, mixed with the problem of making self-service instruments that really meet prospects’ wants, we will count on to see extra, smarter chat bots and a greater variety of self-service instruments.

This was Finovate’s final occasion for the 12 months. Hold a watch out for updates on our convention roster for subsequent 12 months, together with:


Picture by Hermes Rivera on Unsplash

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