If the industry wasn’t already aware, Money20/20 Europe made it crystal clear. The line between Incumbent, Fintech and Challenger is well and truly blurred.
CEO and Co-Founder of Lemonade, Daniel Schreiber said it best.
‘Longevity shouldn’t be confused with immortality’
Just because the incumbents have been around for decades, even centuries, it doesn’t mean that they’re safe. And they know that. That’s why the industry is seeing an abundance of partnerships. With Klarna and Modo, TransferWise and Groupe BPCE announcing their partnerships during Money20/20, to name but a few.
The industry is changing for the better. For years the financial services have been focused on business growth, B2B relationships and adding depth to already deep pockets. But Fintechs and Challengers are shaking things up.
Businesses are starting to build products that truly help people. People that might not be deemed to be the most profitable. But instead, those that really need help, that have been neglected by the financial services industry for years.
Two perfect examples of the new wave of consumer-focused products were found on the main stage at the Mastercard Start-Up Pitch finals. As fellow Open Banking for Good members, Tully and Trezeo pitched their way into the final, hand picked from over 200 applicants.
The reason being? Tully and Trezeo have the well being of their customers at the heart of their business. Don't believe us, see Stuart Bungay, Co-Founder and CEO of Tully in action on the main stage...
It’s refreshing to see the support they received from those within the financial services industry. It highlights that this change in perception is deep routed within the hearts of people in the jobs that can really make a difference.
Money20/20 reinforced everything we do at OpenWrks, we make Open Banking work to help people understand what they can afford to invest, save, borrow and repay. If you’re interested in using Open Banking to make your customer lives easier, to help your customer get access to better products or to get up to speed with regulation so that your customers can reap the rewards of Open Banking - we’d love to hear from you.