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FintechWorld23:
Retrospective & learnings from 2 days with over 100 fintechs
The main theme of the event was "The future of banking".
As this future is increasingly shaped by technology and digitalization and therefore start-ups with a focus on financial technology ("fintechs"), the focus of the event was on the networking of banks and financial service providers with fintechs.
The Bankingclub team invited over 100 exciting fintechs from over 10 categories (including open banking, financing, insurtech, crypto, etc.). All fintechs were represented with a small stand and also presented themselves in the form of pitches - based on this, one winner per category and then an overall winner was chosen. Our Managing Director & CCO Niels was a member of the jury.
Winner
Jury winners
1st place: Fabit
- What is Fabit: Free B2C app for personal finance management (PFM).
- What Fabit helps with: Improving money management through functions for overview, budget planning, options for storing invoices and contracts and getting questions answered by experts or learning about finances in general.
- Niels' opinion: "Great team and an idea that fits the zeitgeist perfectly. 6 out of 10 Germans worry about money. With an account-linked service, individual recommendations and psychological background + interfaces to help centers, this can be really good!"
2nd place: Finexity
- What is Finexity: Online investment platform for tokenized assets.
- How Finexity helps: Enables normal investors to easily access investments in the tangible asset segment (e.g. real estate, wine, art, etc.) that are otherwise difficult to access or only accessible for large sums of money.
- Niels' opinion: "At the other end of the wealth spectrum, Finexity provides the solution for new, innovative and above all tangible asset classes. Finally a reference to products that investors understand! Very smart product and (apparently) solved regulation! Very impressive pitch!"
Audience winner
1st place: Wetterheld
- What is Wetterheld: Website for taking out weather insurance.
- What does Wetterheld help with: Covering the economic effects of bad weather for travelers, event visitors, event organizers, restaurateurs, showmen, farmers, craftsmen, etc.?
- Niels' opinion: "As a Dutchman, I immediately asked the question of profitability: Paying customers when it rains on vacation: That's when the neighboring country becomes a risk country! Great traction and impressive figures since January. I'm very curious to see in which bundles the policies will be marketed."
2nd place: Regpit
- What is Regpit: B2B tool for money laundering compliance
- What Regpit helps with: Technology and advice on outsourcing the money laundering officer, KYC-as-a-service, money laundering prevention-as-a-service and sanctions management as relevant topics for money laundering compliance.
- Niels' opinion: "At first glance, a solution for a horror topic. Regulation for banks. Smart interface, very experienced founders. Banks are looking for solutions. I'm very curious to see if this can get through to bank employees - it has the potential to do so!"
In addition to the fintechs and their pitches, there was a series of exciting keynotes, presentations and panel discussions on relevant topics in the industry and, of course, plenty of interaction with the trade fair guests.
Particularly present topics:
- in line with the main theme: the future of banking
- the role of digitalization and technology in this future
- the challenges that the use of modern technology poses for banks' existing systems
- the challenges and open questions regarding compliance with these future topics
- the challenges of working with innovative fintechs and start-ups in general and how these can be solved
- how difficult it is to address young customers in a target group-oriented manner and how the special requirements of this target group can be met
- the difficulty of attracting and retaining talent to meet all these challenges
- the general tension between stability to preserve the status quo and dynamism to try out new things
As a representative of Mehrwerk, Niels gave a thought leadership keynote on the industry trend "Beyond Banking" and the experiences Mehrwerk has made in this context.
"From 0815 to Beyond Bank: Atypical = different product offerings as the key to growing customer revenues"
If you missed the keynote, you will soon find it as a digital recording here on our blog.
Key learnings from FintechWorld23:
- Technology and digitalization are an opportunity but above all a risk and challenge for the future of banking
- Cooperation between established financial service providers and banks and fintechs will be essential for the future of banking, but is a technical, organizational and cultural challenge
- Addressing and attracting a young target group through suitable content on the right channels or corresponding products is a top priority for many market participants
- The development of Beyond Banking through suitable value-added services to improve earnings and customer loyalty is becoming increasingly important in a competitive environment
- The "war for talent", especially for digital talent, is still in full swing
- Technological developments are adding new facets to the topics of compliance and IT security
Of course, our spirit animal and mascot - Franky the giraffe - was also present at FintechWorld23. As always, Franky received a lot of attention and thus helped us to convey the Mehrwerk effect to as many event participants as possible, which the giraffe embodies perfectly: likeable, different, eye-catching and thus making the difference to success.
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