EVENTS


IBS Journal April 2018


17


MoneyLIVE Summit 2018 round-up


Marketforce’s MoneyLIVE Summit featured a variety of fintechs and API providers who were keen to showcase how they could revitalise your institution. The March event welcomed attendees who were surveying the Dutch market for future opportunities


Junior Fintech Reporter Henry Vilar


M


ore than 400 attendees descended on the Movenpick Hotel in Amsterdam in March, eager to absorb the thoughts of a diverse collection of speakers. We take a


look at three of the discussion topics. Digital APIs


Banks have realised that these partnerships are enhancing the customer proposition they are putting out to the market. ABN Amro, the Dutch bank, proudly showcased the array of integrated fintechs that enrich their digital offering: Knab, Holvi, Payconia, Mint, Wepay and Monya. For example, ABN Amro provides expense insights from Gripp; and their most recent partnership, Tink, personal financial management (PFM) API for digital banking, also made a significant appearance in Amsterdam.


However, in a way, we have seen PFMs catch on in the past few years. Not only in the UK, with our Monzos and your Starlings, but throughout Europe. The current step for financial management is not tracking expenses from different merchants and providers, but going the extra mile and keeping an itemised list of costs.


Thus, the conference kicked off with a heavy presence of companies in this area, with Flux, Klippacast and Digibon being firms that are trying to digitise receipts for consumers. Although the applications for receipt-tracking from the bank’s perspective are limited, accountancy firms are looking at this with different and much more hopeful eyes. For the average consumer, it may not be the most useful feature, but companies like Cashoff are finding ways to set up loyalty schemes by cashback payments through itemised receipts.


PSD2, Open Banking and GDPR are coming in with full force, and front-end solutions are being bombarded with an array of APIs that aggregate data, track it, simplify payments… you name it. Combine, for example, was one of the featured fintechs, as an app that aggregates several accounts from different geographies – that is real millennial allure. Riskifier does something similar, creating models for data analytics to help customers pick the investment they will find most attractive.


New banks


We have seen an increased presence in these events from challenger banks. We saw a hefty presence of these banks in Amsterdam, who were checking out what they are up against, and finding the market and digital niche that legacy banks leave unguarded.


One of these new banks was Hatch, a bank for the self-employed and the freelancers in the Netherlands – think of it like Coconut in the UK, which we covered in last issue’s Start-up of the Month. YourBank, the upcoming Swedish SME bank, talked to us about the importance of knowing your market, and Lunar Way, the Danish retail neo bank, put up an appealing display of what retail banking looks in the millennial and digital age.


Old banks


As we discussed earlier with ABN Amro, retail legacy banks are not falling behind, either. BNP Paribas, showcasing its partnership with Signicat, a firm that leverages e-identity schemes for onboarding processes, keeps pushing digital with a narrative of open APIs, use of Big Data, Artificial Intelligence, advanced analytics and exploring advanced technologies. All this alongside their most recent acquisition, Consors Bank (Hello Bank), through which the group is trying out their most innovative ventures.


Lastly, it is interesting to see legacy banks looking to serve particular sectors of the population that have not traditionally been well-served. CaixaBank, from Spain, is pushing digital for millennials with Imagin Bank; families with Hola Bank; the +60 demographic with Club Ahora, the agricultural sector through Agro Bank, and others. Francois Miqueu, CEO CaixaBank consumer finance, concluded his presentation on CaixaBank with some advice for the audience: select your clients, be relevant to them, empathise with them, and create a differentiated outstanding value proposition and customer experience.


Appropriate words to hear in the customer age.


www.ibsintelligence.com


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