Evolution Labs UK attended the Fintech Live London event held at The Queen Elizabeth II Centre. This remarkable gathering aimed to unite the FinTech industry by featuring renowned keynote speakers, engaging workshops, and a shared objective of fostering innovation-driven discussions.
- 9 Key Pillars Discussed:
- Payment Technology
- Sustainability & Net Zero
- Digital Banking
- Financial Services
- Cryptocurrencies
- Fraud & ID Verification
- Green & Ethical Finance
- Data & RegTech
- Women in FinTech
Although we could not be part of all these topics, here are some of the insights gathered from a few of the very interesting discussions:
- Educate people about digital banking. Close the gap in people’s knowledge.
- The notion of Neo banks disrupting the traditional banking landscape should not be accepted as a valid assertion. It is essential for both Fintechs and traditional banking institutions to collaborate harmoniously in order to establish a distinctive ecosystem.
- Emphasise the mitigation of investment risks while ensuring the safety of individuals’ assets and safeguarding customers’ capital.
- Where things can go wrong in Fintech?
- Operational resilient
- Counterparting risk / insolvency
- Reputational risk
- Cybersecurity
- AI threats / Fraud risk
- Intelectual property risk
- The speed of collapse is huge with Frauds & information/disinformation creating massive impact on institutions.
- PSD3 will enhance consumers protection from new types of fraud and patch up security weak points. It will enhance frameworks for data sharing and help ensure both traditional and non-traditional financial service institutions can compete fairly.
- Design the customer journey. Keep your customers engaged.
- Before applying technology, focus on a strategic agenda of organisations (what they want to be?, traditional banking with digital licences?, New brand?, etc
- Regulators base knowledge on traditional finance need education on fintechs technology.
- One of the big challenges lies in effectively managing the expansion of fintechs while keeping pace with the ever-evolving regulatory landscape.
- AI in digital banking offers a plethora of opportunities, enabling the analysis of customers to enhance product offerings. Additionally, it plays a crucial role in fraud detection, particularly in insurance and lending sectors, among others, while ensuring the implementation of robust protective measures. Key to to have full control of the monitoring of your AI systems, ensuring their optimal performance and security.
- Fintech: Areas of Greatest Impact
FinTech has a key role to play in addressing the world’s to-do list – the things that matter most to people, planet, place, productivity and peace.
….and many more. See you in the next one.
