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Fintech execs shatter 3 technological and cultural myths

Lianna Brinded
Head of Yahoo Finance UK
Photo: Getty

Fintech is one of the world’s fastest growing industries in the world. With the global industry set to be worth over $305bn (£239.2bn) by 2023, the digital evolution for the way people bank is well underway.

FinTECH Talents, the ultimate global fintech festival which is happening in London November 11-13, is set to gather the 4,500 biggest movers and shakers in the industry in one venue.

Ahead of the festival, Yahoo Finance UK, which is a media partner for the event, decided to take a look at the top three technological, conventional, and cultural myths that three major executives shattered in a previous interview with FinTECH Talents.

Globe with connections, city lights and The Sun. Photo: Getty

Florin Boldescu, CDO, BRD – Groupe Société Générale:

“That education, age or income is something you need for easily absorbing technology. If you look at the massive success of Mobile Payments in Asia or Africa… it is something hard to imagine a decade ago or less.”

Fintech has enabled greater financial inclusion across the globe. From taking traditional banking routes into a new era, consumers in developing economies to make payments without cash or a bank account — the industry is revolutionising the way we think about payments.

Check out one of the many sessions at the conference on this subject, such as the Fireside Chat “Digital transformation in the real world” with AOE CEO & Co-Founder and the CEO, Commerz Real.

Security system of padlock in network space. Photo: Getty

Patrick Mang, head of innovation for global markets, HSBC:

“Google does no evil.”

While the statement may seem focused on one company, data privacy concerns are prevalent across the whole industry.

As the world becomes more digitised and technology is evolving, in a way, faster than than people are wholly adopting it, the issue over making sure safeguards are in place and what companies are doing with personal data has been at the forefront for many.

Check out one of the many sessions at the conference, such as “Fintech is a force for good” with execs from HSBC, Lloyds, and Fidelity on 11 November as well as “Generations: Myths and realities” with Revolut, Barclays, and HSBC on 12 November.

Photo: Getty

Melanie Palmer, CME, Nucoro:

“To my joy, I think the myth about personal finance being complicated is being shattered. It was a world of jargon, suits and intimidation; and whilst we still have a long way to go, I get the feeling that finance in general is finally starting to shrink away from this. In its place, we’re seeing more innovation, more focus on customers and greater accessibility.

A core reason to why fintechs, namely challenger banks, are supping up customers is due to simplifying the banking experience and making it easy to do everything from paying to getting a loan, to managing your finances.

However, while swathes of consumers have repeatedly said they prefer and understand challenger banks’ services and products, the industry is still challenged against consumer inertia — getting more people to take the plunge and move their accounts onto new platforms.

Yahoo Finance UK is proud to be a media partner for FinTECH Talents — the ultimate global fintech festival in London 11-13 November 2019. There are 3,000 festival-goers + 1,500 innovators representing over 400 different financial services institutions + Rockstar speakers & steering committee members + Over 50 hours of content sessions + Game changing tech companies + The talent of tomorrow + Craft beer and live music sessions.