By Pedro Coelho, Executive Chairman, Banco BNI Europa
What, for you, are the benefits of attending a conference like the ‘X-Tech Europe’ and what can attendees expect to learn from your session?
X-Tech Europe can provide a very comprehensive view of the sector by bringing experts in the most relevant areas of financial services that are being disrupted.
What pattern of increased collaboration do you see across the industry and efforts to enhance product offerings and customer security?
I believe we are entering a new phase where a financial technology-based ecosystem is growing every year at an exponential rate making it mandatory to strengthen the collaboration with these technology partners.
How does regulatory compliance become a challenge when collaborating financial institutions with FinTechs?
Financial Institutions, being heavily regulated have to support FinTech’s in their learning curve to become fully compliant. However, FinTech’s have to be smart enough to keep their agility intact.
What are the challenges of co-creating change with financial institutions to align cultures?
A start up needs space to innovate and disrupt. An established financial institution usually does not have this type of culture. Therefore, it is important to create such an environment within the established banks in order to get the most of this pool of talent.
What do you see ahead for leveraging collaboration between banks and FinTechs?
I see that banks will need to embrace change or they will become irrelevant. This will take years but ultimately they will become used to work in partnerships at different levels of the organisation.
What do you foresee as the biggest evolving change in the industry over the next 5 years?
I believe the biggest change will be the universal banking model erosion. These banks are experiencing constraints from the regulators and at the same time business erosion due to competition at every level from specialised players.