Banks traditionally play an intermediary role in three core areas: savings, payments and lending. While banks still do an admirable job playing this instrumental role in the economy, new entrants are stepping in by addressing at least three old sores:
- improving access to financial services
- improving the efficiency in which financial transactions are mediated or processed
- improving the customer experience.
Digital banking technologies (or ‘fintech’) are taking the world by storm, attracting billions of dollars in investment, and promising to change the way we “bank” forever. Come and join the Fintech revolution and be curious about its impact; since money makes the world go round!
Workshop topic 1: Educate
Financial inclusion through advanced financial literacy
Globally, almost 2 billion working-age adults do not use formal financial services and more than 50% of adults in the poorest households are unbanked. This lack of access to financial services remains a key obstacle in the fight against poverty. But access isn’t the sole hurdle preventing millions from participating fully in economic life. An important group of younger people remains reluctant to exploring the financial world. Millennials in particular are often poorly informed and therefore hesitant when undertaking even the more basic financial ventures such as saving and investing.
Let’s explore how to improve financial literacy as a means to make financing accessible and purposeful to all layers of society – in particular to the financially less advantaged as well as to youngsters.
Challenge topic 2: Engage
Customer delight through open banking
As consumers of digital products and services, we have become increasingly accustomed to easy-to-use, frictionless experiences across an ever greater variety of touchpoints. While both fintech startups and banks have made great strides in improving the customer experience,
the emergence of open banking interfaces should further boost innovation and open up opportunities for startups. The purpose of open banking is to let third parties use the information stored at financial institutions and thereby develop helpful services and tools for customers. It gives banks an opportunity to better serve their customer base through third-party services (like taking insurance when buying a plane ticket), while startups benefit from the bank’s scale to quickly reach large numbers of customers.
This evolution brings along a wave of opportunities, pushing banks to prove they are capable of using their imagination and getting creative. Let’s ride this new wave of collaboration between traditional banks and fintech startups!
Challenge topic 3: Protect
The protective power of fintech: Taking control of our cyber safety
Technologies on the rise like blockchain, artificial intelligence (AI), machine learning and the continued “democratisation” of financial data promise huge reductions and efficiency gains in all sorts of financial transactions. For example, blockchain technology could eliminate the need for intermediaries in any asset transfer, radically speeding up such transactions and creating greater transparency. But as the serviceability of these fintech applications increases, so does the risk of those applications becoming a source of weakness and entry points for cyber-attacks.
The good news is that – when used in the right way – these same technologies are becoming increasingly proficient at outsmarting greedy data scrapers. ‘Regtech’ and ‘SupTech’ emerge as promising financial consumer protection frameworks based on regulatory compliance and supervisory processes. Although vigilance remains necessary. Join us in this workshop to find out how we, as customers, can employ fintech to take control of our cyber safety and protect our financial identities.