Fintech innovation was accelerating rapidly in 2014, as startups and established providers explored new ways to improve payments, banking, fraud prevention, and personal financial management. Events such as Finovate Europe showcased how mobile technology was transforming financial services, while highlighting emerging trends that would shape the future of digital banking and payments for years to come.
A couple of weeks ago, I had the honor ofattending Finovate Europe 2014 in London. Held in the heart of thecity’s financial services, the event provided a platform for dozensof financial technology startups and more established companiesfrom around the world to present their products and technologies.While the collection of presenters can best be described aseclectic, payment themes clearly emerged through thepresentations.
The mobile phone’s significance in today’s international paymentsindustry was a major theme throughout the presentations. Mobino isa Switzerland-based mobile-payment firm that wants to develop aglobal and easily accessible system (including for the unbanked andsmartphone less population) that integrates into existing bankinginfrastructure and provides seamless payments. Tink is aSwedish-based personal financial management provider which isattempting to make PFM more interactive for consumers on theirsmartphones through social media.
Mobino and Tink are just two examples of emerging firms focusing onservices outside of payments that a mobile phone can provide. Otherpresenters highlighted banking and loan products that streamlinethe consumer application process via mobile applications.
The growing importance of PFM as a tool financial institutions canand should provide to their members also was a major theme. About adozen PFM providers from across Europe were at the show, making itclear this financial tool has significant market potential. Tinkand established companies such as Fiserv and Meniga highlighted howtheir respective products provide customers with the mostcomprehensive, yet consumer-friendly approach to financialmanagement.
Fraud management also was a major theme at the event.
Presenters demonstrated that to counter increasingly intelligentand capable cyber criminals, financial institutions should consideradditional security elements such as biometrics. BehavioSec, forexample, has a product that learns the speed and accuracy ofconsumers entering sensitive information such as passwords on asmartphone, which can provide real-time insight into potentialfraud.
Over the course of the two-day event, there was no shortage ofinteresting presenters with innovate products, technologies, andeven pitches from Daft Punk impersonators as AXA Banque in Francepresented their mobile wallet product Soon. Finovate Europe 2014was an intriguing and ultimately rewarding experience and provideda small glimpse into firms that may one day key contributors in theglobal payments industry.
The fintech innovations presented at Finovate Europe 2014 underscored the growing importance of mobile technology, personal financial management tools, and advanced fraud prevention solutions. While many of the companies and products have evolved since then, the themes that emerged at the event remain highly relevant today. As financial institutions continue to embrace digital transformation, mobile-first experiences, data-driven insights, and stronger security measures will remain critical drivers of innovation across the financial services industry.
