FinTe.ch (à la Swiss)

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It was  a great networking event, full of pleasant surprises  and completely unexpected angles. In my mind, FinTech meant “Tech going  Finance” (Venmo, Square, Klarna, Travelersbox, G2A Pay), but a lot of  people I met last  Friday represented completely opposite trend “Traditional Finance (UBS, CreditSwiss, Allianz & Co) going Digital”.  Many of them are of the opinion that  customer relationships start with and are build on  face-to-face contacts. And in terms of digitization the question is “if  a personal contact and a visit to a bank is still a key  channel, how much and where exactly should we invest into digital?” For example, the idea of studying user experience and interpreting customers’  online behavior is practically old-school at PayPal and Amazon, but for many large banks (if I correctly interpreted various remarks and comments), it’s still revolutionary and border-line  “too early for our stage of development” suggestion. Another challenge raised  –  lowering margins (aka “how do we survive if all the interchange fees and Forex fees and commissions rates are getting squeezed all the time”).  Well, the only way seems to be scaling and innovating, right?  Here comes the digital answer 🙂  I will definitely be going back, because I like discovering!

 

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