It’s amazing how much the financial industries have evolved. The way we transact business has never been smoother.
Financial companies are known for not being particularly innovative. But fintech startups have forced the industry to catch up. And partnerships between financial companies and fintech startups open even more opportunities.
Behind the scenes, insurance providers use technology that customers don’t see. They have traditionally been conservative in their technology choices. But now, insurance companies openly invest in advanced insurtech. As well as the startups behind it. And it’s becoming their way to compete and give a better service.
Looking back at 2019’s biggest fintech convention of the year.
…And it’s a wrap! The European leg of Money 20/20 in Amsterdam was a wild success. The world’s largest marketplace for fintech ideas and innovations grew in maturity. Fintech scaleups seemed to outnumber startups. A sign that the fintech industry is growing and developing.
“Most big banks have the tools and advantages to push the boundaries of their existing business models. And they’re certainly motivated. What hampers their progress is uncertainty about how best to build on core strengths to create sustainable outcomes.”
Financial institutions know they need to change. They need to keep up with the digital growth. And they need to keep up with the evolving market that startups are disrupting. Their HR departments feel the urgency and know they need to drive the change. But what often remains blurry is what they need to do in reality to make things happen.
Yes, we need to steer this organization into the new direction – but what is the direction? What does the future of financial institutions look like in practise? And what does it require from people to actually get there?
The way we do transactions (of all sorts) is changing. Technologies such as blockchain and AI have affected the way we do our banking, insurance, legal work, administration, investments, etc.
But I’m preaching to the choir. Many of you who read this are already part of the next wave of fintech. Or they have the new killer insurtech solution. Or you’re using using blockchain to make some current operation obsolete.
At Nestholma we believe in proximity. Employees of financial institutions and entrepreneurs need to stay close to learn from each other. We need to be there as well, to make sure collaboration happens productively.
But… fintech startups are born global. Fintech startups are not bound by national borders. They need to look past the few big players in their country and build a network of international connection early on.
Tough combination, right?
It seems like we must be everywhere at once. And even worse: financial institutions are expected to keep up with everything that’s going on!
In order to be closer to the financial and fintech ecosystems in Southern Europe and Latin America, we’ve decided to open an office in Spain. Read more »