International investors in FinTech and innovation leaders within banks share their vision on April 2016 in Amsterdam at the European FinTech Awards. Will there be any banks left in 2020?
Cristina Cordovez de Villeneuve (France) is Chief Digital Officer of BNP Paribas:
"That year is not that far away, so I’m pretty sure there will be banks and that they will still play a major role in our lives and in the economy. The big question is: “Where in the value chain they will be?” I’m certain they will still have the “hard” part, because no-one wants to take banks’ role toward regulators and their capital requirements. But this will become more of a low-margin activity, so who will be the leaders further down the value chain? Where will the revenue be? While I’m perfectly conscious that a certain way of doing banking is definitely past us, I don’t believe in the doomsday scenario in which banks disappear, to be replaced by trendy startups and Internet giants. Banks have the resources and the attitude to change and win a significant number of the challenges they are facing in the digital era."
Andreas Kubli (Switzerland) is Managing Director and Head Multichannel & Digitization at UBS:
"There will be banks, yes – however the traditional model needs to evolve. Banks that are able to deliver holistic digital services to their clients, with strong underlying competence and capabilities in financial advice and services, might become stronger in the next five years. Security and trust remain to be key success factors, which is an advantage of traditional banks. "
Michael Treskow (Russia) is investor at Accel in London:
"There will be plenty of banks, but they will have significantly upped their game, due to a combination of better use of technology, pressure from competing startups and customer feedback. The result will be a higher degree of competition and therefore a better value proposition for customers. "
Nicole Anderson (UK) is CEO of FinTech Circle Innovate:
"Yes, but they will be very different in shape and scope. There will be a division between utility and product-service banks serving different markets – SME, institutional and consumer. Lending, insurance and settlements will be varied and diverse. Banks will fragment along with the whole market. The choice will be with the consumer. There is a warning though. This doesn't mean simplicity. The danger is too much choice for the average person. However, the power balance of the monolithic banks is being rocked. And that is a major step forward for good."
Pascal Bouvier (France) is a Venture Partner with Santander Innoventures:
"Banking will certainly survive. I will segment banks in three groups: a) those that will fail or be acquired as they cannot adapt, b) those that will become utilities and rent their banking services to front-end apps and c) those rare banks that will reinvent themselves, keeping their brands and customers in the process. The latter will be a select group, for sure."
And what is your opinion? Share your ideas on April 2016 in Amsterdam at the European FinTech Awards. Meet 400 hand picked entrepreneurs, bankers, investors and advisors, extend your network and develop business. Join the festive award ceremony on 14 April 2016 at the ABN AMRO Headoffice in Amsterdam. The European FinTech Conference features international keynote speakers, thought provoking panel discussions and pitches by the European FinTech 100.
Cristina Cordovez de Villeneuve (France) is Chief Digital Officer of BNP Paribas:
"That year is not that far away, so I’m pretty sure there will be banks and that they will still play a major role in our lives and in the economy. The big question is: “Where in the value chain they will be?” I’m certain they will still have the “hard” part, because no-one wants to take banks’ role toward regulators and their capital requirements. But this will become more of a low-margin activity, so who will be the leaders further down the value chain? Where will the revenue be? While I’m perfectly conscious that a certain way of doing banking is definitely past us, I don’t believe in the doomsday scenario in which banks disappear, to be replaced by trendy startups and Internet giants. Banks have the resources and the attitude to change and win a significant number of the challenges they are facing in the digital era."
Andreas Kubli (Switzerland) is Managing Director and Head Multichannel & Digitization at UBS:
"There will be banks, yes – however the traditional model needs to evolve. Banks that are able to deliver holistic digital services to their clients, with strong underlying competence and capabilities in financial advice and services, might become stronger in the next five years. Security and trust remain to be key success factors, which is an advantage of traditional banks. "
Michael Treskow (Russia) is investor at Accel in London:
"There will be plenty of banks, but they will have significantly upped their game, due to a combination of better use of technology, pressure from competing startups and customer feedback. The result will be a higher degree of competition and therefore a better value proposition for customers. "
Nicole Anderson (UK) is CEO of FinTech Circle Innovate:
"Yes, but they will be very different in shape and scope. There will be a division between utility and product-service banks serving different markets – SME, institutional and consumer. Lending, insurance and settlements will be varied and diverse. Banks will fragment along with the whole market. The choice will be with the consumer. There is a warning though. This doesn't mean simplicity. The danger is too much choice for the average person. However, the power balance of the monolithic banks is being rocked. And that is a major step forward for good."
Pascal Bouvier (France) is a Venture Partner with Santander Innoventures:
"Banking will certainly survive. I will segment banks in three groups: a) those that will fail or be acquired as they cannot adapt, b) those that will become utilities and rent their banking services to front-end apps and c) those rare banks that will reinvent themselves, keeping their brands and customers in the process. The latter will be a select group, for sure."
And what is your opinion? Share your ideas on April 2016 in Amsterdam at the European FinTech Awards. Meet 400 hand picked entrepreneurs, bankers, investors and advisors, extend your network and develop business. Join the festive award ceremony on 14 April 2016 at the ABN AMRO Headoffice in Amsterdam. The European FinTech Conference features international keynote speakers, thought provoking panel discussions and pitches by the European FinTech 100.
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