"If you are not in embedded finance in 5-10 years, you are dead"
...and other key learnings from Stockholm Fintech Week 🔑
Last February, I enjoyed a quick work-cation in Stockholm where I got to chat with Liva Lager and see our funky EY Doberman SALLY sustainability lab office. It was a change of scenery from the usual EY corporate aesthetic and encouraged me to reaccess my design brain 🧠 again. We discussed how their unique #design capabilities can help Danish banks innovate to face the upcoming regulatory shifts, technological advances and other competitive pressures in the market 📈
👉 More FinTechs are embracing GenAI to increase funding. Generative AI use cases are being used for enhancing CX (avatar advisory, personalized banking, automated investment), employee productivity, creativity and improving business operations (regulatory - there are over 200m+ pages of regulations 🤯 , cybersecurity and fraud).
👉 Lunar is already testing GenAI for credit analysis, unstructured data, categorizing thousands of transactions which can be useful for #openbanking. Customer facing use cases are not out yet but being prototyped for business bank account application and initial draft reports.
👉 According to VISA, B2B payments is a growing area to get into. Other trends include B2B embedded lending, AI powered insurance, more #embeddedfinance in the supply chain, climate + insurance tech.
👉 Financial institutions should already start preparing for the upcoming FiDA regulation which will enable the new era of open finance. Start by looking into specific priority use cases first and work backwards from there to identify which data to begin with. Another approach could be starting from the cheapest data first and then coming up with the use cases from that.
👉 Compliance is the biggest issue when banks try to partner with FinTechs to outsource some of their functions. This will also be a challenge with the implementation of FiDA. Who owns the data and KYC?
👉 Banks can look into a multibranding strategy to expand their revenue streams by tapping into different audiences. For example, a new brand to reach out to Gen Z customers.
👉 Look globally for new trends, will #paybybank and #superapps ever become a thing in the Nordics?
Thank you for a great conference, panel discussions and networking Don Ginsel, Lana Brandorne, Anastasia Kutsepalova, Anna Blyablina, Rasmus Häggkvist, Ion Fratiloiu and many more!
While I was there, I got offered a semla (celebratory Swedish cream bun) almost everywhere I went. Before attending, I also took some #wellbeing time and visited the beautiful Art Nouveau spa, Centralbadet, next to my hotel.
Missed my payments teammates Silje Arnesen and Maria Germogenova this time but we will be covering more Copenhagen Fintech events on our pages 📢 Let us know what other FinTech related happenings we should check out 🙌
#conferencespy #latepost