The banking, finance and insurance sector is being disrupted by new entrants and technology forcing a centuries old industry into the digital era.
The future of financial services lies in a collaboration model between established banks and insurers and new disruptive fintechs. The most significant transformative force in financial services today is without a doubt technology, closely followed by the millennial consumer with different needs and new expectations. Technology, regulation, consumer behavior and cyber crime will all fundamentally alter the financial services landscape in the near future.
The millennial consumer, with rapidly changing needs and demands, represents a dramatically changing consumer with 33% of millennials believing they won’t need a bank in 5 years, while 50% are counting on start-ups to overhaul the banking landscape.
While these clients are savvy and communicative and leave a digital footprint, the ethics around the use of client data remains a grey area. Newer entrants have a distinct advantage in their ability to analyse and utilise data, even though they may have less of it.
However, newer entrants don’t have effective distribution channels, established brands or regulated platforms. Collaboration opportunities between financial services incumbents and fintech offerings would deliver these clever, agile and cheaper solutions to the market, while providing the key elements the new entrants lack. The majority of fintech start ups are enablers in the value chain that are not trying to build disruptive businesses. Collaboration is important as it brings the best of the two worlds together, and can change the financial services world.
- The Stringent Regulatory Environment – What is the likelihood of open banking regulation (like PSD2) being promulgated in SA?
- Big Data and How it Should be Managed – The use of client data remains a grey area with most companies unsure of their data strategy. What are the ethics of using customer data in financial services (e.g to make insurance claim decisions, discretionary pricing).
- Fintech Partnerships: Banks, Fintechs and Insurers – Real life case studies of what has and hasn’t worked.
- Business Banking: The Final Fintech Frontier-Attacking the soft underbelly of banking: SME and Commercial Banking.
- Insurance Disruption, where is the Insurer Vulnerable? The API Economy.
- UX to Customer Design.
- Fintech for Good.
Moderator: Dominique Collet, Senior Investment Executive – RMI and Head of AlphaCode
"Disruptors must be certain their value proposition is at least ten times better than what the incumbents could do themselves. It can’t just be something they could build in-house in a year - it must be a compelling offering.”
?Speakers confirmed to date:
- Dov Girnun, Founder and CEO, Merchant Capital
- Siya Ntulela, Founder and Chief Executive Officer, Zande
- Michael Vacy-Lyle, CEO of FNB Business
- Zuriel Naiker, former Executive, Discovery Business Insurance
- Dr Arif Ismail, Head of Fintech, South African Reserve Bank
- Sisandile Cikido, Head: Retail Investments, Nedbank
- Timothy Willis, Chief Operations Officer, Aerobotics
- Nkazi Sokhulu, Co-founder and CEO, Yalu
- Mike Smits, Co-Founder of Jini Guru and uKheshe
- Rohan Isaacs, Director, Norton Rose Fulbright
- Schalk Nolte, CEO, Entersekt
- Marco Vidulich, Digital Architecture Executive, Nedbank
- Mbulelo Mpofana, Co-Founder, Investure
- Antoine Paillusseau. Co-Founder & CEO at FinChatBot
- Mark Schefermann, Chief Strategy Officer, Lucky Beard
- Sam Beckbessinger, South African writer, user-experience designer, product manager and entrepreneur building new products for the next frontier in global finance.
- Andy Wilson, Partner, PwC, author of Ties and Trainers : Bank Fintech Collaboration
- Valerie Hayter, Managing Director, Lireas Holdings (Pty) Ltd
- Hugo Mouton, COO, Pineapple