At Truth, we work at the intersection of culture and commerce in order to create commercially valuable change for our clients. Nowhere is this more true than in our work in the finance sector and, in particular, financial technology, or ‘fintech’.
We’ve been working on a study called ‘The Fintech Challenge: The present and potential futures in financial services’, in which we look at five key areas which we feel will hugely impact future development for the fintech sector:
Big insight predicts future behaviour
Parallel payment platforms will grow
Peer-to-peer is challenging established players
All-terrain banking comes of age
Positive simplicity is the holy grail
Last week we hosted a conference to launch our initial thinking and open the subject up to discussion with a panel of experts including Truth’s own Andy Dexter, Matt Harris, Director of Customer Planning & Marketing Strategy at Barclaycard, Anna Irrera, Trading and Technology Reporter for Dow Jones’ Financial News, Louise Beaumont, Head of Public Affairs GLI Finance and Tim Linacre, Senior Adviser at Instintif Partners.
The specific areas of our report that we asked our panel to consider were:
Big data predicts future behaviour: How can advanced analytics and detailed customer data drive business opportunities?
Parallel payment platforms will grow: How serious a threat are alternative payment systems and how can businesses and consumers harness them?
Peer-to-peer is challenging established players: What is the future of P2P and is it sustainable in its current guise? What should investors be looking for?
As you’d expect, there were some very different and strongly held opinions across our panel, resulting in some thought-provoking discussion, which, in the end, is our aim with this piece of work.
From Matt Harris’ assertion that “digital with a human touch is the holy grail” for banks, to Louise Beaumont’s warning that financial apps are “being judged against Starbucks, not Santander” there were plenty of illuminating insights.
Covering subjects as diverse as some of the inherent dangers of peer-to-peer networks, to the role fintech has to play in re-engaging with millennial customers through innovative payment and money-management apps, it was clear that the discussion on the day could only scratch the surface of what this means to the industry.
So, over the course of the year we’ll be deep-diving into these areas to offer a more nuanced view of each and the potential they have for our clients and the world at large.
For more information, or to request a copy of our research, please feel free to contact: Danielle.Malone@truth.ms