Insights from Money 20/20 Summit – 2024
By Evita Lune, PhD, Partner, Global Head of the FinTech Practice Pedersen & Partners
June 6, 2024 - Amsterdam
AI and Generative AI are high on the agenda both with incumbent banks and FinTechs. AI is used for daily functions in client onboarding, CRM, collections, and customer proposition development, while generative AI makes the internal processes easier and more tools become available, as highlighted by Marnix van Stiphout, ING and Joanne Hannaford, Deutsche Bank.
In the era of personalization when all different service providers know so much about everyone, there is a risk of overpersonalisation, or the phenomenon that we never like about our mothers – they tend to wand to know too much. Mastercard hosted a stage about that.
Baltic regulators are particularly favorable for FinTech ecosystem development including crypto exchanges, EMI-licenced companies and neobanks. Jēkabs Groskaufmanis (Invest in Latvia) as well as neighbors from Finance Estonia and Invest in Lithuania were there to convey the message.
Bunq announced on the stage a partnership with Mastercard open banking. Now all Bunq customers will be able to add all their banking Apps on Bunq and manage their expenses and budgets with the support of AI assistant Fin.
Incumbent banks are pretty happy about their achievement in digital transformation and do not seem to be disrupted by FinTechs. From several stages I heard the same message: FinTechs never really disrupted us and never will. They are nice support to the system, ecosystem players, suppliers, and nothing more.
*On the photo: Evita with Emin Can YILMAZ, Founder and CEO, Param; and Amit Malik, Associate Director at EBRD, Member of the Supervisory Boards at Aion and Vodeno.