Neos at Money20/20 Europe – at the biggest Fintech event this year in Europe
Money20/20 Europe is an event that brings together all the world’s financial services industry stakeholders – Neos presented its portfolio of products. Dražen Marković, CSO, and Davor Stanić, Executive Manager, presented the entire portfolio of our services and products with a special emphasis on the competitive advantages of the Profitability Insight and SNA solutions.
We have just returned from the world conference on financial technologies, Money20/20 Europe. The conference lasted for most of last week at the Bella Center in Copenhagen. The event has gathered more than three thousand visitors, business people and experts from numerous banks, IT companies, startups, mobile phone manufacturers, telecom operators and many more.
The most important insight gained at the Money20/20 Europe Conference is that it is no longer enough to make a nice financial application and launch it on the market. Today, you must show that, in addition, you have more experience in the business. You have to show that you have a good product and – if you are an IT company – be able to prove that you are ready to cooperate closely with the banks. Why?
Well, despite the fact that you have great technology, brilliant developers, smart marketing people – you miss what banks (except money, of course) have in abundance: customers. These are companies with hundreds of thousands and even millions of clients. A more successful fintech startup counts several hundred. And – this is the whole “story”.
Another trend was observed at the Money20/20 Europe Conference – fintech companies are increasingly abandoning the philosophy of focusing on just one type of financial services – they do not any longer make applications for loans or for payments only. They initially had an advantage because their services were better than similar ones offered by the banks, who spent their knowledge and resources developing a large number of services simultaneously. But the thing is that “suddenly” the market was flooded with the same or similar fintech services, and that just confused the users. The new trend is to make an application that will have a greater number of more important financial services, easily and promptly available.
The internet banks have introduced one-stop-shop “marketplaces” of applications and services where the users can choose applications and services they need from different manufacturers. Special news is so-called “neobanks” – startup companies, in fact, that function as banks that are completely reduced to applications.
Additionally, it seems that every business placed at the intersection of finance and technology work on software (‘robots’) for financial management, the application of artificial intelligence and data analysis. Everyone sees the added value in collecting and, so-called, smart processing of large data sets.
So, this year Money2020 was successful and the next year in Amsterdam should be even better, so see you next year.