At BitPeak, we are happy to see the growing importance and strategic approach to data, analytics & cloud landscape among financial & insurance companies. The 2023 FinTech & InsurTech Digital Congress emerged as an important forum on the future of the industry. It was an opportunity to discuss key trends and their impact on the sector, with an emphasis on technology & AI. Topics ranged from operational challenges in adapting to industry transformations to innovative strategies for navigating the evolving technological landscape, capped by a vision for the future of FinTech & InsurTech. In this article you can read the brief summary of the topics discussed on the summit to keep on the top of rapidly changing landscape of technological solutions and visions in the finance sector.
Revitalizing FinTech: Shaping the Future
The Congress started with a focus on the future. The introductory speech was held by the Congress’ Board Chairs Marcin Petrykowski and Jan Kastory. They highlighted four key market trends: Constant Evolution vs Revolution, AI’s Role, Financial Markets being challenged, and the Rise of Embedded & Decentralized Finance. Looking forward to 2024, the focus of the sector revolves around “Revive, Grow, and Prepare”, with each company facing a decision where to put the emphasis in its strategy. Next edition of FinTech & InsurTech Digital Congress will be a good opportunity to look back and verify these forecasts.
In the Trenches: Challenges in Operations Management
Agnieszka Jadczyszyn, the Operations Head at mBank, highlighted the challenges from bank’s operations department perspective. As the financial world changes, she shared insights into adapting and building resilience during times of market transformation.
Metaverse: A Counter-Trend Perspective
Marek Myszka, Head of Innovation at PKO Bank Polski, focused on leveraging gaming platforms like Roblox and Fortnite in the Metaverse. Breaking away from conventional trends, he highlighted the potential to capture a younger audience and refreshing brand identity, all while navigating the complexities and opportunities presented by the Metaverse. Marek Myszka and his team seize the opportunity on smaller Metaverse hype to gain expertise and build new use cases following a steady pace – interesting case how a potential risk can be turned into opportunity.
Navigating the Technological Landscape: Synergy, Innovation, and Practical Challenges
Paulina Skrzypińska, Chief Innovation Officer at BNP Paribas Bank Polska, shared insights into the importance of tech education within teams and harnessing existing resources. Drawing attention to practical challenges in implementing AI use cases and the need for industry-wide synergy, she emphasized how collaborative innovation, rather than isolation and silos, is the key to navigating the evolving technological landscape – with BLIK being a textbook example of how the sector should cooperate to bring innovation.
Elevating Customer Experience: The Empathetic Post-COVID Imperative
The panel on Customer Experience brought to the forefront the evolving dynamics of customer interactions. From intertwining experiences in various services to the increasing importance of Employee Experience, the session explored the post-COVID imperative of empathy in customer relations. The discussion culminated in the potential industry shift towards a comprehensive 360-degree insurance offering tailored for risk-averse customers.
Exploring 2030 Data Access Landscape
In the session on the future landscape of financial institutions’ data access in 2030, Dr. Krzysztof Korus highlighted the key legislative changes. The discussion touched upon regulations such as PSD2, FIDAR, Data Act, DGA, and GDPR. Dr. Korus highlighted the differences between Open Banking and Open Finance, emphasizing that while Open Banking operates through free APIs for both reading and writing, Open Finance follows a structured, paid model with read-only access. Notably, the EU regulation requires the creation of a nationwide OpenFinance platform within the next 18 months. The goal is to facilitate secure and standardized data exchange, marking another step in the evolution in financial data accessibility.
As we wrap up our coverage of the 2023 FinTech & InsurTech Digital Congress, we’re left with a clearer view of where the financial and insurance sectors are heading. This congress has showcased a range of perspectives, from the use of gaming platforms in banking to the evolving nature of customer service and the implications of upcoming data regulations. These discussions provide a roadmap for navigating the future challenges and opportunities in FinTech and InsurTech. Looking ahead, it’s evident that these industries are on a path of continuous innovation, adapting to meet the demands of a rapidly changing technological landscape. But fortunately for those wanting to be up to date, #BitHikers will provide insights and summaries of the most important trends and events in the data tech industry.