Customers were at the centre of the discussions held during the first day of Innovate Finance Global Summit 2022 (IFGS), at the Guildhall Building, London. Pismo has been a key part of the conference by joining the sessions and roundtables.
“Putting the customer in the centre of the journey was never so relevant as it is today,” said Janine Hirt, CEO of Innovate Finance, during the opening remarks.
The first panel was about Lessons Learned and Aspirations for the Future: Fostering True Disruption. “The real-world financial problems to solve are huge. The winners will be the ones who can interplay between regulations and technology,” said TS Anil, CEO at Monzo.
Traditional banks were also part of the event and talked about some of today’s most important challenges. “It’s difficult to connect legacy with the emergent technologies,” said Parveen Kaur, Head of Operations at Lloyds Bank. Another challenge, she added, is “how to translate good value for customers.”
Consumers and Open Banking
At 2:30 pm, Awanish Kumar, Head of Business Development at Pismo, joined the round table Open Banking – a Global Future, along with executives from different world regions. For an hour, the discussions included topics such as how to generate customer value, data portability, regulations and standards.
Open Banking has created huge opportunities for innovation within financial services and is shaping the future of finance. Collaboration between fintechs, banks and investors is essential to ensure the sector reaches its full potential.
“There are lessons to be learned about Open Banking all over the world. We should pay attention to them,” said Awanish. He highlighted successful experiences in Brazil and Mexico in taking advantage of this unique new framework. He also called attention to emerging fintechs in payments and lending, who are making waves across the sector.
When it came to financial inclusion, the participants discussed the role of Open Banking in bringing cheaper access to credit. Their advice for fintech companies was to focus on generating value for customers, who will always want convenience.