Istanbul is main hub of economic providers. Its geographical place makes the nation a three-way bridge between Europe, the Center East and Asia coupled with its massive inhabitants.
It has a rising fintech scene and was host of the current Istanbul Fintech Week (IFW). The next highlights key points of the occasion that went digital because of the present pandemic.
Adapting to modifications is a should to hold the fintech business manner ahead
The vital subjects for the fintech ecosystem have been mentioned at Istanbul Fintech Week held on the 9-13 November 2020. 125 audio system from 30 completely different nations and 2500 attendees participated within the occasion. The event of fintech from previous to right now, modifications within the ecosystem, expectations for digitalisation, cryptocurrencies, insurtech structuring, and AI in finance have been among the many subjects lined within the occasion. As well as, greater than 300 attendees joined the B2B conferences on the networking platform. A special occasion was organised for startups on the occasion, on which 26 entrepreneurs from 5 nations made their pitches.
At this time, being conscious of shopper wants, retaining them, and making certain their satisfaction are crucial. Digitalisation, which has change into a should for all industries, particularly after the pandemic, was crucial subject on the classes that have been the heartland of the fintech ecosystem. The significance of understanding the client wants who demand digital providers and integrating services to these wants was emphasised by the consultants in a lot of the classes. Furthermore, the impression of the Y and Z generations was addressed by many.
There will probably be vital modifications within the monetary system with the Istanbul Finance Heart mission
One of the vital audio system of Istanbul Fintech Week was Murat Ali Cengelci, Vice President of the Finance Workplace of Presidency of the Republic of Turkey (CBFO), who participated within the Regulatory Buzz session alongside different panelists Sopnendu Mohanty, Chief Fintech Officer on the Financial Authority of Singapore and Per Nordkvist from Finansinspektionen. Throughout the session, which was moderated by The FinTech Time‘s Richie Santosdiaz, Cengelci identified that though CBFO shouldn’t be a regulatory establishment, it accelerates the entry of the finance business to the regulatory establishments. Cengelci talked about that they bring about the business gamers collectively, and there will probably be vital modifications within the monetary system with the Istanbul Finance Heart mission. Drawing consideration to the truth that the entire monetary system may be deregulated with the rules on monetary applied sciences, Cengelci emphasised that this example will drive a far-reaching transformation throughout the system.
The brand new era monetary instruments discover a mutual floor between the households’ sense of management and the kids’s seek for freedom
Gülben Yagci, CMO at ininal, said that with the pandemic’s impression, their transaction volumes elevated by 60 %, and month-to-month person acquisitions elevated by 30 %, on the session “Understanding Digital Customers”. Yagci talked about that 82 % of the customers have constructed connections with the manufacturers that provided them the perfect expertise throughout this era. She additionally emphasised that 70 % of ininal customers are members of Technology Z they usually wish to handle their spending with out having to ask for his or her households’ bank cards. In response to Yagci, ininal and related new era monetary instruments discover a mutual floor between households’ sense of management and kids’s seek for freedom.
The monetary providers business is being reshaped with the expectations of various segments and technological developments
On the identical session, Basak Kural, General Supervisor of eLogo, shared that digitalisation is materialising at very excessive ranges, particularly within the banking and finance industries. Kural additionally drew consideration to the truth that it has change into crucial to know buyer wants accurately in all these digitalisation processes and to create the perfect expertise primarily based on that. Whereas the wants, desires, and objectives of the person targets are far more subjective and emotional, the company targets are targeted on creating value for his or her clients, producing revenue, and the longer term. She added that every one events within the finance ecosystem, together with banks and fintechs, should act in co-opetition to create an ideal end-to-end expertise within the digitalisation course of. Kural additionally underlined that the monetary providers business is present process a speedy change with the expectations of various segments and technological developments.
The speedy and crucial modifications within the cost strategies are the constructing blocks of the fintech ecosystem
Bora Uluduz, Director of Digital Banking at Garanti BBVA, addressed the growing digital content material consumption habits and talked concerning the “Stories” function of their app that was dropped at life by taking this video content material consumption pattern into consideration. He talked about that they embrace humorous and attention-grabbing movies in Tales, and by this implies, they’ll simply work together with the customers even on subjects like safety warnings. Uluduz said that creating a superb digital expertise in banking is essential however difficult as effectively. He emphasised the significance of analysing the information intimately and supporting it with analysis on usability to supply a easy and handy expertise.
Director of Digital Banking at Yapi Kredi, Evren Sahin who moderated the panel, “Banking Innovation: Yesterday and Tomorrow”, said that creating applied sciences, altering rules, buyer behaviors, and the pandemic are bringing forth new realisations, which carry banking innovation into a unique dimension. He underlined that the developments in Open Banking and Digital Buyer Acquisition will speed up this innovation within the upcoming interval, and monetary providers will change into simpler, extra built-in, and extra accessible for customers. Furthermore, Sahin talked about that they’re anticipating a rise within the monetary involvement of shoppers with end-to-end digital providers.
Group Director of Digital Banking at Kuveyt Turk, Dr. Okan Acar who moderated the session “The right digital model for banks”, underlined that banks ought to observe the tendencies carefully to search out the suitable digital model throughout the remodeling monetary ecosystem. He emphasised the significance of the brand new era branchless banking expertise together with the altering buyer expectations and digital developments. Acar additionally evaluated how the fintech options utilizing APIs throughout the scope of open banking, convey collectively the providers provided by completely different banks in a single place and the way they are going to affect the finance business. Lastly, how the superapps spreading from Asia to the entire world and serving to customers meet all their day by day wants on a single platform would have an effect on the banking and finance industries was mentioned.
Cost techniques should be prepared for the IoT revolution
Serkan Celik, CEO of Paynet, talked concerning the monetary device preferences of B2B firms and talked about that the standard cost strategies are nonetheless broadly used, however because of the pandemic, it’s not potential to avoid digitalisation. Emphasising the significance of workers to amass digital abilities, Celik said that creating completely different options for purchasers with a variety of various wants will probably be achieved by way of the digitalisation of all stakeholders. He additionally talked about that they’re anticipating an IoT revolution with 5G, and added that cost techniques can even be built-in into IoT gadgets.
90% of banks see open banking as a chance
Stating that fintech constructions provide nice alternatives to construct partnerships with banks, Benoit Grange, CTO of OneSpan, identified that such partnerships can provide clients completely different and higher experiences. Grange additionally highlighted that 90 % of banks see open banking as a chance to develop, and added that the banks which might be conscious of the patron wants, wish to retain and fulfill them, can efficiently use the open banking alternatives.
The depth of insurtechs ought to improve
Digitalisation of the insurance coverage business was additionally among the many predominant subjects mentioned by the business consultants at Istanbul Fintech Week. Yesim Taslioglu, Vice President of Advertising and marketing and Transformation at AvivaSA, said that Turkey has nice potential within the area of insurance coverage. Taslioglu talked about that they’re engaged on saving and funding tasks, and bringing collectively the standard constructions and insurtechs that present new and completely different views with the Digital Storage mission. Furthermore, she emphasised that the insurtech ecosystem has developed in recent times, and added that they assume the depth of startups ought to improve.
Closing remarks from Demet Zubeyiroglu from FINTR
The closing remarks of IFW 2020 On-line have been made by Demet Zubeyiroglu, Chairperson of FINTR, the primary accomplice of the occasion. Zuberiyoglu mentioned, “While fintech drives the change in the finance industry, it also requires the ability to adapt to the changes in itself. To change and take the industry one step forward is only possible by being integrated with new needs and taking the next step into consideration in all circumstances. As FINTR, we are pleased to have brought the ecosystem together with participants from all over the world, and helped them exchange ideas and collaborate through such an important event. We will announce some statistical data regarding the event with a comprehensive report this week.”