by Helen Sanders, Editor, TMI
The Cash Management University included an interesting and engaging series of in-depth workshops from which participants could choose, covering topics such as cash investment, payment factories and reverse factoring. The following article outlines some of the themes and issues that were explored during a fascinating workshop on fintech, “Taking the Buzz out of Fintech”, featuring Robert Dekker, Associate Director, KPMG Advisory, Bruno Mellado, Head of International Payments and Collections, BNP Paribas and Dominique Adriansens, CEO and founder of fintech company Twikey.
Who are fintechs?
Given that using technology to enhance and automate financial processes and decision-making is not new, it is sometimes difficult to define ‘fintech’, which is simply a contraction of ‘financial’ and ‘technology’. In general, fintech is used to describe new products from new startups, or the adoption of new approaches by existing players where technology is the key enabler. So far, fintech innovation has been targeted more at the retail than wholesale financial space, with the World Economic Forum identifying six ‘innovation clusters’: payment; market provisioning; investment management; insurance; deposits, and lending and capital raising. Increasingly however, we are seeing a greater focus on solutions for corporations as well as individuals and small businesses.