Magenta Advisory on stage at Slush 2016
This webinar was filmed at Slush 2016, where Magenta Advisory hosted a speech event for a crowded seminar hall. We wanted to bring representatives of leading European financial service providers and booming fintechs together to serve the increasing need for collaboration between these parties. The need for cooperation arises from digital disruption, which is currently redefining the finance industry accelerated by regulation, such as PSD2 directive from EU.
After this short introduction, check out the webinar by Magenta Advisory’s managing director and partner, Markus Huttunen about the topic.
Key takeaways from the webinar:
- There was no finance discussion at Slush without PSD2 being mentioned – it is the ultimate trigger for the collaboration
- Financial playground should not be a fight between fintechs and big players – the biggest gains for all parties can be achieved by enhancing cooperation
- World’s largest companies run digital ecosystems, and large financial service providers should also head to the same direction
- To succeed in the “game of ecosystems”, large financial service providers need to find the right partners, including fintechs
- Banks have to, and they also will, shift from vertically integrated organizations to more openly functioning organizations – this changes forever how banks and fintechs collaborate
- For fintechs this means that they will be buying services from banks, distributing their products and services and looking out for buyouts as well
Stay tuned for other recordings from Slush highlighting examples of collaboration between fintech startups and financial companies and the innovations created by startups.