Kim Fournais, founder of Saxo Bank, was the last speaker of the morning in the cycle of conferences, the Web Summit is dedicated to the future of financial services. It was the only banker seriously on stage, but, even so, fled to the favourite topic of the different speakers – give blow to traditional banks. Those who expected a Danish defence, and eventually be surprised with an enterprising long-time play to the attack. "The traditional banks has to change. The whole model [of business] need to be rethought; 99% of the banks are all the same, based on a machine that is ancient" – and this does not serve the world that was born after the banking crisis world of 2007 and 2008.
the criticism of The traditional banks are known. Who is the client knows how to color, but Mike Laven, founder of the Currencycloud had made the question of recalling the sins of the financial industry to the present in the FIL – where on Tuesday started the first day of the Web Summit 2016 in Lisbon): lack of transparency in information to customers; structures and processes heavy that delay the provision of services; and a lack of desire or even inability to innovate.
The co-founder of Saxo Bank realized the messages throughout the morning were being passed by the different speakers. And he answered them without hesitation, even because he leads a bank relatively recent (25 years history), small (headquartered in Denmark) and that was born precisely of the willingness to innovate, launching an electronic platform of business management that proved to be right in his time. But that time is past and today’s society needs new answers, he warned.
"The crash of 2008 has accelerated the need for change that people have felt in relation to the institutions who have entrusted their money", underlined Kim Fournais. That is, the problem of banking already existed before, but the traditional banks has been resisting. However, eight years later, it is impossible to continue to do as the ostrich and stick your head in the sand, and the many businesses fintech services (financial technology) that were born in the meantime or are now the launch will take the place of those who do not adapt. These startups will be to traditional banks what the cuckoos do to have children: they lay their eggs in the nests of others, and eventually replace the incumbent.
Examples abound in the Web Summit. Have a business and need credit to fund its working capital fund? Talk with Kabbage. Your company needs to pay producers and vendors expeditiously and cheaper than the traditional sector? The Payoneer want to talk to you. It is only a citizen who is unable to have a credit card or a loan? Talk with one of the many digital platforms of P2P lending.
The truth is that the traditional sector does not sleep – or not at all, at least. One-third of the workforce of Goldman Sachs are engineers, emphasises Mattias Ljungman, who founded a decade ago, a company that works with this giant of the traditional sector. The same Goldman Sachs did, in fact, huge investments in acquisition of companies in fintech in recent months, as confirmed by any Google search. Why? Because the technology is changing the relationship of society with the money. And the existence of bitcoin or any other digital currency is just the tip of the iceberg.
To get to the bottom of the question, Yuval Tal, Payoneer – which processes payments between companies in different geographies more quickly and without the costs associated with the traditional banks – has proposed to the audience a brief reflection: "Imagine that I ask that you give your phone to a friend or acquaintance. How many of you could authorize him or her to check out what you have stored on your smartphone? Probably no one. And why? Because the mobile phone is today we have more private in our lives. And so I think that the dealer already noticed that, for example, do partnerships with the telecommunications companies – which are people who are selling us the equipment and the service – can be a way out, a path to the future of the industry".
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