Currently, insurers must compete not only among themselves, but also with insurtech startups and disruptors. This event focuses on the latest trends in channel management, digitization, customer-centric strategies, digital customer journeys as well as product innovation.
Interview with Dr. Silke Finken about 2016 trends in the world of payments
We have asked Dr. Silke Finken, Professor for International Management at the International School of Management and Former Senior Vice President of Operations and Services of DZ Bank in Germany a few questions about the hottest payments channels from 2016 and the state of innovation in the field of banking operations.
She was rated as the best speaker at the 12th Annual Banking Operations Forum. In 2017 you will have a chance to meet her at BankInno II in Barcelona.
1. What were the main entrants into the world of payments in 2016?
New entrants into the world of payments came up with an increased frequency, but the question is which will attract enough funding to really achieve sufficient scale and scope. Looking at recent funding rounds, there has been increased investment in blockchain startups by major financial service players such as Mastercard, Visa, Citi, BBVA and Goldman Sachs in 2015. Additionally, a number of startups entered the still very fragmented m-payment space as well as developing new P2P payment and lending services.
2. Which payment channels were the most popular ones in 2016?
Though e- and m-payments exhibit high growth rates, traditional payment channels still dominated and will do so for a while longer. In countries like Germany, for example, credit transfers and direct debits are very efficient and secure payment instruments which in association with a bank account are very often free for retail customers – hence alternative payments have to offer an added benefit in order to be adopted on a large scale. Often, traditional instruments and infrastructures also build the backbone of many of the innovative solutions with electronic and mobile wallets frequently being funded through card-based payments or CTs/DDs.
3. How has the presence of fin-techs been improving the current face of banking operations?
Interested in this topic?
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