In recent years, the insurance industry has gradually come into 2.0 era, the essence of online insurance relies on the new financial technology like big data and Blockchain, which can promote the rapid development of insurance Internet +, realizing the processes of Fintech automatic insurance, risk pricing and claim settlement. Therefore, Blockchain will play a […]
I repost here an article from the excellent Blog Daily Fintech, which I featured before here at Insight Corporation.
I hope sincerely to try to post more entries like this and in the spirit of Daily Fintech that deserves this kind of attention investment.
Ravi Patel is contributing to the Daily Fintech as Guest Author. He is the co-Founder and CEO of YoloPay, a Singapore-based mobile payment company developing payment solutions for families. Prior to this, he was a consultant and business strategist in the financial services industry.
SIBOS, the preeminent Financial Services conference organised by SWIFT, returns to Singapore after 12 eventful years. You may forgive many of the returning veterans (out of the estimated 8,000 attendees, a preliminary estimate) for not remembering too many local landmarks for much has changed; in both Singapore and not least the Financial Services Industry.
As a guest contributor to the Daily FinTech, I want to share some observations and themes that emerged from Day 1 of the conference, the most memorable being the use of the word “disruption”. (Please note that as a self-proclaimed “FinTech entrepreneur”, I have a bias to sessions on the future state of payments and digital innovation.)
1) “An emerging divergence.” There seemed to be a slight divide between the SIBOS loyalists and a small new generation, made visible not least by their attire (Ed, in past years suit and tie was mandatory for men and that was the practice for about 98% by my rough count). While the banks and traditional technology vendors set their stalls across the exhibition floor with lavish displays, Italian coffee machines and closed glass rooms for private meetings, the Innotribe section (Insights on innovation) was open, loud and most certainly over-subscribed.
2) “Going back to the drawing board on the business model.” There were multiple discussions on innovation across the different fields whether looking at new models, new entrants replacing the incumbents, new policies or regulations to improve service standards or some suggestion of collaboration. There was a fiery debate between FinTechs and Banks at the “Future of Money: A burning platform?” panel. A good example was regarding new online credit services leveraging new social data sources to make intelligent approvals and improve service delivery and inclusion for credit services. Such evolutions were suggested to be exciting and in some cases best delivered by startups with their single focus, but it was noted that many models were still untested through economic cycles.Would it be disruption or collaboration?
3) “Finding use for the Blockchain.” No FinTech conference in 2015 can escape the mention of the Blockchain and the sweeping potential to transform the financial services industry. Beyond the high level sensationalism, the panel “New kids on the Block(chain)” raised some good points about potential use cases for banks highlighting how trade invoicing could be effective, however clearing and settlement functions would not work due to privacy requirements. It was therefore very clear that a lot more investment was required to understand how to implement and operate the blockchain to improve the efficiency of the business operations and also the customer service levels.
Please refer back to Daily Fintech for the complete cover by Ravi Patel.