S1E6 - The Future of Banking is (still) in Personalisation - Alex Jimez

Tales from the #FinTech Crypt

In this lively conversation, Duena Blomstrom and Alex Jimenez, both members of the "FinTech Mafia ThinkTank," offer an insider's perspective on the fascinating journey of the fintech industry. They dive into its early beginnings, the struggles of driving innovation in traditional banking, and envision an exciting future where banking becomes truly personalized and consumer-centric. With a focus on how technology is reshaping finance, they reflect on the industry's evolution and the urgent need for banks to keep pace with changing customer expectations. It's an insightful discussion about where fintech has been, where it's headed, and how it’s transforming the way we experience banking.

Takeaways
The first significant fintech event was Finnovate in 2011.
Innovation in banks often faces cultural resistance.
The concept of failing fast is not embraced by all banks.
Branches are still relevant despite predictions of their demise.
True personalization in banking is still a work in progress.
AI is seen as a potential tool for better personalization.
Consumers often prefer simplicity over complex financial data.
The younger generation is more influenced by social media for financial advice.
Corporate banking is demanding more digital experiences.
The gap between consumer expectations and banking services remains large.

Titles
Exploring the Roots of Fintech
Innovation Challenges in Banking
Only Now Is Innovation Truly Internal
Banking Hasn't Kept Up the Pace

Sound Bites
"Finovate was a series of actual product demos."
"We do not fail fast at this bank."
"Branches were only going to be alive for five years."