photo from twitter @Pier_Barbaro
Fintech day is the event organized by Sun 24 hours in collaboration with H-Farm College which puts the theme of technological innovation combined with the banking system at the center of public attention.
The director was among the protagonists of the event general of Abi Giovanni Sabatini who stressed: “Financial innovation is not new in the banking system. Today, however, the exponential speed of change is new, especially in the payments sector. And the framework of the European rules also came into play. The European institutions have developed rules that have innovative logic and that allow, where the customer authorizes it, access to bank account data to third parties who make economic use for innovative services, that is, open banking. This process of innovation and rules leads to the development of new competitors and here we are talking about FinTech and cooperation with banks. The distinction between bank and FinTech models is based on the possession of the banking license provided for where the bank operates. Banks and FinTechs have a broad cooperation area with complementary characteristics: banks have capital and customer base, but less flexibility. Fintechs, on the other hand, are flexible and have an organization, but they don't have the elements of banks. So there is cooperation ”.
To intervene on the new model of the bank of the future too Corrado Passera, founder and CEO of Illimity who stated: “There is no incompatibility between FinTech and bank, the best comes from the bank-FinTech combination. Here the theme is more than skills, we must invest not so much in basic skills but we must have skills from other sectors at home. In illimity, our collaborators come from 203 companies from 17 different sectors. In the new world of credit, technology can replace size, illimity is the proof: in less than 3 years a specialized bank was created, today we have 700 people and a balance sheet of 4 billion euros. Then there is the role of the cloud as a formidable enabler: even for small and medium-sized banks that are willing to welcome innovation, there is the possibility of sustainability and a role in the financial services market. Then there is the question that traditional information systems must be replaced. With new services, the benefits can reach 90-95% and this should give the courage to put the new one in parallel with the traditional system. Finally, I must say that innovation in the bank is only at the beginning, it is only the appetizer, we have an unthinkable innovation in front of us, woe to think that innovation has come and gone, there is a new era in banking services " .
"The risks to financial stability are limited for now, but the collateral effects of monetary budgetary policies" linked to the pandemic must be monitored, underlined the deputy director of the IMF Markets Department, Fabio Natalucci, analyzing the post-Covid scenario, on the occasion of the FinTech Day organized by Sole 24 Ore in collaboration with H-Farm College. In addition to the virus, however, the world of crypto assets must also be considered. In this sense, "the risks to financial stability are not yet systemic, but they must be monitored because there are implications at a global level and because the operational and regulatory structure seems to be inadequate in many jurisdictions", explained Natalucci, who spoke of risks. "operational, cyber, governance, financial integrity, cross border activities, investor protection, decentralized finance. And then the risks associated with stablecoins".
“Technology and sustainability are driving new paths of innovation and redefining the positioning of companies in their markets. In this context, banks will be called upon to adopt non-linear and more adaptive business models, which they will be able to borrow from the FinTech world "he said. Massimiliano Colangelo, Financial Services Lead of Accenture Italia, speaking at the FinTech Day organized by Sole 24 Ore in collaboration with H-Farm College. “These are models stimulated on the one hand by the disaggregation of products, and on the other by a progressive fragmentation of the value chain. A scenario in which the players in the sector will have to face the challenge of consolidating their role within the ecosystem, leveraging the strategic use of data and the creation of open platforms capable of enabling new partnership networks ".
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