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  • @fintechna 12:19 pm on March 18, 2017 Permalink | Reply
    Tags: , , , , , , , startups,   

    Banks Have the Capital to Buy Fintech Startups — Will They? 

    are entering what could well be a Golden Age &; deregulation, rising interest rates, and a bevy of eager to hop into bed with them. Will take advantage of this fintech opportunity? &;Banks now have the to put to work and invest in growth after a long period of cost-cutting,&; [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on February 8, 2017 Permalink | Reply
    Tags: , , , , , , startups   

    7 Startups From Finovate Europe That Got Our Attention 

    Forty fintechs, big and small, demoed at &;s opening day of demos in London this year. wealth management to chatbots and online ID providers &; there are a lot of companies to choose from. Here&8217;s our take on who stood out from the bunch. (The full list ofRead More
    Bank Innovation

     
  • @fintechna 12:18 pm on December 25, 2016 Permalink | Reply
    Tags: , Cotton, , , , Rates, , startups,   

    Startups Cotton to Venture Debt as Interest Rates Rise 

    The year 2016 may go down as the year of for , a new report suggests. capitalist plunged to its lowest levels in two years in the last quarter to $ 2.4 billion for startups. But founders &; especially for fintechs &8212; still needed access to capital. BloombergRead More
    Bank Innovation

     
  • @fintechna 12:18 am on December 9, 2016 Permalink | Reply
    Tags: , , , , startups, ,   

    5 Fintech Startups You Should Meet Before They Go Big [VIDEO] 

    What’s the best thing about startup demo days? You get to peek behind the curtains, scale (or fail). Five , in five minutes each, took the stage at the Empire Startups December Demo Day yesterday with their latest and greatest. Bank Innovation has the lineup, in case youRead More
    Bank Innovation

     
  • @fintechna 3:35 pm on December 7, 2016 Permalink | Reply
    Tags: , , , , , , , , , , , , startups   

    European Commission Gives Boost To Startups In Europe 

    The &;s Start-up and Scale-up Initiative aims to give &8217;s many innovative entrepreneurs every opportunity to become world leading companies. It pulls together all the possibilities that the EU already offers and adds a new focus on venture capital investment,insolvency law and taxation

    There is no lack of innovative ideas and entrepreneurial spirit in Europe. But many new firms don&8217;t make it beyond the critical first few years, or they try their luck in a third country instead of tapping intothe EU&8217;s potential 500 million customer base. The European Commission is determined to change that and help start-ups deliver their full innovation and job creation potential.

    European Commission Gives Boost To Startups In Europe fintech

    Via Pixabay

    Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: &;Today&8217;s local start-ups could become tomorrow&8217;s global success stories. We want to help start-ups stay and grow in Europe. By helping them navigate the – often perceived – regulatory barriers to fully benefiting from the Single Market. By making it easier for them to have a second chance, without being stigmatised if their idea doesn&8217;t succeed the first time around. And by improving access to funding by boosting private venture capital investment.&;

    Commissioner Elżbieta Bieńkowska, responsible for Internal Market, Industry, Entrepreneurship and SMEs, said: “Today start-ups do not fully take advantage of the opportunities of the Single Market. Starting and scaling up a company across Europe has to become simpler. Europe needs to become the first choice place for great business ideas to grow into successful companies. This is about new jobs, innovation and competitiveness for Europe.&8221;

    The Initiative brings together a range of existing and new actions to create a more coherent framework to allow start-ups to grow and do business across Europe, in particular:

     

    European Commission Gives Boost To Startups In Europe fintechImproved access to finance: The Commission and the European Investment Bank Group are launching a Pan-European Venture Capital Fund of Funds. The EU will provide cornerstone investments of up to a maximum budget of €400 million and the fund manager(s) must raise at least three times as much from private sources, triggering a minimum of €1.6bn in venture capital funding. It will be managed by one or more professional and experienced fund managers ensuring a real market approach. This complements existing EU funding instruments such as the European Fund for Strategic Investments (EFSI), Europe&8217;s programme for small and medium-sized enterprises COSME and the EU&8217;s research and innovation funding programme Horizon 2020.

     

    European Commission Gives Boost To Startups In Europe fintech

     

    Second chance for entrepreneurs: The Commission has tabled a legislative proposal on insolvency law. It will allow companies in financial difficulties to restructure early on so as to prevent bankruptcy and avoid laying off staff. It will also make it easier for honest entrepreneurs to benefit from a second chance without being penalised for not succeeding in previous business ventures, as they will be fully discharged of their debt after a maximum period of 3 years.

    Simpler tax filings: The Commission is also working on a range of taxation simplifications including the recent proposal for a Common Consolidated Corporate Tax Base (CCCTB), which proposes to support small and innovative companies that want to expand their business across borders. Other initiatives include plans for a simplification of the EU VAT system and broadening the forthcoming guidance on best practice in Member States tax regimes for venture capital.

    The Initiative also puts emphasis on helping navigate regulatory requirements, improving innovation support through reforms to Horizon 2020, and fostering ecosystems where start-ups can connect with potential partners such as investors, business partners, universities and research centres. Changes to Horizon 2020 will pave the way towards a European Innovation Council and include using €1.6bn over 2018-2020 to provide bottom-up support for breakthrough innovation projects by start-ups with potential to grow. The Startup Europe network will be reinforced to connect clusters and ecosystems across Europe.

    In 2017, the European Commission will put forward proposals for a Single Digital Gateway that provides easy online access to Single Market information, procedures, assistance and advice for citizens and businesses. The Enterprise Europe Network (EEN) provide specific advisory services &; through scale-up advisors &8211; for including on funding opportunities, partnering and how to access cross-border public procurement. The Commission will adopt a set of measures to support the use of Intellectual Property Rights by SMEs and take action to support access by start-ups to the €2 trillion European public procurement market.

    Background:

    Over recent years, the European Commission has proposed a number of policies, such as the Capital Markets Union, the Single Market Strategy, and the Digital Single Market to benefit start-ups in Europe. Together with Member States&8217; actions, this has led to the creation of a number of market leaders, such as Spotify, Klarna, Adyen, , Jobandtalent, N26, Algolia, Intercom, Cabify or Deliveroo.

    The Initiative addresses three main obstacles to starting up and scaling up in Europe identified in a recent public consultation:

    &8211; Access to finance is the biggest problem for entrepreneurs whether starting up or scaling up;

    &8211; Complying with regulatory and administrative requirements diverts too much energy from growing the business &8211; particularly cross border;

    &8211; Connecting to right business partners, markets and skilled workers, despite the availability of 500 million people European Single Market is still too difficult.

    Featured Image: via Pixabay

    Original Press-Release here

    The post European Commission Gives Boost To Startups In Europe appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 3:35 pm on November 28, 2016 Permalink | Reply
    Tags: , , , , , , , , , , , , startups   

    European Commission Gives Boost To Startups In Europe 

    The &;s Start-up and Scale-up Initiative aims to give &8217;s many innovative entrepreneurs every opportunity to become world leading companies. It pulls together all the possibilities that the EU already offers and adds a new focus on venture capital investment,insolvency law and taxation

    There is no lack of innovative ideas and entrepreneurial spirit in Europe. But many new firms don&8217;t make it beyond the critical first few years, or they try their luck in a third country instead of tapping intothe EU&8217;s potential 500 million customer base. The European Commission is determined to change that and help start-ups deliver their full innovation and job creation potential.

    European Commission Gives Boost To Startups In Europe fintech

    Via Pixabay

    Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: &;Today&8217;s local start-ups could become tomorrow&8217;s global success stories. We want to help start-ups stay and grow in Europe. By helping them navigate the – often perceived – regulatory barriers to fully benefiting from the Single Market. By making it easier for them to have a second chance, without being stigmatised if their idea doesn&8217;t succeed the first time around. And by improving access to funding by boosting private venture capital investment.&;

    Commissioner Elżbieta Bieńkowska, responsible for Internal Market, Industry, Entrepreneurship and SMEs, said: “Today start-ups do not fully take advantage of the opportunities of the Single Market. Starting and scaling up a company across Europe has to become simpler. Europe needs to become the first choice place for great business ideas to grow into successful companies. This is about new jobs, innovation and competitiveness for Europe.&8221;

    The Initiative brings together a range of existing and new actions to create a more coherent framework to allow start-ups to grow and do business across Europe, in particular:

     

    European Commission Gives Boost To Startups In Europe fintechImproved access to finance: The Commission and the European Investment Bank Group are launching a Pan-European Venture Capital Fund of Funds. The EU will provide cornerstone investments of up to a maximum budget of €400 million and the fund manager(s) must raise at least three times as much from private sources, triggering a minimum of €1.6bn in venture capital funding. It will be managed by one or more professional and experienced fund managers ensuring a real market approach. This complements existing EU funding instruments such as the European Fund for Strategic Investments (EFSI), Europe&8217;s programme for small and medium-sized enterprises COSME and the EU&8217;s research and innovation funding programme Horizon 2020.

     

    European Commission Gives Boost To Startups In Europe fintech

     

    Second chance for entrepreneurs: The Commission has tabled a legislative proposal on insolvency law. It will allow companies in financial difficulties to restructure early on so as to prevent bankruptcy and avoid laying off staff. It will also make it easier for honest entrepreneurs to benefit from a second chance without being penalised for not succeeding in previous business ventures, as they will be fully discharged of their debt after a maximum period of 3 years.

    Simpler tax filings: The Commission is also working on a range of taxation simplifications including the recent proposal for a Common Consolidated Corporate Tax Base (CCCTB), which proposes to support small and innovative companies that want to expand their business across borders. Other initiatives include plans for a simplification of the EU VAT system and broadening the forthcoming guidance on best practice in Member States tax regimes for venture capital.

    The Initiative also puts emphasis on helping navigate regulatory requirements, improving innovation support through reforms to Horizon 2020, and fostering ecosystems where start-ups can connect with potential partners such as investors, business partners, universities and research centres. Changes to Horizon 2020 will pave the way towards a European Innovation Council and include using €1.6bn over 2018-2020 to provide bottom-up support for breakthrough innovation projects by start-ups with potential to grow. The Startup Europe network will be reinforced to connect clusters and ecosystems across Europe.

    In 2017, the European Commission will put forward proposals for a Single Digital Gateway that provides easy online access to Single Market information, procedures, assistance and advice for citizens and businesses. The Enterprise Europe Network (EEN) provide specific advisory services &; through scale-up advisors &8211; for including on funding opportunities, partnering and how to access cross-border public procurement. The Commission will adopt a set of measures to support the use of Intellectual Property Rights by SMEs and take action to support access by start-ups to the €2 trillion European public procurement market.

    Background:

    Over recent years, the European Commission has proposed a number of policies, such as the Capital Markets Union, the Single Market Strategy, and the Digital Single Market to benefit start-ups in Europe. Together with Member States&8217; actions, this has led to the creation of a number of market leaders, such as Spotify, Klarna, Adyen, , Jobandtalent, N26, Algolia, Intercom, Cabify or Deliveroo.

    The Initiative addresses three main obstacles to starting up and scaling up in Europe identified in a recent public consultation:

    &8211; Access to finance is the biggest problem for entrepreneurs whether starting up or scaling up;

    &8211; Complying with regulatory and administrative requirements diverts too much energy from growing the business &8211; particularly cross border;

    &8211; Connecting to right business partners, markets and skilled workers, despite the availability of 500 million people European Single Market is still too difficult.

    Featured Image: via Pixabay

    Original Press-Release here

    The post European Commission Gives Boost To Startups In Europe appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 3:35 pm on November 11, 2016 Permalink | Reply
    Tags: , , , , , startups, ,   

    Why FinTech Startups Will Not Win If They Play Like The Banks 

    My recent experience with  Startup Revolut has shown me that the can still sleep quietly for a while as Fintech Start-ups will in fact not be in measure to disrupt the industry if don’t also change the rules of the game…

    Why FinTech Startups Will Not Win If They Play Like The Banks fintechWhat went wrong with Revolut?

    “Revolut is a Global Money App, cutting your hidden banking fees to zero. It allows you to exchange currencies at perfect interbank rates, send money through social networks and spend with a multi-currency card everywhere MasterCard® is accepted. All this is done at the touch of a button, in a beautiful mobile application. Our goal is to completely remove all hidden banking costs.” Source: https://revolut.com/about

    So what went wrong with my Revolut account… I used my multi-currency card abroad to pay for goods in Euro. I received a VAT refund in Euro that was to be re-credited to my Revolut account. But today, when I logged into my account, I noticed that the refund had been re-credited in Sterling, with someone taking a hefty spread in the process…

    So in simple words, it did not go as planned, the client promise was broken, and the hidden banking costs were suddenly very visible… I decided to query this with the Revolut customer service…

    Adopting the same approach to client service as the banks is recipe for failure

    What clients of FinTech Start-ups want is a completely different approach that puts them at the center. They want services that are not only answering their needs, but that are also:

    • simple to use
    • fast
    • convenient

    FinTech Start-ups have understood that, or at least, part of it…

    They are leveraging new to outgun the banks that are suffering from their archaic systems. The claim is that FinTech Start-ups armed with integrated systems, new algorithms and access to social networks can now analyse client sentiment real time and can offer the right service at the right time, for the right price.

    Why FinTech Startups Will Not Win If They Play Like The Banks fintech

    From Pixabay

     

    Banks on the other hand are struggling to make sense of big data. Because it lives on several databases and systems that are hardly integrated, because they did not think of asking clients the right to use this data twenty years ago when they signed them up, and because of plenty other valid reasons, mining through this data is a difficult, near impossible, task.

    Clients are attracted to FinTech Start-ups because of the glitter this new lawyer of technology provides. They see the novelty in the approach and they believe something has changed…

    Clients love the new simplicity – no more endless paper form to sign, all is done with a click on a fancy app interface and they even work with pictures of you, your ID card or proof of residence taken through your smartphone!

    Clients love the increased speed – they can do it here and there, through the internet and 4G mobile connection, wherever they are, no more need to visit a branch in person.

    Clients love the convenience – FinTech Start-ups provide the same services as traditional banks, often even better, and at a fraction of the price they normally pay their bank.

    Why FinTech Startups Will Not Win If They Play Like The Banks fintech

    From Pixabay

     

    But underneath, unfortunately, it seems nothing has changed… When the acid test comes, when something goes wrong at a FinTech Start-up… then the same old mechanisms that make you hate your bank re-surface:

    Claiming that they did not do anything wrong

    “Just to inform you that we don’t have any control over the refunds. Refunds are processed automatically after the merchant’s release.”

    Putting the fault on the other party in the chain

    “It is not our fault as we are not able to choose the currency for the merchant” or “if you were expecting to receive these refunds in Euros, and apparently you have received in GBP is because the merchant released then in this currency.”

    Invoking procedures and rules that prevent them doing it the simple way

    “However there is a procedure that needs to be followed. Especially when, as in this case, we didn’t have any control and the way to rectify it, is to raise a chargeback.”

    Referring client to another department or to third party as the solution lies outside their competence

    “I will forward this to the chargeback team.” or “You can contact the merchant and ask for clarification.”

    This behaviour will not help FinTech Start-ups win!

     

    Clients are asking for a great customer experience, they are asking for simplicity, speediness and convenience, even when, or especially when, things break. This is exactly where FinTech Start-ups need to make the difference.  Playing it the banks will not satisfy clients, it will end up putting FinTech Start-ups and banks in the same basket.

    What should have happened instead at a Fintech Start-up?

    First, the FinTech angle should have kicked in immediately:

    Why FinTech Startups Will Not Win If They Play Like The Banks fintech

    From Pixabay

    The data analysis should have been instantaneous, with artificial intelligence reading the support chat channel and picking up that I was growing more and more upset by the interaction with the customer service representative. This was visible in the language I was using and the speed at which I was typing (and the accompanying typos).

     

    Why FinTech Startups Will Not Win If They Play Like The Banks fintech

    From Pixabay

    Social Media listening should have also indicated real-time that I was starting to tweet about my problem and my frustration at the lack of understanding from the customer service representative, and that I was starting to drag influencers in the discussion.

    This would have also been supported by a rapid scan to establish my social media strength (number of followers, Klout score, retweets and likes) and the risk of PR damage that could result.

     

    Finally, the CRM system should have spitted out a customer profile showing that over the past 4 months:

    I had increased my volume of transactions significantly (so I was on my way to become a “good” client)

    that all transactions I had done were in Euros and that there were no transaction in GBP (so there was possibly something abnormal with those two transactions in GBP)

     

    Then, the Start-up angle should have also played a role:

    &; The customer service representative should have calculated the costs involved to solve the issue quickly and bring immediate satisfaction to the client:
    namely by reversing the two transactions in GBP into EUR, at an exchange rate of 1 GBP for 1.1177 EUR – which was 54.78 GBP x 1.1177 = 61.23 EUR, when I was claiming I should have received 64.50 EUR – that means a cost of 2.92 GBP.

    &8211; The customer service representative should have then assessed how much effort any other alternative solution would take:
    time spent by customer service staff to escalate the client’s request, plus time spent by the compliance team to raise a chargeback request and deal with the third party to fix the issue and to that, add the potential loss of faith in the product by the client, plus any potential damage to the brand resulting from the negative publicity on the social networks.

    &8211; Armed with those two assessments, the customer service representative would then decide quickly which solution would be the most satisfactory for the client and the less expensive for the FinTech Start-up to execute and would have executed it.

     

    So, in other words, the customer service representative should have assessed what was my issue with Revolut (i.e. refund process did not work properly), should have assessed the most practical and easiest way for Revolut to address my need (i.e. fix the refund by compensating the difference) and should have asked me how Revolut could still increase my client satisfaction (i.e. reinforce their client promise and turn me into a champion of their brand to drum up more business).

    FinTech Start-ups need to embrace a client-centric approach

    FinTech Start-ups need to go further than just layering a fancy new technology on one of the oldest jobs in the world if they want to win. They need to adopt a client-centric strategy, putting client satisfaction at the core. Because it is the alliance of technology and client-centric approach that will help them beat the banks.

    Client-centric champion Amazon would have paid back the 2.92 GBP in a split-second and would have probably issued a compensation voucher to make up for the bad customer experience. This would have reinforced my trust in their brand and would have led me to sing their praises on the social networks, bringing them additional clients attracted by this positive client experience sharing.

    FinTech Start-ups need to do the same, before Amazon starts doing FinTech…

    This article first appeared on Lionel Guerraz&8217;s Blog

    Featured Image: From Pixabay

    The post Why FinTech Startups Will Not Win If They Play Like The Banks appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 6:22 pm on November 9, 2016 Permalink | Reply
    Tags: , , apply, , , , , startups, , till   

    Swiss FinTech Awards 2017: Startups can apply till Friday 

    Swiss FinTech Awards 2017: Startups can apply till Friday fintech

    &; Application

    Swiss fintech can here for the Swiss FinTech Awards 2017  the end of this week. The improved award programme boosts young as well as mature startups by offering valuable mentorings, exclusive one-to-ones with decision makers from numerous and insurances as well as exposure to a jury of influential and outspoken fintech experts and investors.

    Swiss FinTech Awards 2017: Startups can apply till Friday fintech

    Christian Lundsgaard-Hansen

     

    With its distinct award categories for early stage and growth stage companies, startups of all age and funding stage can apply and benefit. According to Christian Lundsgaard-Hansen, organizer of the awards, the categories not only enable a more suitable and beneficial experience for startups with different backgrounds but also increase chances of getting into the finals even for very young companies and entrepreneurs.

    Swiss FinTech Awards 2017: Startups can apply till Friday fintech

    Patrick Barnert

     

    Last year’s finalists of the awards made positive experiences. “The award has helped us speeding up our business and we are proud to have many new clients who we’ve met thanks to the Swiss FinTech Awards”, says Patrick Barnert, CEO of Qumram. Christian Lundsgaard-Hansen adds that the awards also helped other finalists of 2016 to gain traction in Switzerland as well as abroad because the awards “serve as an internationally acknowledged seal of quality” which helps early and growth stage startups alike.

     

    All fintech startups with a Swiss connection are eligible and can apply here for the Swiss FinTech Awards  by November 11th.

     

    The post Swiss FinTech Awards 2017: Startups can apply till Friday appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 4:54 pm on November 7, 2016 Permalink | Reply
    Tags: , , , , , startups, ,   

    Why FinTech Startups Will Not Win If They Play Like The Banks 

    My recent experience with  Startup Revolut has shown me that the can still sleep quietly for a while as Fintech Start-ups will in fact not be in measure to disrupt the industry if don’t also change the rules of the game…

    Why FinTech Startups Will Not Win If They Play Like The Banks fintechWhat went wrong with Revolut?

    “Revolut is a Global Money App, cutting your hidden banking fees to zero. It allows you to exchange currencies at perfect interbank rates, send money through social networks and spend with a multi-currency card everywhere MasterCard® is accepted. All this is done at the touch of a button, in a beautiful mobile application. Our goal is to completely remove all hidden banking costs.” Source: https://revolut.com/about

    So what went wrong with my Revolut account… I used my multi-currency card abroad to pay for goods in Euro. I received a VAT refund in Euro that was to be re-credited to my Revolut account. But today, when I logged into my account, I noticed that the refund had been re-credited in Sterling, with someone taking a hefty spread in the process…

    So in simple words, it did not go as planned, the client promise was broken, and the hidden banking costs were suddenly very visible… I decided to query this with the Revolut customer service…

    Adopting the same approach to client service as the banks is recipe for failure

    What clients of FinTech Start-ups want is a completely different approach that puts them at the center. They want services that are not only answering their needs, but that are also:

    • simple to use
    • fast
    • convenient

    FinTech Start-ups have understood that, or at least, part of it…

    They are leveraging new to outgun the banks that are suffering from their archaic systems. The claim is that FinTech Start-ups armed with integrated systems, new algorithms and access to social networks can now analyse client sentiment real time and can offer the right service at the right time, for the right price.

    Why FinTech Startups Will Not Win If They Play Like The Banks fintech

    From Pixabay

     

    Banks on the other hand are struggling to make sense of big data. Because it lives on several databases and systems that are hardly integrated, because they did not think of asking clients the right to use this data twenty years ago when they signed them up, and because of plenty other valid reasons, mining through this data is a difficult, near impossible, task.

    Clients are attracted to FinTech Start-ups because of the glitter this new lawyer of technology provides. They see the novelty in the approach and they believe something has changed…

    Clients love the new simplicity – no more endless paper form to sign, all is done with a click on a fancy app interface and they even work with pictures of you, your ID card or proof of residence taken through your smartphone!

    Clients love the increased speed – they can do it here and there, through the internet and 4G mobile connection, wherever they are, no more need to visit a branch in person.

    Clients love the convenience – FinTech Start-ups provide the same services as traditional banks, often even better, and at a fraction of the price they normally pay their bank.

    Why FinTech Startups Will Not Win If They Play Like The Banks fintech

    From Pixabay

     

    But underneath, unfortunately, it seems nothing has changed… When the acid test comes, when something goes wrong at a FinTech Start-up… then the same old mechanisms that make you hate your bank re-surface:

    Claiming that they did not do anything wrong

    “Just to inform you that we don’t have any control over the refunds. Refunds are processed automatically after the merchant’s release.”

    Putting the fault on the other party in the chain

    “It is not our fault as we are not able to choose the currency for the merchant” or “if you were expecting to receive these refunds in Euros, and apparently you have received in GBP is because the merchant released then in this currency.”

    Invoking procedures and rules that prevent them doing it the simple way

    “However there is a procedure that needs to be followed. Especially when, as in this case, we didn’t have any control and the way to rectify it, is to raise a chargeback.”

    Referring client to another department or to third party as the solution lies outside their competence

    “I will forward this to the chargeback team.” or “You can contact the merchant and ask for clarification.”

    This behaviour will not help FinTech Start-ups win!

     

    Clients are asking for a great customer experience, they are asking for simplicity, speediness and convenience, even when, or especially when, things break. This is exactly where FinTech Start-ups need to make the difference.  Playing it the banks will not satisfy clients, it will end up putting FinTech Start-ups and banks in the same basket.

    What should have happened instead at a Fintech Start-up?

    First, the FinTech angle should have kicked in immediately:

    Why FinTech Startups Will Not Win If They Play Like The Banks fintech

    From Pixabay

    The data analysis should have been instantaneous, with artificial intelligence reading the support chat channel and picking up that I was growing more and more upset by the interaction with the customer service representative. This was visible in the language I was using and the speed at which I was typing (and the accompanying typos).

     

    Why FinTech Startups Will Not Win If They Play Like The Banks fintech

    From Pixabay

    Social Media listening should have also indicated real-time that I was starting to tweet about my problem and my frustration at the lack of understanding from the customer service representative, and that I was starting to drag influencers in the discussion.

    This would have also been supported by a rapid scan to establish my social media strength (number of followers, Klout score, retweets and likes) and the risk of PR damage that could result.

     

    Finally, the CRM system should have spitted out a customer profile showing that over the past 4 months:

    I had increased my volume of transactions significantly (so I was on my way to become a “good” client)

    that all transactions I had done were in Euros and that there were no transaction in GBP (so there was possibly something abnormal with those two transactions in GBP)

     

    Then, the Start-up angle should have also played a role:

    &; The customer service representative should have calculated the costs involved to solve the issue quickly and bring immediate satisfaction to the client:
    namely by reversing the two transactions in GBP into EUR, at an exchange rate of 1 GBP for 1.1177 EUR – which was 54.78 GBP x 1.1177 = 61.23 EUR, when I was claiming I should have received 64.50 EUR – that means a cost of 2.92 GBP.

    &8211; The customer service representative should have then assessed how much effort any other alternative solution would take:
    time spent by customer service staff to escalate the client’s request, plus time spent by the compliance team to raise a chargeback request and deal with the third party to fix the issue and to that, add the potential loss of faith in the product by the client, plus any potential damage to the brand resulting from the negative publicity on the social networks.

    &8211; Armed with those two assessments, the customer service representative would then decide quickly which solution would be the most satisfactory for the client and the less expensive for the FinTech Start-up to execute and would have executed it.

     

    So, in other words, the customer service representative should have assessed what was my issue with Revolut (i.e. refund process did not work properly), should have assessed the most practical and easiest way for Revolut to address my need (i.e. fix the refund by compensating the difference) and should have asked me how Revolut could still increase my client satisfaction (i.e. reinforce their client promise and turn me into a champion of their brand to drum up more business).

    FinTech Start-ups need to embrace a client-centric approach

    FinTech Start-ups need to go further than just layering a fancy new technology on one of the oldest jobs in the world if they want to win. They need to adopt a client-centric strategy, putting client satisfaction at the core. Because it is the alliance of technology and client-centric approach that will help them beat the banks.

    Client-centric champion Amazon would have paid back the 2.92 GBP in a split-second and would have probably issued a compensation voucher to make up for the bad customer experience. This would have reinforced my trust in their brand and would have led me to sing their praises on the social networks, bringing them additional clients attracted by this positive client experience sharing.

    FinTech Start-ups need to do the same, before Amazon starts doing FinTech…

    This article first appeared on Lionel Guerraz&8217;s Blog

    Featured Image: From Pixabay

    The post Why FinTech Startups Will Not Win If They Play Like The Banks appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 3:35 am on November 3, 2016 Permalink | Reply
    Tags: , , , , , , startups, ,   

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program 

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechF10, the Incubator and , is delighted to announce that out of the 167 Startup companies that applied to F10’s Prototype to Product (P2) 10 have been chosen to join.

    The P2 Program allows teams with a thrilling prototype to participate in the product development program where they produce a minimal viable product and subsequently incorporate their startup. These 10 startups will now become part of F10’s roster and will be accompanied and supported in their endeavor to bring their ideas to the market.

    Earlier this month, F10 announced to the world that the FinTech Incubator and Accelerator had reorganized itself in the form of an association with the aim of bringing innovation to the finance and insurance sectors of Switzerland and Europe.

    The F10 association includes the well-known members Julius Bär, Switzerland’s leading private banking group, and PwC Switzerland; who together with SIX form the foundation upon which the Fintech Incubator and Accelerator is built.

    Twice a year, F10 offers a six-month “Prototype to Product (P2)” program which assists yearly up to 20 selected, promising teams/startups to transition their prototype into a sellable product. The teams gain access to the working space at F10 in Zurich. Coaches from the F10 team, as well as external mentors, will be allocated to each team to support them and ensure that they achieve their milestones. The first batch begins in November 2016 and ends in April 2017.

    Throughout the six-month period, the teams will attend lessons and workshops grouped into five units: Vision, Team & Strategy; Business, Product & ; Marketing & Sales; Legal & Regulations and Demo Day & Graduation. Coaches and mentors will be present to ensure that the teams are on the right track.

    The program can be partially completed online/off-site with only certain dates requiring actual on-site presence. F10 will cover travel expenses with a 15’000 CHF reimbursement for each team upon achieving their determined milestones.

    By the end of the program, teams/startups will have gained in-depth experience of all aspects of the financial industry and top level contact to big financial players, they will have access to the F10 association members’ global network of and benefit from SIX services, regulators, angel investors and venture capitalists. Participation is free and F10 does not take equity in the Startups.

    The 10 Startups that have been chosen to participate in the next P2 Program are:

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechAir
    A P2P ecosystem which is completely decentralized by eliminating centralized servers to insure that no one cloud computing company has access to the users’ data and information.

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechAPIAX
    Generating better access to compliance regulations by providing easily integrated public programming interfaces (APIs) that facilitate access to always up-to-date and verified compliance rules.

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechBiz Gees
    Technology customised for philanthropic P2P lending with a focus on micro loans for micro businesses in refugee camps.

     

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechEnterprise Bot
    Focussing on an automated customer support system for banks that is able to understand and act upon customer queries and is easily integrated into existing infrastructure.

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechFuturae
    Creating fast, simple and hands-off two-factor user authentication for online applications that require additional security by pairing mobile devices with computers in the vicinity of each other.

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechLendity
    Providing investors with a streamlined system to access tailored loans from multiple P2P loan platforms around the world.

     

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechSONECT
    Creating virtual ATMs where users can withdraw cash from any shop that joins the program at over 50% cheaper than the current ATM withdrawal costs.

     

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechTraderion
    Profiling and training of trading professionals using gamified simulators and machine-learning algorithms.

     

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechVesgoo
    Designers of the ThematicCloud, a platform which will facilitate thematic investment processes by combining technology and research to produce customizable and sustainable thematic investment vehicles.

     

     

    F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program fintechWealthInitiative
    Creating a platform to allow wealth management institutions to recognize and exploit synergies amongst their clients, and in a further step amongst their peers.

     

     

     

    This article first appeared on F10

    The post F10 Selects 10 Fintech Startups For The -Swiss Accelerator Program appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
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