Exclusive video: Digital ecosystems; driving banking forward
Held at the QEII Centre in the heart of Westminster, London, our annual two-day conference FinTech LIVE London was a disruptive learning and networking event showcasing the industry’s leading figures across innovation, thought leadership and strategy.
Speaking to us on Stage 1 was Anton Langbroek, Global VP of Commercial at Bitpanda, who discussed why a thriving digital banking future is one where partner ecosystems thrive.
For Langbroek, while the impact of disruptors on the financial landscape is evident – particularly neobanks which have claimed significant market share from traditional institutions – the future is one of ecosystems, where fintechs and incumbents work in tandem to drive the industry forward.
“I’m a big advocate of ecosystems,” says Langbroek. “Bringing together fintechs, banks and other providers, I think is the way we can reshape the whole market, including the infrastructures upon which it is built.
“For 20 years I worked at ANZ Bank, which you could say was the first digital bank of its kind. Now that we’re 20 years later. ANZ Bank has really become a traditional bank, especially when compared with new players like Revolut, Monzo, etc.”
The question Langbroek has now, alongside much of the industry, is where the industry and digital banking will be in the next 20 years.
The future of digital banking: Ecosystems to light the way?
A successful financial services industry 20 years from will be dependent on “innovation and creativity” for Langbroek. He adds: “If we do not continue to offer new products and be creative and deliver to market the products people want – instead of forcing products as we have in the past – then we will stay much the same way.
“For a future where ecosystems thrive, traditional banks need to overlook their products and focus on the needs of the customer. For legacy banks, they need to see the value of partners to reconnect with the consumer base, and look for tech players who can do things better than they can.
“There’s no bank in the world that is the best in all product areas, and likewise, there is no fintech that offers the best service in everything. So, today, in order to provide the best, you need to connect with the best and create valuable ecosystems that consumers are happy with.”
To watch the full panel discussion with Langbroek and our stage host, Scott Birch, you can click on the video link at the top of this story.
Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon.
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For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.
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Please also take a look at the playlist for our latest hybrid event, FinTech LIVE London, to learn all about the latest trends in fintech.
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