How do you see collaboration between Wealth & Asset Management financial institutions and FinTechs in the future? The energy was palpable on the premises of Quintet Private Bank on 16 June, as the question was put to professionals from the FinTech and banking space. And this is the purpose of the ABBL FinTech & Innovation Forum: to create connections and promote exchange between banks and FinTech firms. The panel discussion moderated by Giulia Pescatore, Vice-Chair, ABBL FinTech & Innovation Forum provided some interesting insights.
Stakeholders
- For a successful bank-FinTech cooperation, it is important to identify the right contacts/decision-makers within the bank; for example, the sponsor, compliance or IT.
- It is important to ensure the presence of a FinTech vendor manager within the bank.
- One must manage expectations between the bank and the FinTech vendor.
Budget
- The bank should have a sufficient budget to ensure engagement with FinTech firms. This could be at local, group or departmental level.
Change management
- On the bank's side, one should foster the right mindset. The bank should not rely on FinTech’s resources to drive change within the bank.
- On the FinTech side, one needs to adapt to the bank's mindset and be ready for potential resistance from the culture, knowledge, and organizational points of view.
- There should be measures in place to ensure appropriate knowledge transfer between the functions concerned and FinTech.
System legacy and digitalisation
- For both the bank and FinTech: one should anticipate technological obstacles and complexity and foresee measures to overcome them.
To the participants and speakers: thank you!
A huge thank you to the participants, speakers and panellists for their energy and very interesting inputs. Special thanks to Quintet Private Bank and namely to Verónica Martínez Sotillo for hosting ABBL FinTech & Innovation Forum at the bank premises and sharing the experience of digital transformation with all participants:
- Laurent MAROCHINI, Chair, ABBL FinTech & Innovation Forum - Société Générale Luxembourg
- Verónica MARTÍNEZ SOTILLO, LL.M Transformation & Offering Development Director - ICS - Quintet Private Bank (Europe) S.A.
- Alex PANICAN, Executive Council Member, ABBL FinTech & Innovation Forum - LHoFT
- Giulia PESCATORE, Vice-Chair, ABBL FinTech & Innovation Forum - Deloitte Luxembourg
- Raoul MULHEIMS, Co-Founder & CEO - Finologee
- Frédéric DUQUENNE, Managing Partner - FundProcess
- Leonhard KOSSMANN, Co-Founder, CPO - Fundvis
- Guillaume Desclée, CEO, Founder – Abbove