20 декабря 2016 г.

CFA Association Russia held its very last business breakfast of this year at Correa’s Café on December 20. Invited keynote speakers this time were Dmitry Khamrakulov, a managing director of VTB Bank, and Alexander Filatov, member of B&N Bank’s board of directors, who joined the event to discuss how fintech companies are changing the landscape of the financial world.

The two experts argued that the growth of fintech start-ups might represent a disruption of skills to the traditional banking system, as banks are often too slow to adapt to market changes. Being faster and more flexible, fintech companies are likely to outpace traditional financial institutions in the delivery of innovative financial services.  

The term Uberization has become a buzzword in the financial world. Dmitry Khamrakulov explained that because of fintech start-ups, it is becoming harder for traditional banks and credit unions to sell additional products to customers, as people are opting to use the swipe of a smartphone screen to get financial services that previously were available only in banks.

With the changing situation, what is there left for banks to do? The presenters said that to successfully compete with fintech companies, banks either need to learn how to become more flexible and embrace technological advances, or acquire successful fintech ventures.

“Banks should learn how to make decisions fast, even faster than companies, like Google,” the speakers summed up their presentation. In other words, for banks the bar has been set high.

As smartphones are becoming the essential part of our lives and people are beginning to manage finances in new ways, it becomes apparent that the world is on the verge of exciting times in financial services.