Last week I attended the MoneyLive Summit at the QEII Conference Centre in London. This is a high profile event bringing together lenders, fintech's, payment and software providers to discuss the latest issues around consumer finance.
As Europe’s most senior banking and payments event, the Summit is attended by over 850 people with 150 engaging speakers across three stages over two days, so you are guaranteed to come across thought-provoking content delivered by some of the most senior people in the industry. So after two solid days of a packed agenda, what did I take away from it?
This was a story about Technology, Regulation (in particular Consumer Duty) and the Cost of Living, and how these factors are combining to spur the next phase of innovation in consumer finance.
It was clear that the bigger banks are very conscious of the need to innovate further, moving beyond transactional app based banking services into services which provide more advice and support to consumers. Underlying this was a perceived lack of confidence amongst consumers around managing financial affairs. For example, a Barclays spokesperson stated that 1 in 2 consumers fell into this bracket. Ironically, the challenge for now appears to be "how do you create a full service banking experience and deliver it digitally?”
A much mentioned phrase was the "creation of digital ecosystems". Indeed it was openly acknowledged that alliances and partnerships were a requirement for the way forward. HSBC openly stated that the bank of the future will be built through collaboration and highlighted the role played by a number of their current partners in delivering new products to market.
At Monevo we are fortunate to work with a large number of lenders and distributors enhancing their core products in the provision of creating better access to consumer credit. Reflecting on MoneyLive, I am confident that our place in the digital finance ecosystem is one that will continue to grow as we see more acceleration of product innovation to meet the changing needs of the consumer.