With the continent’s share of FinTech funding and deals under 6% of the global volumes (and less than 2% in the German-speaking countries), this is not a post about a burgeoning fintech scene in the region.
However, talking to or meeting over a hundred startups, investors and banks for the first study of fintech startups in Germany, Austria and Switzerland, here are five reasons why the fintech scene in the region bears watching:
I received one interesting comment about Google, Apple, Facebook and Amazon (GAFA) and co getting into banking from one bank: why would they?
His response was based upon the fact that he’s more worried about Google when they’re not a bank than when they are one.
“If they bought a bank – let’s say they acquired Citibank – then this would be good news”, he said, “because that would kill them.”
Google would become stuck with compliance, audit and integration issues and would be dragged down like all banks are.
In the first of a 2-part installment signaling the end of this BANKNXT exclusive series, we talk to acclaimed financial technologist Bradley Leimer about his experiences working in the financial services industry. Next week we hear what the new year, and next wave of technology holds for banks, and what they can do to adapt.