Fintech
Banking Transformation in the Wake of Challenge Disruption | Hexaware, bunq, and Wise
The banking system has been completely disrupted by new competitors.
In this episode of The Fintech Show, we explore what has changed and how institutions of all sizes can now differentiate themselves in an increasingly competitive market.
Our all-star team of industry experts includes Bianca Zwart from bunq, Peter-Jan Van De Venn from Hexaware, and Arunan Tharmarajah from Wise.
Together they discuss the growing pressures of tech-savvy consumers, differentiation through innovation, and the impact of regulatory change. We get some real-world case studies and hear about the partnerships that are making transformation possible.
Read on to learn more.
Differentiating features
In this episode of The Fintech Show, three industry experts delve into the key drivers and implications of digital transformation in the banking sector. We were delighted to speak with Peter-Jan Van De Venn, VP Global Digital Banking at Unaware (FKA Mobiquity), which emphasizes the critical role of customer demand in driving banks to innovate. Hexaware is the expert when it comes to helping banks find ways to differentiate themselves in a competitive market.
Consumer expectations are typically shaped by their experiences with tech giants like Google and Facebook and increasingly challenging banking offerings. Of course, many banking apps share common, “must-have” features, so, he says, banks should focus their budgets on the remaining 20% of features that can differentiate them in the market. This strategic allocation allows banks to innovate effectively and cost-effectively, ensuring they stand out while maintaining a strong business case.
We were also happy to speak with Bianca Zwart, Chief of Staff at sandwichthe second largest neobank in Europe and a true pioneer of customer centricity in banking. Discusses their mission to create a user-centric banking experience, something they have been focused on since 2015.
Interestingly, he points out that the slow adaptation of traditional banking to user needs has opened the door to more agile and user-focused competitors. There is no doubt that The growth of neobanking has been colossal and are gradually taking a largest market shareThe growing demand for better and more adaptable banking solutions is forcing all players in the industry to innovate rapidly, fostering greater competition and diversity.
Getting the right payments is key
We also spoke to Arunan Tharmarajah, Head of European Banking and Payments at Wisea key player in making payments more accessible. Both have provided an innovative solution to a problem and are now helping more traditional institutions innovate. Tharmarajah offers insights into how banks can address the challenges posed by the changing financial landscape, particularly in cross-border payments.
He goes on to explain that some banks prefer to partner with specialist firms like Wise for cross-border transactions, allowing them to focus on domestic services. Wise offers a solution that integrates with traditional banking infrastructure, ensuring seamless, low-cost international transactions. He also discusses the broader implications of regulatory changes, which are increasingly forcing non-banks into payment systems. This change is expected to improve competition, lower fees and improve customer experience globally.
Tharmarajah stresses the need for banks to adopt a customer-centric approach, moving away from siloed, product-centric models towards more holistic, technology-driven solutions that meet the diverse needs of modern consumers.
All our speakers strongly agree that focusing on user-centric innovation, strategic partnerships and efficient use of technology will be key to banks’ survival in this competitive landscape. Ultimately, the user comes first in banking.
We hope you enjoy this episode and stay tuned for more coming soon.