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Reinventing Financial Services: A Banking and Insurance Partnership


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Vincent Bastid, CEO of Efma explores the future of financial services. Fintechs are at the forefront of innovation in the financial industry, there is a great opportunity for banks and insurers to partner and leverage their expertise to reinvent financial services. Hear about two successful partnerships.

Published in: Economy & Finance

Reinventing Financial Services: A Banking and Insurance Partnership

  1. 1. To the endorsing partners SPECIAL THANKS Fintech Reinventing financial services
  2. 2. 2 Who we are Efma is a non-profit association created in 1971 by bankers and insurers. It brings together more than 3,300 retail financial services companies from over 130 countries all around the world: And many more on 1
  3. 3. 3 Fintech market key figures2 • Global fintech investment in the first-quarter of 2016 grew 67 percent year-over-year to $5.3 billion; 62 percent of investments went to ventures in Europe and Asia • Funding is booming: almost US$14 billion in the last 12 months from less than US$1 billion in Q2 2010 to US$3 billion in Q1 2015 • There will be close to US$100 billion invest in fintech so far • 50 fintech unicorns around the world and more than 20,000 fintech start-ups globally • The top ten privately funded fintechs represent almost US$50 billion in market cap
  4. 4. 3 Successful partnership between Santander UK and Kabbage Santander Working Capital Loans • Working Capital Loans - Provide business credits with fast and secure access to funds of up to £100,000 within minutes • This approach, alongside the technology provided by Kabbage in this space, has helped to get the proposition live in less than 9 months • Use Big data and APIs – customers able to link their main business current account during the online application to view the transactions and make lending decisions 4
  5. 5. LaFinBox • Swiss Life - A leading European provider of comprehensive life and pensions and financial solutions • Budget Insight involved for technological matters - aggregation of bank accounts technology • LaFinBox, a global vision of all his accounts (checking accounts, credit cards, loans, booklets, employee savings, life insurance, …) balances, historical, detail and categorization of transactions and investments • Investment performance tracking; Push / emails alerts to manage his savings; A simplified graphical view of his savings, income and expenditure 3 Successful partnership between SwissLife and Budget Insight 5
  6. 6. Thank you! Vincent Bastid CEO Efma