Digital at the service of relationships and financial services for operations with greater added value without the possibility of disintermediation as occurs instead for transaction procedures now considered commodities. This was discussed in front of the students of the Milan Polytechnic in conference on Fintech "Recipes for Innovation" who put around the table the prof. Marco Giorgino (Professor of finance and risk management at the Milanese university), Gian Maria Mossa (CEO of Banca Generali) and Luca Colombo (Country Director of Facebook Italy).
“Fintech is a great opportunity for those like us who focus on relationships based on trust and customized solutions to protect household savings. When important choices and life projects are at stake, such as succession planning, analysis of company assets or less liquid assets such as real estate, the role of a well-prepared consultant is fundamental and irreplaceable, but the digital certainly joins as a useful tool that further enhance the consultancy”, said Mossa, head of the private bank of the Lion. The social media giant Facebook is also focused on its business of information and communication services which, beyond the various electronic payment services in some countries, wants to remain focused on this. “We don't want to become a bank, Facebook has the consumer at its centre, we use technology to simplify people's lives while at the same time giving our commercial partners the opportunity to increase customer interaction”, added Luca Colombo.
According to the analyzes of the Fintech observatory of the Polytechnic, however, the trend is clear and strongly directed towards a convergence of interests. “We've been studying startup funding for the past 2 years and there is a 60% increase on a global scale, with a scale of three to one benefiting companies with a fintech business plan. Technological support is central: let's think of big data and artificial intelligence which allow us to obtain important benefits both on an operational, commercial and risk level”. Professor Giorgino concludes convinced that 2019 will be the key year for banks and insurance companies in directing investments towards the best startups in the sector. Not to deflect a threat, but to internalize the benefits technology is bringing to the industry.
