The world expert in finance and user experience is coming to Zagreb. Here’s what the new generations actually want
Generation Z has already begun dictating services and products among financial institutions. A wave of new users with high standards regarding digital channels and communication, the simplicity of technological solutions, and connectivity with their lifestyle expects traditional institutions to adapt to new trends and needs. They will loudly close the doors to those who do not accept this.
They want everything to be available in one place – on their mobile phones, with transactions being fast and the experience intuitive. They don’t want to commit to the services of one provider without testing them, let alone commit to packages that do not meet their set of needs and desires. In a market that is more diversified than ever and surrounded by social channels where it is easy to find advice, comments, experiences, reviews, and other references to the positive or negative aspects of products and services in FinTech, companies that do not listen to their demands will perish along with their existing user base.
„The digital environment is evolving at the speed of light, and consumers expect more – actively shaping the future of finance and payments. Mastercard has always been at the forefront of this change, leading the development of digital payment technology that meets the constantly changing needs of consumers while also promoting social progress. As we look towards the future, it is clear that the path forward is one of collaboration – between industries, technologies, and communities. I am delighted to share my thoughts at this year’s Money Motion conference on how Mastercard fosters precisely that collaboration, while also empowering consumers and society as a whole“ – says Aleksandra Babić, Senior Vice President B2B & Product Marketing for Europe, Mastercard.
On the importance of hyper-personalization, last year Maurice Lisi from BPER Bank, an expert in bank transformation to prioritize users, spoke for the first time in Croatia. On the main stage of the Money Motion conference last March, he explained the key questions and steps that all financial institutions should focus on, and this year he returns to an even bigger stage to deepen understanding ahead of the latest technological advancements in the industry – what makes the bank of the future.
In addition to Aleksandra and Maurice, the main stage of the largest FinTech conference in the region will also feature Anna Maj, one of the leading voices in the industry and among the top experts in FinTech, whose lecture on the incredible technological transformation of the market will kick off the program. Maj is the founder and CEO of Create LINK, through which, after 20 years of executive experience in leading financial companies, she helps companies develop technological solutions for new needs in the FinTech market.
Ahead of the new edition of the Money Motion conference – which will take place on March 21 and 22, sponsored by leading regional brands in the industry – Nexi, Mastercard, OTP Bank, Monri, and ASEE – we asked our leading experts how they adapt to new users and what that means for them from a business and technological perspective.
– A visionary approach to the user of the future requires respecting high standards and thorough consideration, as well as courage in implementing innovative technological solutions that will enhance their experience. This is particularly evident in the financial industry, where alongside user experience, system security is imperative. As a company that leads in the digitalization of the financial sector in the region, and beyond, we constantly work on innovations in payment methods, mobile and digital banking, document management, and their security – says Viktor Olujić, Board Member at ASEE Croatia and Monri Payments, adding how Money Motion facilitates the connection of investors, key players in the FinTech industry, and FinTech startups, providing a platform where everyone collaborates to address the trends shaping the industry and advancing user experience in the financial sector.
At last year’s conference, during the panel of leading banks in Croatia, we heard very concrete examples and steps on how the banking world is changing and adapting to users globally. Problem-solving via video calls with bankers, queue management systems in branches, installment payment options, faster 24/7 transactions, and the ability to apply for loans without visiting a branch are just some of the new possibilities in the market. However, what we see from the outside represents only a small part of the real technological advancements within banks. Nevertheless, technology must not be an end in itself, warns Mario Žižek, CEO of Addiko Bank, because the needs of users must be the main priority, sometimes meaning hybrid services rather than complete process digitalization.
– In line with such reality, last year we launched a unique loan process on the market. A client visits the Addiko website, uses the loan calculator to select the amount and repayment period that suits them, and receives an offer via email. Similar to purchasing other products, the client receives loan documentation from the mail carrier. Once the documentation is returned to us by mail, the cash is deposited into the client’s account within just a few days. Thus, the entire loan process is completed without the need to visit a branch. And this applies to all citizens, they do not have to be our clients – illustrates Žižek and adds: – This year, we will offer customers a fully online loan application process, allowing citizens to choose what suits them best: visiting a branch, a hybrid loan process, or completely online loan application anytime, anywhere.
The same user expectations are penetrating into other industries. Namely, the payment process itself is not exclusive to banks and payment providers but to all service providers. Therefore, innovation in payment methods can already be a significant benefit to various providers. A1 Croatia is aware of this and is the first telecom in the world to enable its customers to pay with Revolut, and recently, with KEKS Pay as well.
– As a company, we have long outgrown the traditional telecommunications operator framework and shifted our focus to innovative digital products and services that elevate the user experience to the highest level. We are agile and capable of reacting quickly, and in line with user needs, forming partnerships and implementing the best from the global market, thus providing additional value to our customers. We are proud of recent examples like A1 travel insurance, as well as other services such as home assistance, screen insurance, SafeNet network protection, and the first telecom partnership with Netflix in Croatia. It is essential to create an environment where everyone wins – the user, the partner, and us. All of this makes us leaders in digitalization in the market, with a focus on the user and their experience – says Iva Babić, Head of Product Marketing and Business Development at A1 Croatia.
In line with such innovations is the solution offered by a European InsurTech company, which provides its clients with a seamlessly integrated user insurance solution through an original interface where they actively participate in the process.
– Modern embedded insurance offers FinTech companies an opportunity to enhance the lifestyles of their new users with innovative, unique solutions while simultaneously fostering their digital ecosystems and generating ancillary revenue. Today’s insurance is completely digital, dynamic, and seamless; not only does it protect customers from loss, but it also provides top-notch flexibility and convenience. We are excited to attend Money Motion and share with you how European banks seamlessly integrate insurtech to delight their clients and drive business value – Matthias Naumann, CEO of Companjon.
The increasingly advanced technological developments have led to the need for better standardization in the financial world. An important and current topic is the regulatory framework DORA, aimed at setting standards for digital processes in the industry to ensure the protection of the entire system relying on IT infrastructure.
– Although DORA presents a significant challenge in terms of compliance, it also brings significant opportunities for the financial sector. By adopting a unified regulatory approach to digital resilience, financial institutions can benefit from reduced complexity and greater clarity in their efforts in the areas of cybersecurity and digitalization management by embedding resilience into the design of their solutions. Additionally, standardized incident reporting and information sharing among actors in the financial sector are expected to enhance the sector’s ability to anticipate cyber incidents, respond to them promptly and effectively, and recover from them more quickly and efficiently – Ratko Drča, director at Deloitte Risk Advisory.
At the Money Motion conference, more than 2000 participants will have the opportunity to familiarize themselves with all the trends and experiences of industry leaders in the region and beyond. They will also be able to follow the competition of the best FinTech startups selected for the MoMo Startup pitch competition. The selected competitors come from as many as 12 countries and offer solutions in various spheres of finance, payments, technology, and cryptocurrency. The startups include Traken, Devengo, Spendbase, DDD invoices, Lance, ComplyTaxonomy.eu, Nexity Network, POK PAY, getfunded, Pirix Lab, PayMyStay, Skaut+, Trustee, CxReport, and Fira.
