Digitalization: The New Challenge To The FinTech World

Digitalization: The New Challenge To The FinTech World

Digital transformation is an inevitable trend that challenges the way banks and financial companies function.Speaking at the Digital Finance, Fint

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Digital transformation is an inevitable trend that challenges the way banks and financial companies function.

Speaking at the Digital Finance, Fintech & Banking Innovation Forum #NEXT DIFI 2017, Noemie Papp, Head of Digital & Retail European Banking Federation, commented:

“Digital transformation is there. It is a digital revolution and banks are at the center of it. All sectors have to adapt to this new environment. Customers have new expectations.”

The forum was held last week in Sofia, Bulgaria. The event brought together several experts in the area of financial technology discussing the main challenges and opportunities in the field.

As the discussion concluded, customer behaviour has changed. Users are now demanding fast response and quick solutions.

“That means also new regulatory rules that answer to this digital transformation”, as the speakers explained.

Following the heated discussion, the industry players reached to three main conslusions:

  • Digitalization is a huge challenge, but is also presenting opportunities
  • New European FinTech regulations are to be shaped in the near future
  • Traditional institutions like banks and financial technology companies should work together

Digitalization is both a huge challenge and an opportunity for financial organizations. It is to be seen whether and how they will adapt to it.

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