Earlier this month, the SAP Startup Focus Program attended the SAP Financial Services Forum in London and invited 5 relevant Fintechs to showcase their innovative solutions and network with the industry’s leading thinkers. The event represented an incredible opportunity in terms of customer networking and visibility of the startup solutions amongst their intended target audience.
Here are our four key takeaways are:
- Banks are embracing digital transformation to become exponential organizations. Exponential organizations are those that adapt and prosper in a world of abundance, by tapping into new business models that leverage exponential technologies. These technologies include forward-thinking concepts as are the ones of Artificial Intelligence and Machine Learning. We were delighted to have brought our partner, Quantiply, whose mission is to “empower enterprises to re-imagine their businesses to drive significant impact by seamlessly connecting people and technology in real-time”. Quantiply offer optimized Artificial Intelligence for KYC (Know-Your-Customer) and AML (Anti-Money-Laundry) compliance solutions.
- Big Data continues to drive the Financial Services industry. Within that context, two of our startup partners played a very significant role. For instance, with the increasing realisation that climate change is causing more recurrent and more serious adverse weather events, there is now an emergence of Weather Risk Management in the insurance sector. Startup Focus member Meteo Protect leverage SAP’s HANA big data architecture to help companies protect their business activities from weather volatility. At the SAP Financial Services Forum their CEO – Gabriel Gross – joined the press and analyst breakfast Roundtable to discuss innovation topics within the FSI sector. Furthermore, Bankhawk Analytics was also one of the startups not-to-miss at the SAP FSI Forum. Their solution focuses on harnessing banking and payments data in the context of commercial banking to put finance executives in control, by generating business intelligence that can deliver powerful insights into a company’s business.
- Customer experience is a company’s only differentiator. “Customer centricity” has been a buzzword for decades. Nevertheless, this concept has not become less relevant or less true in this new Digital Era… If anything, the only way companies and banks can truly stand out is by reaching the customer in a way that’s relevant and disruptive. Our startup partner CosmoKey only recently validated their solution at the Startup Focus program. Their value proposition is to simplify existing security solutions and put them at the consumer level. Their solution consists of strong customer authentication processes with the addition of a simple credit card-like device. An intelligent system and a user-friendly design that improves convenience and security of authentication for both users and administrators.
- Fintechs have a vital role to play as technological disruptors. Although it may be challenging to getting the incumbents and the disrupters to play well together, given that they come from two opposite ends of the technology spectrum, giant corporation are more and more aware of the impact that these young companies represent in terms of innovating. Modular Financial is one of the younger and therefore less established companies who only very recently joined our program. The SAP FSI Forum represented an extraordinary opportunity as they could receive immediate and honest feedback from direct customers as well as Finance experts, and to have deeper meaningful conversations about their solutions and its added value.