Vancouver, April 14, 2016 – Chappuis Halder & Co.’s (CH & Co.) Montreal office, showed once again its active support of the Fintech movement by attending the Digital Finance Institute conference in Vancouver last week!
During the conference, entrepreneurs and influencers in the Fintech industry have discussed new products, new concepts and hot topics. Among all of these disruptive ideas we have picked five game-changing innovations that we wanted to highlight and share with you:
Boost Financial Inclusion
Banks should set up a financial inclusion department to analyze clients who are being excluded from the system in order to create products to fit their specific needs. Refugees, for example, are new potential clients to target. They often transfer money and increasingly use electronic payments but banking products like wire transfers are costly. Banks can invest in new technology to make these types of transactions more accessible.
“Sandbox” environment for Bank Innovation
A key takeaway when it comes to fostering innovation in traditional financial institutions is to create what is known as a “sandbox” to experiment on new ideas in a relaxed yet controlled environment. If the experiment is successful you can push it further, if not at least you have closure and you can move on.
Banks should collaborate with FinTechs
People don’t trust small companies in the early stages. This is where traditional financial institutions and Fintech can be mutually beneficial. Fintechs bring technology and new ideas while traditional financial institutions bring clients and hands-on experience. The best and least risky way for traditional financial institutions to innovate and to take advantage of new market opportunities is to collaborate with startups that are constantly pushing technological boundaries instead of trying to compete against them.
Go from “Know Your Client” to “Know Your Data”
Fintech is not only about financial innovations but it also covers regulations. Trulioo is a good example of what we call a RegTech (Regulation technology). It is a rapidly-growing startup that demystifies Anti-Money Laundering (AML) / Know Your Client (KYC) data compliance process by automatically matching information provided by the new customer with external trusted data sources such as government-issued national ID or passport, mobile, watchlists etc.
Sound wave your payments
Soundpays is a disruptive mobile wallet that enables the user to make payments anywhere thanks to inaudible sound waves. Any physical or online merchant could use this technology for frictionless payments made by users with the app.