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Fintech

Fintech

foto of Wired Money breakfast BBVA

‘Complex products which have relied on face-to-face sales - that’s where we’re going to see  the next fintech innovation,’ said Jay Reinemann, Managing Partner of Propel Venture Partners and one of the guests discussing the state of European fintech at a breakfast this morning kicking off this year’s WIRED Money at the British Museum in London.

BBVA Executive Chairman Francisco González, CEO Carlos Torres Vila and other Group executives reviewed the Bank’s strategy in an event followed live by close to 40,000 employees across the different countries in which BBVA operates. The BBVA members that took the stage spoke from four different countries at the event, titled ‘Live @BBVA: Our Strategy,” while the audience was able to interact and discuss a number of topics through an app.

The typical job for recent graduates as they land for the first time in a top investment bank usually includes 90 hour long weeks working with spreadsheets and presentations. However, many junior bankers see Wall Street and its exhausting work rate as a necessary step to a more gratifying and less stressful position. Young professionals feel increasingly attracted by other sectors, such as technology or private equity firms and banks, and banks are being required to double their efforts to retain talent.

Peer-to-peer (P2P) lending platforms, also referred to as alternative lending, came into being a decade ago in order to make traditional financial industry services more available to the ordinary citizen.

Since then, the sector has entered a phase of permanent transformation, and the initial idea to “steal” lending business from banks has given way to another concept: partnerships. The sector has now partnered with banks to reach persons with few possibilities to obtain loans due to lack of a credit history or other limitations.

credit card payment bill money resource bbva

The new European payments regulation –PSD2– will bring sweeping changes to the industry, as it allows third-party payment service providers (TPPs) to access the banks' infrastructure. This regulation will also enable fintech companies and communications operators to join the payments market. How are the banks reacting to this influx of new players? The Revolution Banking 2016 event took up the debate.