At Finovate Europe in London, the leading event on innovation in financial services, I met a strange banker. He claimed to be from the year 1993 and had been sent in a time machine to London to check out Finovate's 2013 latest innovations; he would then return to 1993 to implement them at his firm. Curious, I asked him about his key findings:
1. Inefficiencies in the value chain will be punished. A good example: Money-wiring services are faster and cheaper via peer-to-peer platforms, like those shown by TransferWise and Azimo, than via Western Union or MoneyGram.
2. The user experience on banking platforms is becoming more engaging. This starts with smooth and speedy onboarding solutions like the one from Five Degrees and moves on to the personalized and engaging dashboards with widgets from Backbase and the award winning Banktron solution form Etronika.