Finovate Europe 2012: Innovation In Digital Financial Services

Benjamin Ensor

A number of people asked me to repeat my blog post from last year with my impressions from Finovate, so I thought I would.

For those of you who aren’t familiar with Finovate, it’s a fast-paced format with seven-minute live demos and pitches from 35 financial technology vendors. It’s produced by Online Financial Innovations, the people behind the excellent NetBanker blog.

I was lucky enough to go along to the show in London today. Unlike last year, when four or five themes dominated the day, this year’s exhibitors were more diverse. Among them were:

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The Next Generation Of Digital Financial Services

Benjamin Ensor

[With apologies to all those of you who had already read this, I'm re-publishing this as the Forrester gremlins ate my previous post.]

For the past few years, many eBusiness and channel strategy executives in financial services have had a nagging sense that today's websites would be rendered obsolete as new technologies emerged or younger consumers developed radically different behaviour patterns. We think that time if fast coming upon us. 

For the past six months we've been working on our vision of the Next Generation of Digital Financial Services, led by my colleague Alexander Hesse and inspired by the work of leading eBusiness teams worldwide. Although our vision is not an exact description of how all digital financial services will evolve, given the wide variety of markets that eBusiness executives operate in and the different strategies of their firms, we think the next generation of digital financial services will be characterized by five things:

  • Simplicity. Making it easy for customers to achieve their goals.
  • Ubiquity. Interacting with customers wherever they want.
  • Personalization. Making the entire experience relevant to individual needs.
  • Empowerment. Enabling customers to take action by themselves.
  • Reassurance. Providing human help whenever it adds value.
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