Just as blockchain technology has shaken up the financial industry, the development of NFT could bring a revolution to the art world. But these are just two of many examples of high-tech companies creating new business models.
The financial industry has traditionally never been one of the technological innovators, and banking has always focused more on the quality of physical contact through the branch, putting the personal experience of the customer first. Banks and other financial services providers, always constrained by strict regulations and also strict organizational supervision, often considered innovation too technologically complex and risky. Those days are now gone, as the last decade has seen the rise of a technologically literate generation that prefers simpler, faster and smarter experiences.
A New Generation of Consumers Is Forcing the Traditional Financial Sector to Embrace Technological Innovation
It is no surprise then that competition from a growing number of fintech companies is forcing banks and other financial services providers to embrace technological innovation and renew business strategies. Evidence of this is the extremely rapid flow of innovation in banking technologies, from mobile banking apps to conversational robots to new payment technologies.
These have changed rapidly in recent years, with two trends most pronounced – the slow decline of cash and the rapid growth of digital payments. Business Insider Intelligence estimates that by 2024, individuals and businesses will conduct more than one trillion cashless transactions online or directly for the first time. Most transactions will be made with cards and digital wallets, with direct debits growing strongly in popularity, especially in Europe.
“Fintech companies are taking over the world,” Olga Shikhantsova says, one of the 50 most influential women in fintech. Shikhantsova will be a guest at a roundtable on Podim DX, along with Sheel Mohnot, who has been ranked as one of the top 100 seed investors by Business Insider.
Blockchain and the Mantra of a New User Experience
With the emergence of digitalization and financial technology companies (fintechs), which represent increasing competition for banks, they are faced with the challenge of how to digitize old services and introduce new ones to improve the user experience.
“Blockchain and other forms of so-called distributed ledger technology, which enable contracts without intermediaries, could eliminate the need for intermediary services traditionally offered by banks. With distributed ledger technology, blockchain enables simpler, faster and more secure payments and lower costs. Traditional clearing can take several days for cross-border payments, and fees can be as high as ten percent. Meanwhile, Blockchain enables the reduction of operational costs in clearing and settlement, and transactions between financial institutions take place in near real-time,” explains Peter Merc from Fintech Factory, one of the keynote speakers at Podim DX. Merc also has high hopes for the development of digital identities and biometric solutions in conjunction with payment systems.
In the Digital Age, There Is a Growing Desire for Companies to Monetize Data
Blockchain and artificial intelligence will transform our civilization, says Amit Pradhan, CEO of Zero AI & Rainfall, who is working with his team on the idea of privacy-friendly artificial intelligence.
In more and more industries, not just finance, there is a growing desire and practice by companies to use the digital data they collect to create new revenue streams. A McKinsey survey shows that 41 percent of companies have already found methods to make money from their data and analytics.
Most of these companies are from the financial and high-tech sectors, and they have started monetizing data in the last two years. In doing so, the most advanced and usually more successful companies are using the data they collect to move faster in the market. However, the successful use and monetization of data is increasingly proving to be an important strategic advantage over competing successors.
The Analytics Revolution in Art
Amit Pradhan will also lead a roundtable at Podim DX where he will present new models of data monetization with guests including Jason Bailey (Artnome) and Bernadine Bröcker Wieder (Vastari).
Bailey, who is working for an analytic revolution in art, will also give a talk on the topic of NFT, which has recently become increasingly popular. His company Artnome has compiled the world’s largest database of complete works by important 20th-century artists.
Jason Bailey uses technology and data to enhance the world’s art historical record and draw attention to artists working at the intersection of art and technology.
Linking Innovation to Business Opportunities, Capital and Knowledge
Podim DX 2021, the most influential startup & technology event in Central and Eastern Europe, will therefore offer a unique insight into linking innovation with business opportunities, capital and knowledge from May 17-19. Over the years, Podim has become a key regional learning and networking platform that creates real value by bringing together and connecting recognized international investors, established companies and startups and scaleups.
“To ensure the highest quality of learning and networking, the organizers have taken the strategic decision to allow a maximum of 1,000 participants to attend the event. This is one of the reasons why you can always approach top speakers at Podim, talk to them and spend quality time with investors, company representatives and other attendees. Podim is a window in and out of the region for effective networking, business initiation and experience sharing, ” write the organizers, who say that the essence of Podim DX is practical advice, sharing knowledge and valuable experience, as well as imparting important advice and tricks for business growth.
Opportunity to “Book” 20-Minute Meetings with Representatives of Nearly 200 Startups
Podim DX offers each individual within its digital audience the opportunity of 20-minute meetings with various experts and, most importantly, representatives of nearly 200 startups developing interesting technologies. When purchasing a digital ticket, Podim web attendees will receive access to a digital catalogue of all conference startups and scaleups.