Hello, there. My name is Bjorn Cumps and I am a Professor of
Financial Service Innovation and Fintech at Vlerick Business School.
Welcome to this session on "Competitive Dynamics in the Financial Services Sector".
And on the agenda for today,
we have four main themes.
First of all, Fintech as a disruptive force, what I call
the first wave of Fintech focused on competition.
Secondly, from competition to partnerships,
which we call the second wave of Fintech.
Thirdly, we will look at building ecosystems,
so what is coming next?
And finally, we will have a look at some future scenarios,
so I invite you to explore these four main themes with me today.
Let's focus on the first wave of Fintech where Fintech is really seen as
a disruptive force to the industry.
What I'd always like to do is ask the following question,
what would the bank of the future look like?
Would it maybe be a collection of apps on a smartphone where,
for example, you would have Square for your point of sales payments,
Wealthfront for your investments,
Affirm for your consumer credits,
TransferWise for your money transfers,
Venmo for your peer to peer payments,
Kickstarter for your funding and many more apps available on a smartphone?
Would that maybe be the bank of the future because this is a little bit what
we think of when we think of competition in the Fintech's sphere,
that these Fintech's startups will disrupt the banking sphere.
If you look at a collection of apps on the smartphone from Fintech startups,
you could see that they cover already quite some functionality of
what's an existing bank today is already providing us.
So, could this be the bank of the future?