LFMS 2015: A New Banking System with FinTech
The 7th edition of the Luxembourg Finance Management Summit took place on November 17, at the Hotel Le Royal and was attended by more than 300 finance professionals. Hance Law firm was also invited and represented by Mr. Farid Safi and Mr. Evariste Ohinche.
This event was dedicated to the reinvention of banking in the digital age. Several high-level speakers addressed the topic. Nicolas Mackel, CEO of Luxembourg for Finance, gave the opening speech on the status of FinTech in Luxembourg and its future development with optimism. International experts had the opportunity to share their vision for the digitalization of the finance industry.
New Banking System with FinTech | Luxembourg
« We have to reinvent everything »
According to Thierry Geerts (CEO of Google Belgium-Luxembourg), we live just at the beginning of the digital era, which will transform the world as deeply as the industrial revolution did two centuries ago. For instance, 5 billion consumers will be in a few years just one click away from companies thanks to the globalization of eCommerce. This implies changes to our approach to customers. In order to gain efficiency, companies will need to « start connecting people » and « stop networking computers » in order to reinvent financial practices. For Geerts, the required qualities for banks to take advantage of innovation are speed, agility and openness.
« From cost driven to customer value-driven »
Hereafter, Benoit Legrand (Head of FinTech, ING Group) shared his knowledge on changing the banking business model. He considered banks would either benefit from the FinTech’s bloom…or die. Profound changes have faced the financial world for some years : digital revolution, rise of the consumer empowerment and the 2008 financial crisis As a result, a disruption is taking place : investments in the Fintech sector amounted $50 BN between 2010 and 2015. Legrand is convinced that « banks can profit from the FinTech revolution if they opt for a new banking model – from cost driven to customer value-driven, embrace innovation and transform corporate culture from a vertical model to an horizontal model ». This means that the main challenge of the digital revolution is less digital than human and cultural.
After these speeches, the audience had the opportunity to listen to a panel discussion held with Rachel Hamen from State Street, Patrik Pohl from Deutsche Bank Germany and Alexandre Rochegude from KPMG Luxembourg.
Hance Law nominations
Hance Law firm had the honor of being nominated in two categories : « Best Finance & Legal Advisory Firm » and « Global Corporate Excellence ». It was its first participation to the Luxembourg Finance Management Summit, formerly known as the CFO World Gala.