#InnovationSnack 2 – Fintech, what will the post-pandemic future look like?

The coronavirus emergency has had a disruptive and widespread impact on the world around us, sweeping away in a few months many beliefs that seemed impossible to shake. By doing so, however, it has also fostered the emergence of interesting new trends – including a generalised ‘rediscovery of simplicity’, in some ways facilitated by the long months of confinement that have forced almost three billion people around the world into their homes with the attempt to limit the spread of infection.
A comeback to the essentials that has actually had a wider reach, going beyond our home walls and touching many sectors, including the world of fintech.


Back to basics

The “post-pandemic” Fintech is the main theme of the second round of #InnovationSnacks organised by Virtual B.
This time, alongside Serena Torielli, CEO and co-founder of Virtual B, we had Matteo Rizzi, entrepreneur, innovator, speaker and fintech expert, and Alessandro Longoni, head of the Fintech District.
“The pandemic has created chaos in the fintech field, unexpectedly throwing us into another world: a sector that had to deal with a radically transformed context and that has now the challenge to play on a more serious field – that is, the ability to capture the essence, to understand what is really important,” reflects Serena Torielli. To get straight to the point: there is a lot of discussion about APIs, artificial intelligence and cloud computing – all interesting sectors with a lot of potential – but the first truly fundamental technology is a good internet connection, something that in our country is still not guaranteed for everyone. In this sense, continues Torielli, “broadband that is accessible to all could be seen as a useful first step towards getting out of the crisis”.


A new approach to manage savings

Not only that. The tendency to rediscover essential things is leading many people to question their lifestyle choices: “many people have realised that there is more than the ‘life in a box’ they have lived so far, and this makes me think that their approach to savings planning will also change, as it is a necessary condition for a more ‘free’ existence without the risk of running out of cash,” Rizzi notes.
Especially, as many people in recent months – the lucky ones who have not lost their jobs or had their salaries cut as a result of the emergency – have been able to put aside a few more savings due to fewer spending opportunities and will have a greater need to manage these savings. 


More digitalization for everyone

Having said that, it must also be acknowledged that the experience of the last few months has certainly accelerated the digitalization path, something not insignificant for a country like Italy, that has always been accused of being allergic to modernization: the lockdown has meant that smart working, food delivery services and videoconferencing have become part of our daily lives – using Serena Torielli words, “by now even grandmothers have learned to use Zoom”.
Therefore, sectors such as cloud computing, APIs, artificial intelligence and cybersecurity – mentioning some of them – could also experience a growth that was unforeseen six months ago. For all sectors, this growth will be characterized by a common thread: greater technology “humanization”, which will have the task of positioning itself between the user and the technological mean. 


Are banks also changing tack?

Do banks understand the extent of these changes? “My personal view – especially in the financial product placement and wealth management areas – is that most financial institutions are convinced that everything will go back to the way it was” observes Serena Torielli.
“In fact, we’ve already had several global crises and we’ve seen that they weren’t enough to make everyone smarter,” Rizzi jokes. “However, not everything is necessarily lost: for example, from the rubble of the 2008 crisis, fintech was born. What is certain is that now it is too early to make this type of assessments: in the next 6-12 months we will see who has really learnt the lesson”, being able to change their step to keep up with the demand evolution. In brief: who will live, will see more Fintech. 


Virtual B’s solution

Virtual B has been working for years in the financial sector, in close contact with data and its analysis. From our experience, numerous solutions have been developed to generate value and solve problems for financial and insurance intermediaries.If you are curious about this topic, contact us for an explanatory demo at the link below and discover how to apply the logic of Behavioural Profiling to your business processes.

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