{"id":4454,"date":"2017-04-04T09:00:50","date_gmt":"2017-04-04T09:00:50","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=4454"},"modified":"2019-04-12T17:19:13","modified_gmt":"2019-04-12T17:19:13","slug":"key-take-aways-from-fintech-revolution-2017","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/nos-ressources\/events\/key-take-aways-from-fintech-revolution-2017\/","title":{"rendered":"Key take-aways from Fintech Revolution 2017"},"content":{"rendered":"<p><strong>Techfoliance was at Fintech Revolution 2017 that took place in Paris last\u00a028<sup>th<\/sup>\u00a0of March. Here are the key\u00a0take-aways from panel discussions and keynotes from top experts and entrepreneurs.<\/strong><\/p>\n<p>France&#8217;s Fintech scene is exploding\u00a0and opportunities in the sector\u00a0are\u00a0unparalleled compared to any other industries. What a great satisfaction to see so much\u00a0enthusiasm in &#8220;a country\u00a0that often underestimates its tech potential&#8221; as stated by Paul Graham, founder of Y Combinator.<\/p>\n<h3>Entering the age of reason<\/h3>\n<p>Among participants, established actors\u00a0such as\u00a0<strong>LearnVest\u00a0<\/strong>(Alexa Von Tobel), <strong>Prosper<\/strong>\u00a0(Ron Suber) and <strong>Younited Credit<\/strong>\u00a0(Geoffroy Guigou) shared their vision\u00a0on the state of the Fintech industry.<\/p>\n<p>Discussions showed that after few years of activity financial\u00a0technologies were\u00a0clearly here to stay. In addition, business models are\u00a0yet to be consolidated\u00a0for many companies\u00a0and relations with\u00a0traditional actors are\u00a0getting stronger and stronger.<\/p>\n<p><strong>Co-opetition<\/strong> is becoming the standard\u00a0in the banking industry. The budget allocated\u00a0by banks like BNP Paribas or\u00a0BPCE speaks for\u00a0itself, with more than\u00a0<strong>EUR<\/strong>\u00a0<strong>3 billion<\/strong>\u00a0set to be invested to drive digital transformation and collaborate\u00a0with fintech start-ups.<\/p>\n<h3>Think Europe<\/h3>\n<p>Michel Sapin, the Minister of Economy, said in a keynote:<\/p>\n<blockquote><p>&#8220;The revolution can not continue without European harmonization&#8221;<\/p><\/blockquote>\n<p>He also promised\u00a0to transpose the Directive on payments (PSD2) &#8220;before the limits set by the EU&#8221;. France is at the forefront of the Fintech sector in Europe, leveraging on a solid local ecosystem with successful companies in various verticals.<\/p>\n<h3>Be prepared to\u00a0new challenges<\/h3>\n<p>Entering the age of reason also means facing new challenges for\u00a0the most established actors. For example,\u00a0<strong>Betterment<\/strong>\u00a0&#8211; a US robo-advisor that now claims more than <strong>USD 5 billion<\/strong> in assets under management &#8211; is facing\u00a0capital allocation issues\u00a0that it did not have at the beginning. The company\u00a0has now so many projects that it needs to optimize the value of every dollar spent. Similarly,\u00a0<strong>Younited Credit<\/strong> &#8211; a french peer-to-peer lending platform, is experiencing the same issues.<\/p>\n<p>The risks for these actors would be to mislead\u00a0priorities. Geoffroy Guigou, co-founder of Younited Credit, shared his experience with\u00a0business creators:<\/p>\n<blockquote><p>&#8220;Think about the long term, especially in the choice of investors. We do not build a story in five years, but rather in fifteen or twenty years!&#8221;<\/p><\/blockquote>\n<p><strong>Prosper<\/strong>&#8216;s CEO Ron Suber, a\u00a0San Francisco-based company in the\u00a0peer-to-peer lending\u00a0sector,\u00a0said it took them eight years to reach a production of <strong>USD 1 billion <\/strong>of credits loans. It now reaches this amount <strong>every three months<\/strong>. The stakes are not lacking for this heavyweight that manages to secure <strong>USD 5 billion<\/strong> of financing from investors over the next two years.<\/p>\n<blockquote><p>&#8220;Connecting borrowers and investors makes it look easy until you try it&#8221;, said Ron.<\/p><\/blockquote>\n<p>In particular, it intends to develop its <em>Lending as a Service<\/em>\u00a0concept, enabling banks to provide smartter loans. His\u00a0long-term vision is even bigger since he\u00a0aims to create\u00a0the <strong>next generation of financial services<\/strong>\u00a0stating that the banking agency will one day become obsolete. In the long term, Prosper\u00a0will be a portal where individuals, students or SMEs\u00a0will be able to invest in every country.<\/p>\n<h3>The future of\u00a0banking<\/h3>\n<p>Many experts believe that the future will be\u00a0Bank as a Service (BaaS) with taylor-made financial services supported by Artificial Intelligence (AI), Algorithm and Big Data. Tech giants\u00a0like Tencent, Alibaba, Amazon or Facebook already understood that and now\u00a0want to connect us all by money. See you in few years Fintech, I am very much looking for adulthood.<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Techfoliance was at Fintech Revolution 2017 that took place in Paris last\u00a028th\u00a0of March. Here are the key\u00a0take-aways from panel discussions and keynotes from top experts and entrepreneurs. France&#8217;s Fintech scene is exploding\u00a0and opportunities in the sector\u00a0are\u00a0unparalleled compared to any other industries. What a great satisfaction to see so much\u00a0enthusiasm in &#8220;a country\u00a0that often underestimates its [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":4320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[999],"tags":[240,239,1297,427,138,221,223,280,1000,1338,82,63,1078,381,454,808,1339,502],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key take-aways from Fintech Revolution 2017 - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/nos-ressources\/events\/key-take-aways-from-fintech-revolution-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key take-aways from Fintech Revolution 2017 - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"Techfoliance was at Fintech Revolution 2017 that took place in Paris last\u00a028th\u00a0of March. Here are the key\u00a0take-aways from panel discussions and keynotes from top experts and entrepreneurs. France&#8217;s Fintech scene is exploding\u00a0and opportunities in the sector\u00a0are\u00a0unparalleled compared to any other industries. 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