🚀 Insights from the London Venture Capital Summit: Trends in Fintech 2024 🚀
A big thanks to Dan Pandeni Idhenga of 1818 Venture Capital and the team for this incredible event!
Key Takeaways:
Chenelle Ansah - LightPace VC:
10 years ago, nobody thought about challenger banks. Today they’re second nature. Neobanks weren't set up to eradicate traditional banks but have pushed these incumbents to improve their customer experience, accessibility, and inclusiveness. The winners in fintech will be those solving very specific problems. With AI, there's increasing pressure on fintech players to protect their systems and ensure customer safety. Financial inclusion remains a critical issue, with a significant number of people in the EU (the size of the population in Portugal 🇵🇹 ) still needing access to financial services. 🏦
Gbite Oduneye - ODBA: The growth in fintech is expected to continue, with McKinsey predicting fintechs will grow almost 3x faster traditional banks. Fintechs and banks are moving towards partnerships rather than competition. However, the same technologies that propelled neobanks might also be a challenge to them as newer, niche-focused players enter the market. AI's benefits, particularly in personalizing consumer experiences, far outweigh its downsides.
Shawn Du - Revenir: AI has significantly reduced scaling costs; removing friction for consumers at every step will boost adoption rates. Traditional banks aren't disappearing; their extensive infrastructure ensures and guarantees their longevity. Many of these banks are investing in or acquiring neobanks to enhance their services.
Kyle Masterson - SHIFT Open Finance Community: Banks enjoy higher trust despite their slow pace. A crucial vertical that needs disruption is transitioning building societies to the cloud and using open finance systems.
Sthembile Nkabinde moderated the panel, emphasizing the importance of investment in driving innovation.
Met some fantastic people:
🌟 Shuyu Lin & Ronald Clark from Coco Factory - which can generate 3D models from just a photo by leveraging AI! Check it out here: cocofactory.xyz
🌟 Mike Adams - building introstars where people get paid for business intros. More here: introstars.com
🌟 Jen Lothian: Using MyArk to help consumers build financial fitness through GDPR-compliant data sharing. Get early access here: myark.io
Also connected with Emem Rita Usanga, Josh Pistorius, Dr Elizabeth Shaw, Tandadzo (Tando) Matanda, Matthew Konneh, PhD MBA, Kenneth Kashif Thomas, Dec McLaughlin, Dr Maureen Emeagi MBBS BSc (hons) DRCOG MRCGP, and Rory Mason.
This summit highlighted the dynamic fintech industry, emphasizing innovation, AI integration, and financial inclusion. 💷
Will you invest in a neobank in the Global North or the Global South? Join the 2025 London VC Summit here: lnkd.in/dwSZKcQU
#Fintech2024 #VentureCapital #Innovation #AI #FinancialInclusion #Neobanks #OpenFinance #SummitInsights
For those who didn't make it to London Venture Capital Summit, we're bringing it to you!
Enjoy these highlights! 🎬
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