Financial Technology Innovations: Reporting from FinovateEurope 2013

by Zilvinas Bareisis, April 11, 2013
Product Trends/ Reviews
Global

Abstract

Payments and Banking 2.0 solutions dominate FinovateEurope 2013. There are some areas where banks’ position is under threat. However, many presentations showcased vendor solutions to support banks in their quest to deliver innovative services.

In the report Financial Technology Innovations: Reporting from FinovateEurope 2013, Celent reviews financial services innovation themes and how they have changed over the last few years based on the companies presenting at FinovateEurope. This report includes an overview of FinovateEurope 2013 and also looks in more detail at key themes in payments, Banking 2.0, and the most interesting solutions presented at the conference.

“Banks should consider their competitive strategies against some of the presenting companies, such as those that target international payments and foreign currency transactions,” says Zilvinas Bareisis, Senior Analyst with Celent’s Banking Group and author of the report. “However, many vendors offer opportunities for banks to partner and embrace their innovations, such as innovative rewards propositions, tools that enable management and control of bank-issued payment credentials, solutions that enable the delivery of the Banking 2.0 experience for banking customers, and open banking platforms.”

This 30-page report contains 11 figures and four tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

3

Overview of FinovateEurope 2013

4

 

The Participant Mix

4

 

Overview of Key Financial Services Innovation Themes

5

Key Themes in Payments and Selected Solutions

9

 

Payment Flow Innovations

10

 

Wallets and Payment Processing

10

 

Value-Added Services

12

Key Themes in Banking 2.0 and Selected Solutions

18

 

IT Platforms

18

 

New Bank Accounts / Functionality

20

 

Open Platform Banking

21

Conclusions

24

Leveraging Celent’s Expertise

25

 

Analyst Access

25

 

Support for Financial Institutions

25

 

Support for Vendors

25

Related Celent Research

26

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