Fintech 3.0: BPC Canvasses Banks and Fintechs Collaboration

Pre-sales Consultant Middle East and Africa at BPC, Emmanuel Obinne

BPC, the Switzerland-based global, digital and financial technology company has requested the banks and Fintech firms to work together in order to serve  customers better.

Founded 25 years ago, BPC is now active in 80 countries and was a major sponsor of the just concluded Lagos Fintech Week (LFW). LFW was an invigorating week of distinct Fintech events that delivered exciting discussions, stimulating demos and insightful debates.

Emmanuel Obinne, Pre-sales Consultant Middle East and Africa at said the  objectives of Fintech is not to disrupt or displace incumbents but to care about the customers and the choices it give them to move, manage and make the most use of their money.

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According to Obinne, Fintech has entered an era of collaboration, which he described as Fintech 3.0. He added that Fintech 1.0 was sequel to the 2008 recession when certain lines of businesses were no longer viable for the banks.

“This created an opportunity for Fintechs to emerge. The use of modern technology allowed for flexibility in choosing which aspects of banking they wanted to focus on and they began to unbundle the banks,” he explained.

Obinne informed that Fintech 2.0 was about the Fintech firms becoming disruptive and bringing risk taking mindset to the system. These mindsets, he explained then triggered defensive and offensive reactions from the incumbent banks.

“The banks reacted with brand protectionist moves, corporate politics and building of innovation labs to drive innovations from within.”

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With the Fintech 3.0 era, Obinne said that BPC is ready to help the banks and Fintech firms to collaborate and share robust infrastructure in order to serve customers better.

He noted that Fintech has moved from disrupting and destroying the banks, to discussing, ideating, and collaborating with the banks in a short ten years.

“This is where we are now. The third phase of Fintech is partnerships. No company is better placed to help the collaboration processes more than BPC,” he assured, adding that with more than 217 clients globally, BPC powers payments across the globe by supplying software and creating ecosystems in which banks, processors, merchants and other players, such as governments, can thrive.

“We make payments happen by supplying the banks, processors, merchants and other ecosystem players with the right technology to create relevant services for their customers. Our API Banking Platform is one of such technologies that will enable banks connect with FINTECHs, be nimble and innovative in a secure way without needing to incur huge capital costs to replace legacy systems.” Obinne concluded.