Philip Kamp

auxmoney

Co-Founder

Event Sessions Featuring Philip Kamp


Debate

The big banks already have better technology than fintechs

London Summit 2018 - 26th March 2018

  • Kamp says that banks must have good tech, if they are to handle the mass of data and transactions they see every day. But that doesn't make them better than fintechs: their legacy, and volume of data that they must carry to every new product, makes it very difficult for them to practice innovation. However that's not to say that the fintechs are at their peak: in some ways, they oversell. Speed of development and speed to market is not the same as quality of service or product. If big banks are to overcome their fintech counterparts, their internal fintech hubs need to not just focus on idea innovation, but also on product implementation and development.
  • Mould admits that fintechs can get products out quicker and with less obstacles, but if the banks can solve their own bureaucracy issues, they will be able to "totally wipeout" fintechs. But the question is, can they do that? To date, it has yet to happen. The tech that banks own is far superior to what fintechs have been able to achieve so far, but that has yet to translate into tangible products. Kamp agrees, it is far more secure for banks to wait and see which fintech services develop and flourish, copying them later after the risk has been fully assessed.