AltFi - Victor Trokoudes

Event Sessions Featuring Victor Trokoudes

Roundtable (Breakout)

Making the Marketplace ‐ Round Table Discussion

London Summit 2018 - Monday 26 March 2018

All in attendance were in agreement: marketplaces are something we can expect to see coming out of every digital bank, sooner or later. But will the model become a money maker? Clark doesn't think so, suggesting that Tandem prefers to see its marketplace as simply a "benefit to the customer" over a tool for profitability. Myatt also pointed out that we have yet to determine an exact and widespread definition of what we mean by 'marketplace': does it refer to only third-party products being sold by a bank, or will banks eventually sell their own services and products within their apps too?
In essence, the marketplace model should be about "putting the customer's data back in their hands" and allowing them to get the most out of it, said Barbosa. Indeed, both Chisell and Magliulo added that a marketplace should be about "giving way" to those who are specialised, in order to create the most value for their customers. Campbell mentioned that Bud has found higher traction from users sits on non-core products and services: things like energy-switching, travel perks and insurance.
However Plumb warned that at times the marketplace has become a "sexy term" for a bank's partnership strategy, when what they're really offering is not a true marketplace at all. Often we speak about marketplaces as if they are just one generic product, but as in the case of robo advisors, not all marketplaces will be a good fit. Bibas suggested that each bank should develop a specific strategy for different partners, allowing them to create true customer value.
For the future, Moreni highlighted the need for banks to be focusing on what value in a marketplace really means to their customers. Whether you give a customer 10 or 3 choices for a service, "it doesn't matter unless you know what it is your customer needs from you," said Dallas. Muis agreed, sayng that if you want people to give up their data, banks will have to show them the value they're going to gain as a result. While a partnership strategy is a no-brainer for most, it'll be the new categories that come out of the marketplace model that will be the most exciting to watch.

Articles Featuring Victor Trokoudes

Victor Trokoudes

Co- Founder and CEO

Event Sessions Featuring Victor Trokoudes

Making the Marketplace ‐ Round Table Discussion

London Summit 2018 - Monday 26 March 2018

Articles Featuring Victor Trokoudes

Plum joins the ranks of the UK’s commission-free trading platforms

Plum appoints former Monzo and Deliveroo exec as VP product

Fintech angels line up for $14m Plum Series A as company hints at ‘super app’ ambitions

Plum takes on PensionBee and Moneybox with new pension offering

Plum adds ethical funds to its portfolio from BlackRock and Vanguard

Investors have gone green in second lockdown, says Plum

Digital banks are more popular with men

Plum takes first step abroad with Ireland launch

Moneybox and Plum among Nesta Challenge top winners

Millennial investing boomed during the pandemic, says Plum

Exclusive: Plum pursues premium offering with new cash back feature

Plum raises $10m including multi-million-pound investment from the government's Future Fund initiative

The Challenger: Plum's Victor Trokoudes

Exclusive: Plum ends Ratesetter partnership ahead of FCA crackdown in P2P lending

Money management chatbot Plum raises $4.5m

Chatbot money app links with Monzo and Starling using Open Banking

Fintech trio launch campaign to fight hidden FX fees

Plum adds investment tool to Facebook chatbot

Banks took more than £9.9bn in fees last year, says Plum

AI savings startup Plum launches crowdfunding campaign

Plum announces partnership with Ratesetter