Discussing Digital – and Open – Banking with Raoul Neu
At the end of the month of February, Raoul Neu, Solution Architect at LUXHUB, participated in the “Evergreens by Spuerkeess” podcast. Today, discover some of the key points our expert made during the recording, sharing his vision for the future of banking, keeping in mind the needs of customers, as well as tech innovation.
Digitalization and impact on end-consumers
- Today’s users want immediacy, as well as a good user experience when using bank-related services
- Most banks still own the trust of the long-lasting clients: they can provide them with expert advice in exceptional situations
- Digital in the financial services industry, is more than just filling in forms online: the process behind the scenes must also be adjusted
- Yet, banks cannot build everything on their own, and have to find the right balance when collaborating with other companies and Fintechs
- In the world of Open Banking, innovation is not only driven by banks, but also by TPPs (Third-Party Providers)
Fintech startups in Luxembourg
“Most Fintech startups aim at helping banks solve innovation needs or compliance requests,” explains Raoul Neu.
Moreover, most Fintechs do not compete with banks, but rather provide specific services that will be embedded within the overall banking service, and therefore become a key part of the value chain
The expert also explained that not every Fintech service is visible by the end-customers, but rather operated at the b2b level, just like LUXHUB. “The services, integrated within core banking services, are benefiting the end-customers. For instance, Spuerkeess provides its customers with an aggregated view of most of their bank accounts, in their S-Net app, leveraging LUXHUB’s innovation services,” he adds.