Vincent Bastid, CEO of the European Financial Management Association (Efma), discusses the necessary reinvention of financial services — and how firms must work together to accelerate transformation and innovation.
Vincent Bastid, Chief Executive Officer, Efma
Traditionally, financial services firms have been followers, not innovators. But digital disruptors and new regulations like PSD2 and the GDPR are forcing companies to make drastic changes — or risk disintermediation.
Risk-averse and transaction-based, financial firms are now playing catch-up with tech titans and nimble startups — companies that create new experiences and products geared to how customers live their lives. Today, value creation is the key to succeed.
The good news is financial services firms have the fuel to create this value: data. The bad news is they cannot do this work alone. Collaboration and partnership among financial services companies and beyond — with the likes of hospitality and retail — is central to accelerate change and create ecosystems that not only meet customer demands but also create global and connected customer experiences.
In this episode, Efma CEO Vincent Bastid discusses how financial services firms need to work together to drive innovation and reinvent their industry.