A fintech consolidation is coming

Hugo Bongers, head of ABN AMRO's Digital Impact Fund, says he is excited by the plethora of new companies working on big ideas. But in a chat with us at the Money20/20 conference in June, he said that ultimately people want one central place or platform where all services will be combined.

“In the end, some consolidation will take place over the coming years,” he said. “From a consumer or a corporate perspective, they don’t want eight or nine different apps to do their financials. They want to be taken care of. It should be one central place or a platform where all the services will be combined.”

On the subject of platforms, he is also asking deeper questions – like who is it for and what is the added value?

“Ok a platform, really nice,” he says. “But for who and what is really the personal, relevant added value? Is it dedicated as a “me” platform? Is it more a retail platform? Are you combining specific services beyond banking? A platform, ok. But what’s next?”