A fintech consolidation is coming

1 min read|Published August 31, 2018

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?”

CategoryOpen bankingTagsVideo

More in Open banking

2024-11-19

12 min read

From authentication to authorisation: Navigating the changes with eIDAS 2.0

Discover how the eIDAS 2.0 regulation is set to transform digital identity and payment processes across the EU, promising seamless authentication, enhanced security, and a future where forgotten passwords and cumbersome paperwork are a thing of the past.

2024-10-08

6 min read

Lending essentials: how enriched data solutions help lenders tackle constraints

Enhancing your affordability assessment with Tink’s data-enriched solutions helps you put an end to inaccurate data, prevent fraud in loan origination and stay compliant – read on to explore the benefits.

2024-09-24

4 min read

Why Pay by Bank fits luxury retail like a glove

Pay by Bank offers a solution that addresses the potentially higher transaction fees and fraud risks while enhancing the customer experience for luxury retailers.