2019 Fintech Review Germany Talkshow by Startuprad.io
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A continuación: This Month in German Startups December 2019 by Startuprad io Cancelar 10
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Find the video and more content here: https://www.startuprad.io/blog/2019-fintech-review-germany-talkshow-by-startuprad-io-video/
The traditionThis is a Startuprad.io tradition. Every year close to Christmas Joe gets together with smart people from the German fintech scene and talks about what was going on. Usually, the discussion drifts fast in a talk show and does not stick to the usual news format. None the less it is very informative and there are great ideas for fintech entrepreneurs and investors here.
Trust is repeated positive experience – Frank Schwab during Startuprad.io’s 2019 Fintech Review
This episode was made possible by Hessen Trade and Invest, learn more at www.invest-in-hessen.de Find the video and more content here: https://www.startuprad.io/blog/2019-fintech-review-germany-talkshow-by-startuprad-io-video/
The traditionThis is a Startuprad.io tradition. Every year close to Christmas Joe gets together with smart people from the German fintech scene and talks about what was going on. Usually, the discussion drifts fast in a talk show and does not stick to the usual news format. None the less it is very informative and there are great ideas for fintech entrepreneurs and investors here.
Trust is repeated positive experience – Frank Schwab during Startuprad.io’s 2019 Fintech Review
This episode was made possible by Hessen Trade and Invest, learn more at www.invest-in-hessen.de To digitize the relationship with clients in banking, that will be the unicorn – Paolo Sironi during Startuprad.io’s 2019 Fintech Review
Our Guests(in alphabetic order)
Mario Hachemer, CTO Fastbill (https://www.linkedin.com/in/mahachemer/)
Luka Ivicevic, Co-Founder / Chief of Staff at Penta (https://www.linkedin.com/in/luka-ivicevic/)
Frank Schwab, Co-Founder Fintech Forum (https://www.linkedin.com/in/frankschwab/)
Paolo Sironi , Author and Thought Leader IBM (https://www.linkedin.com/in/thepsironi/)
Host:
Jörn “Joe” Menninger, Founder and Host Startuprad.io
joe@startuprad.io / Twitter / LinkedIn / Video Interview (2018)
To succeed in Fintech you need to digitize the client relationship – Paolo Sironi during Startuprad.io’s 2019 Fintech Review
Further ReadingDuring the discussion we are touching:
Challenger Bank / Neo Bank https://en.wikipedia.org/wiki/Challenger_bank
Share of Wallet https://www.investopedia.com/terms/s/share-of-wallet.asp
Tiktok https://www.youtube.com/watch?v=mQEGJMmqBTw
Mortgage: https://www.investopedia.com/terms/m/mortgage.asp
related:
Mortgage market shares in Germany. Statista has only numbers for 2015, but online banks had a 40% market share: https://de.statista.com/statistik/daten/studie/661264/umfrage/entwicklung-der-marktanteile-der-vertriebskanaele-in-der-deutschen-baufinanzierung/
Goldman Sachs’ Marcus: https://www.marcus.com/us/en
Related:
https://www.fool.com/investing/2019/12/09/why-is-goldman-sachs-investing-in-marcus.aspx
Having a good user experience is ok, but it will not lead to a transformation people will do banking – Paolo Sironi during Startuprad.io’s 2019 Fintech Review
https://youtu.be/fFxCiGsnD48
RegulationPSD2Was Lukas forecast a spot on, or will it take more time?
In an article published in Heise, the author argues that the biggest winners of PSD2 will be the large internet companies like Google, Facebook or Apple https://buff.ly/2Pg1ZkG Given the recent success of Apple Pay in Germany, he may not be too far off.
Companies / Fintechs / Banks
Established Credit Rating Bureau Schufa buys into the core of banking with FinAPI:
(Jan) Established German credit scoring agency Schufa takes over munich-based fintech FinAPI. FinAPI allows to access current accounts http://ow.ly/P7RR30n4x1M
MarketsMarket / GlobalSubjective point Joern: It feels like the blurring of fintech and banking continues. There are now cross mergers all over, admittedly more fintechs investments by banks than otherwise, but it keeps blurring. Do you think in 5 years one will still distinguish beyond the point regulated or not?
Also: Fintech becomes really european, think expansion of N26 to UK or Klarna to Berlin.
Fintech Trends: Five Insights For Now And The Future | Deloitte US https://buff.ly/34ckc6W
Financial firms are jumping into fintech
Potential blockchain benefits are growing
Regulators are showing interest in fintech
Implementation can lead to operational challenges
The industry is realizing this is a marathon, not a sprint
A look at the UK, since the system is more mature. Neobanks are currently looking like they are not winning writes Sifted - What does this indication mean for the German challengers?
“NeoBanks / Challenger Banks Are they going to make it?” From Sifted.com
-Traditional banks — Nationwide Building Society, HSBC and NatWest — still have the highest net switching gains
-Contrary to media hype, people aren’t leaving Barclays for Monzo. Most are leaving to go to Nationwide and HSBC. Indeed, Nationwide saw more net gains than Monzo and Starling combined, showing the big banks have still got “it.”
- Nonetheless, the two digital banks came in fourth and fifth respectively for net gains. To their credit, they’ve overtaken several big banks like Lloyds and RBS who are losing current account customers overall.
- Monzo also trails just behind HSBC for net gains, and could well overtake it in the coming quarter
- Metro Bank – the brick and mortar challenger bank that faced accounting issues earlier this year – did not provide their switching data" https://buff.ly/2RxZ5JF
Related point from Frank Schwab:
„The path towards profitability of NeoBanks / FinTech“
We haven‘t seen much yet ...
In financial services the psychological play is very different [from ecommerce] – Paolo Sironi during Startuprad.io’s 2019 Fintech Review
Global Ranking of #Fintech #Hubs is good for Germany https://buff.ly/2Ym7VeQ
Global Positions:
Berlin
Frankfurt
Hamburg
Munich
Out of 238 cities. Not bad, but there is room for improvement.
Deutsche Bank has asked, "will fiat currencies survive," in what it calls the "multi-trillion dollar (or bitcoin) question."
"The forces that have held the current fiat system
together now look fragile and they could unravel
in the 2020s. If so, that will start to lead to a
backlash against fiat money and demand for
alternative currencies, such as gold or crypto
could soar."
Link opens PDF https://buff.ly/2Phpg4s?utm_source=-custom-by-source-0-
Frank’s point of PayPal becoming a lender in the US
PayPal and Square quietly grow small business lending using data as their edge over banks https://buff.ly/2qXNcyh
Fintechs succeed because they are not overvaluing the trust – Mario Hachemer during Startuprad.io’s 2019 Fintech Review
Market / GermanyThere is a study by the online bank comdirect, which is a subsidiary of Commerzbank, headquartered close to Hamburg.
Almost 900 Startups, of which are 202 proptechs, 172 Financing startups, 114 insurtechs, 96 investments, 76 Blockchain, 72 accounting and 166 others (ID, API/Banking, Accounting, Gastro, Regtech, …). Payments are losing considerably in startup count and popularity
124 of those fintechs have been founded in 2018
25% fintech sector growth since 2017
Market / Germany / Local HubsGermany leads the way as banks might embrace crypto - NEDEROB
https://buff.ly/380B6Z9
Next year Germany is very likely to accept a law that will make it possible for institutional banks to offer crypto services, including bitcoin custodial wallets. Handelsblatt reported the news earlier this week. This would make Germany the first major European country to embrace cryptocurrencies at an institutional level, and likely more countries will follow. Because the Germans have been the leading force behind the European economy for decades.
I think in 2020 we will see fintechs and neobanks opening up branches – Luka Ivicevic during Startuprad.io’s 2019 Fintech Review
Hamburg83 Fintechs (comdirect)
Related:
WELT writes about the deterioration of the city of Hamburg, as a financial hub within Germany and Europe https://buff.ly/2NYGJhn Banks and insurance companies are shedding headcount
Munich105 Fintechs (comdirect)
I think in 2020 we will see much more shakeout [of fintechs in Germany]. Many runways running out – Mario Hachemer during Startuprad.io’s 2019 Fintech Review
Frankfurt106 Fintechs (comdirect)
Deutsche Bank started Fyrst. Anyone heard anything?
Berlin295 Fintechs (comdirect)
Other cities / hubs (according to comdirect)
Cologne 35
Düsseldorf 20
Stuttgart 12
Leipzig 7
Dresden 6
Dortmund 6
Essen 6
Bremen 6
295 Fintechs (comdirect)
Financing
What did the underperforming IPOs (WeWork, Uber, Slack) do to the exit route for fintechs?
E.g. The Spectacular Rise and Fall of #WeWork by Bloomberg on YouTube https://buff.ly/36HaxYt
#US venture capitalists: here are 10 tips if you want to make it in Europe | Sifted
The first piece of advice is to get out of #London https://t.co/76JMPQQ220 #VentureCapital #VC #Europe
Recommended Holiday Readings (Affiliated Links)The Fire Starter Sessions by Danielle LaPortehttps://amzn.to/38Ug3rUThe 7 Habits of Highly Effective People
by Stephen R. Covey
https://amzn.to/2sGDy78
The 8th Habit: From Effectiveness to Greatness
by Stephen R. Covey
https://amzn.to/34DYbOCThe $100 Startup by Chris Guillebeauhttps://amzn.to/2PEoFetOutliers by Malcolm Gladwellhttps://amzn.to/36U41g6Grit – The Power of Passion and Perseverance by Angela Duckworthhttps://amzn.to/2SbuEcj
To digitize the relationship with clients in banking, that will be the unicorn – Paolo Sironi during Startuprad.io’s 2019 Fintech Review
Our Guests(in alphabetic order)
Mario Hachemer, CTO Fastbill (https://www.linkedin.com/in/mahachemer/)
Luka Ivicevic, Co-Founder / Chief of Staff at Penta (https://www.linkedin.com/in/luka-ivicevic/)
Frank Schwab, Co-Founder Fintech Forum (https://www.linkedin.com/in/frankschwab/)
Paolo Sironi , Author and Thought Leader IBM (https://www.linkedin.com/in/thepsironi/)
Host:
Jörn “Joe” Menninger, Founder and Host Startuprad.io
joe@startuprad.io / Twitter / LinkedIn / Video Interview (2018)
To succeed in Fintech you need to digitize the client relationship – Paolo Sironi during Startuprad.io’s 2019 Fintech Review
Further ReadingDuring the discussion we are touching:
Challenger Bank / Neo Bank https://en.wikipedia.org/wiki/Challenger_bank
Share of Wallet https://www.investopedia.com/terms/s/share-of-wallet.asp
Tiktok https://www.youtube.com/watch?v=mQEGJMmqBTw
Mortgage: https://www.investopedia.com/terms/m/mortgage.asp
related:
Mortgage market shares in Germany. Statista has only numbers for 2015, but online banks had a 40% market share: https://de.statista.com/statistik/daten/studie/661264/umfrage/entwicklung-der-marktanteile-der-vertriebskanaele-in-der-deutschen-baufinanzierung/
Goldman Sachs’ Marcus: https://www.marcus.com/us/en
Related:
https://www.fool.com/investing/2019/12/09/why-is-goldman-sachs-investing-in-marcus.aspx
Having a good user experience is ok, but it will not lead to a transformation people will do banking – Paolo Sironi during Startuprad.io’s 2019 Fintech Review
https://youtu.be/fFxCiGsnD48
RegulationPSD2Was Lukas forecast a spot on, or will it take more time?
In an article published in Heise, the author argues that the biggest winners of PSD2 will be the large internet companies like Google, Facebook or Apple https://buff.ly/2Pg1ZkG Given the recent success of Apple Pay in Germany, he may not be too far off.
Companies / Fintechs / Banks
Established Credit Rating Bureau Schufa buys into the core of banking with FinAPI:
(Jan) Established German credit scoring agency Schufa takes over munich-based fintech FinAPI. FinAPI allows to access current accounts http://ow.ly/P7RR30n4x1M
MarketsMarket / GlobalSubjective point Joern: It feels like the blurring of fintech and banking continues. There are now cross mergers all over, admittedly more fintechs investments by banks than otherwise, but it keeps blurring. Do you think in 5 years one will still distinguish beyond the point regulated or not?
Also: Fintech becomes really european, think expansion of N26 to UK or Klarna to Berlin.
Fintech Trends: Five Insights For Now And The Future | Deloitte US https://buff.ly/34ckc6W
Financial firms are jumping into fintech
Potential blockchain benefits are growing
Regulators are showing interest in fintech
Implementation can lead to operational challenges
The industry is realizing this is a marathon, not a sprint
A look at the UK, since the system is more mature. Neobanks are currently looking like they are not winning writes Sifted - What does this indication mean for the German challengers?
“NeoBanks / Challenger Banks Are they going to make it?” From Sifted.com
-Traditional banks — Nationwide Building Society, HSBC and NatWest — still have the highest net switching gains
-Contrary to media hype, people aren’t leaving Barclays for Monzo. Most are leaving to go to Nationwide and HSBC. Indeed, Nationwide saw more net gains than Monzo and Starling combined, showing the big banks have still got “it.”
- Nonetheless, the two digital banks came in fourth and fifth respectively for net gains. To their credit, they’ve overtaken several big banks like Lloyds and RBS who are losing current account customers overall.
- Monzo also trails just behind HSBC for net gains, and could well overtake it in the coming quarter
- Metro Bank – the brick and mortar challenger bank that faced accounting issues earlier this year – did not provide their switching data" https://buff.ly/2RxZ5JF
Related point from Frank Schwab:
„The path towards profitability of NeoBanks / FinTech“
We haven‘t seen much yet ...
In financial services the psychological play is very different [from ecommerce] – Paolo Sironi during Startuprad.io’s 2019 Fintech Review
Global Ranking of #Fintech #Hubs is good for Germany https://buff.ly/2Ym7VeQ
Global Positions:
Berlin
Frankfurt
Hamburg
Munich
Out of 238 cities. Not bad, but there is room for improvement.
Deutsche Bank has asked, "will fiat currencies survive," in what it calls the "multi-trillion dollar (or bitcoin) question."
"The forces that have held the current fiat system
together now look fragile and they could unravel
in the 2020s. If so, that will start to lead to a
backlash against fiat money and demand for
alternative currencies, such as gold or crypto
could soar."
Link opens PDF https://buff.ly/2Phpg4s?utm_source=-custom-by-source-0-
Frank’s point of PayPal becoming a lender in the US
PayPal and Square quietly grow small business lending using data as their edge over banks https://buff.ly/2qXNcyh
Fintechs succeed because they are not overvaluing the trust – Mario Hachemer during Startuprad.io’s 2019 Fintech Review
Market / GermanyThere is a study by the online bank comdirect, which is a subsidiary of Commerzbank, headquartered close to Hamburg.
Almost 900 Startups, of which are 202 proptechs, 172 Financing startups, 114 insurtechs, 96 investments, 76 Blockchain, 72 accounting and 166 others (ID, API/Banking, Accounting, Gastro, Regtech, …). Payments are losing considerably in startup count and popularity
124 of those fintechs have been founded in 2018
25% fintech sector growth since 2017
Market / Germany / Local HubsGermany leads the way as banks might embrace crypto - NEDEROB
https://buff.ly/380B6Z9
Next year Germany is very likely to accept a law that will make it possible for institutional banks to offer crypto services, including bitcoin custodial wallets. Handelsblatt reported the news earlier this week. This would make Germany the first major European country to embrace cryptocurrencies at an institutional level, and likely more countries will follow. Because the Germans have been the leading force behind the European economy for decades.
I think in 2020 we will see fintechs and neobanks opening up branches – Luka Ivicevic during Startuprad.io’s 2019 Fintech Review
Hamburg83 Fintechs (comdirect)
Related:
WELT writes about the deterioration of the city of Hamburg, as a financial hub within Germany and Europe https://buff.ly/2NYGJhn Banks and insurance companies are shedding headcount
Munich105 Fintechs (comdirect)
I think in 2020 we will see much more shakeout [of fintechs in Germany]. Many runways running out – Mario Hachemer during Startuprad.io’s 2019 Fintech Review
Frankfurt106 Fintechs (comdirect)
Deutsche Bank started Fyrst. Anyone heard anything?
Berlin295 Fintechs (comdirect)
Other cities / hubs (according to comdirect)
Cologne 35
Düsseldorf 20
Stuttgart 12
Leipzig 7
Dresden 6
Dortmund 6
Essen 6
Bremen 6
295 Fintechs (comdirect)
Financing
What did the underperforming IPOs (WeWork, Uber, Slack) do to the exit route for fintechs?
E.g. The Spectacular Rise and Fall of #WeWork by Bloomberg on YouTube https://buff.ly/36HaxYt
#US venture capitalists: here are 10 tips if you want to make it in Europe | Sifted
The first piece of advice is to get out of #London https://t.co/76JMPQQ220 #VentureCapital #VC #Europe
Recommended Holiday Readings (Affiliated Links)The Fire Starter Sessions by Danielle LaPortehttps://amzn.to/38Ug3rUThe 7 Habits of Highly Effective People
by Stephen R. Covey
https://amzn.to/2sGDy78
The 8th Habit: From Effectiveness to Greatness
by Stephen R. Covey
https://amzn.to/34DYbOCThe $100 Startup by Chris Guillebeauhttps://amzn.to/2PEoFetOutliers by Malcolm Gladwellhttps://amzn.to/36U41g6Grit – The Power of Passion and Perseverance by Angela Duckworthhttps://amzn.to/2SbuEcj
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