The financial brand launches Neobank Tracker
To help fintech professionals, from venture capitalists to banks to tech companies, find their way into the rapidly evolving thicket of neobanks and fintech players, The Financial Brand launched Neobank Tracker, a database public and free online which is indexed and searchable. . (Disclosure: I contribute to The Financial Brand, an online publication covering retail banking.)
The index started with 270 neobanks and fintechs across nine categories – digital banking, payments, loans, investments, personal financial management (PFM) tools, and financial education.
“Inevitably, some neobanks and fintechs may have been left out. There are a few that were not included due to language barriers; if we can’t determine what service (s) they provide (because, say, the entire site is in Chinese), we had to leave them off the list – at least for now, ”wrote Jeffrey Pilcher, CEO of The Financial Marque in the launch announcement.
More details like the use of artificial intelligence and machine learning in areas like investing and wealth management will come as the index grows.
Inevitably, in such a large segment of the industry, a few other reports follow some of the same companies. CB Insights publishes a quarterly State of Fintech report and occasionally publishes charts that break down a bank’s activities and show the number of fintechs offering competing products in each area, such as loans or payments. The graphics are inevitably crowded.
Aperture in Geneva draws up a map of providers of wealth management software. It changed some common ideas about rankings. Instead of placing a lot of emphasis on an organization’s size, age, and revenue – the usual measure of stability, Aperture throws it out the window and replaces it with points for the latest technology. Also, integration is not that important in the era of everything as a service, when functionality can be easily obtained from third parties. (I wrote about the company in March.) Chris Skinner, who has written several books on digital banking, pointed me to a map of FintechNews in Switzerland.
“Since 2010, more than 310 neobanks have been launched worldwide, attracting around 39 million users worldwide,” the company says on its website. “Of the more than 300 companies ever launched, 256 were active at the end of 2020, almost half of which (111) in Europe, according to data from the European management consulting firm Exton Consulting.”
Skinner, who has traveled almost nonstop in recent years, speaking at conferences and consulting with financial institutions on what it means to go digital, has been stuck at his home in Warsaw for a year, but that doesn’t mean he has lost contact.
“I find all the information online these days, so who needs to travel?” But he expects to be at airports again this summer. Skinner has an excellent blog at thefinanser.com and updates it daily and his book “Doing Digital” has over 100 pages on Ant Financial, which is probably worth a read, or re-read, in light of recent developments. Chinese restrictions.
As host of the online news show, Breaking Banks, and author of Banking 4.0
among other books, Brett King said the Neobank Tracker is phenomenal work.
“I don’t know why someone didn’t do it sooner.”
He thinks incumbents considerably underestimate the importance of challenger banks.
“A lot of people say they don’t make money, but you do have some that are very profitable and can do it on a large scale digitally. The economy is changing. People despise the challengers and think the banking industry will return to normal after the pandemic, but the depth of the listings shows that to be extremely unlikely.
King, recently established a residence in Bangkok because the Asian market, especially China, is growing so rapidly. It relies on Twitter for its most time-sensitive news, and LinkedIn on a secondary basis, he said.
It has to cope with a lot of noise and just takes time to get through the messaging, he added.
“Simple filtering is a fairly significant investment in time.”
Elizabeth Lumley Director of VC Innovations, a fintech marketing and conferencing group in London, said her main source of industry news is from Twitter, although, although she doesn’t like to admit it, LinkedIn is useful for reaching out.
“I hate LinkedIn with a passion, but the numbers don’t lie – it’s really good for engagement and marketing.” But it still does not support the interface or algorithms.
VC Innovations wrote a report for Mambu and promoted it on the company’s website and via email with little success. But when they sent it through LinkedIn, the response went through the roof, she said.
Even though she thinks the financial brand is too US-centric, she likes the idea. A lot of people want to know who is active in the fintech space, from HSBC and Accenture to new startups.
“During the keynotes, I displayed a deliberately fuzzy slide: the top 400 companies. The point of my talk is that 20 years ago you knew all the tech vendors and all of a sudden fintech exploded in this universe – companies trying to do everything and companies doing small go.
“The number of people who show up and ask for this slide thinking it will provide the whole ecosystem …”
But they miss the point of the slide.
“The list is dynamic, it changes every time. New fintech companies are appearing or are in the process of being acquired. It is a living and pulsating organism, you will never get a beautiful static box that is fintech.