“The best products own the customer”
30.05.2018 Share +
“Our generation is digital by choice, while millennials are digital by nature”, Petr Baron said at the FinTech Summit in Sofia. The disruptive market power of fintech companies, the role of millennials in the process and what the end customers should expect in the foreseeable future – these were among the topics covered at the event. TBI Bank was a proud partner of the Summit.
The FinTech Summit’s aim is to annually bring together the traditional financial companies with the leading technology startups and help partnerships creating a working and successful fintech ecosystem in Bulgaria. And Petr Baron, CEO of TBIF Financial Services, the company owner of TBI Bank, was among the Summit’s leading panelists.
“TBI Bank is transforming from offline lender into a data-driven digital business. We are not a disruptor, but part of an ecosystem. This gives us many partnership options in the future”, Baron said in his opening remarks.
As part of 4finance, Europe’s largest online and mobile consumer lending group, TBI Bank is constantly integrating fintech solutions into its portfolio. Cooperating with leading fintech minds, TBI Bank is gaining expertise and inspiration from the global fintech society. The bank is also building partnerships with Bulgarian and Romanian companies to help develop the ecosystem in the countries it operates.
“The monopolistic position of the banks which we have enjoyed for centuries, is coming to an end”, Baron commented on the current financial sector transformation. “Fintech companies add a digital component to the business, but they really make a difference by putting the the individual in the center. Banks traditionally are not used to that, they have always pushed products to the customer. Now, as there are much more choices, the banks and organizations that do not embrace the customer-first approach, will have problem long-term”.
“I see the potential winners from these changes being the ones that provide the best products – and this could only happen by putting customers in the center of the relationship. The GAFA guys (Google, Apple, Facebook, and Amazon), traditional banks or even fintech disrupters – they don’t own the customers. The best products do”, Petr Baron said.