In part 1 we promised you that we still have more expert opinions in the pipeline, ready to discuss the future of banking and finance and what it holds for us! In the prelude, Nordic hotshot meniga suggested that banks face a real risk of losing their position of power as players like snapchat or WeChat enter in disguise – along with giants like Amazon and thousands of emerging fintechs. However according to meniga, a CODE_n alumnus, making digital banking a drastically better environment as well as gathering speed in providing a top-notch user experience could be a lifeline that allows banks to keep pace with the emerging competitors. What do other players think? Three additional visionary fintechs predict where the digital disruption of the banking and finance sector will lead. But be prepared – they don’t offer easy answers!
The world is becoming smaller every day, not just because of the amazing technological advancements of recent decades, but also because of the way the internet and the digital revolution are eradicating physical and spatial barriers. Things taking place on the other side of the globe suddenly feel like they’re right next door to us – if only those language barriers weren’t still in the way. The CODE_n alumnus Transfluent was founded in the belief that all companies should have an easy way to become global and communicate with their customers in the local language. The conviction of the Finnish startup morphed into a leading translation provider with a global team and solutions that bring them to the forefront of innovative technology. We spoke to the CEO and founder Jani Penttinen about the things that make his business model unique and the journey towards becoming a global, rapidly expanding enterprise. Jani also divulges a couple of personal tips on setting up a successful team and how he successfully pulled together 800k through the crowdfunding platform Invesdor. And that was just the prep work before the planned IPO gets underway! Jani also tells us about the up-and-coming startup scene in Finland.
Banks need to wrap up warmly – the upheaval across the whole sector has only just begun! Cryptocurrencies like Bitcoin and Ethereum are on a mission to revolutionize our monetary system, roboadvisors are superseding human financial advisors using sophisticated algorithms that predict the best personal investment strategy, or transfer money at the click of an icon on your smartphone. And this is just the tip of the iceberg. There is huge potential for disruptive concepts to take us off the beaten track into entirely new realms of banking and finance! The keys to the door for the promising FinTech startups now entering the market are customer service and automation. These two factors are defining current goals, as startups dare to challenge the hegemony of traditional financial services and the age-old banking system. How? By combining cutting-edge technology like blockchain systems, artificial intelligence and big data, and using them to create new and enhanced services for their customers. As part of our Future of Finance and Banking series, we will be looking at this fascinating topic and speaking to some of the “revolutionaries” in the sector. Their aim will be to predict developments in this rapidly evolving market from their standpoint, lifting the lid on visionary FinTech business and gaining insights into the kind of financial world we can expect to experience in the future!
Digital transformation is only for the big players? What a persistent myth. In fact, digitalization holds great opportunities for SMEs and can even level out inequalities between small and big companies. Yet, not all small- and medium-sized enterprises embrace digitalization: A study by IDC from 2016 revealed that only 42% of small businesses worldwide are actively engaged with digital transformation to automate functions, derive real-time insights, and optimize processes for performance gains.
But there is so much to gain! The mentioned study also showed that there is a connection between the state of digital transformation and revenue growth: Whereas 52% of the most fast-growing SMEs stated a rather high progress in digital transformation, only 28% of companies with flat or declining growth declared the same. Still, it is understandable that smaller firms dread bigger investments and the risks that come with it. But standing still is also not an option. Instead, let us look at the major challenges of digitalization for small and medium-sized companies and how they can tackle it!
For a long time, it has been the topic of sci-fi thrillers – now, it’s becoming reality: the robotics revolution. No panic needed though, it looks very different to the way film directors envisioned it. Mechanical men don’t march among us, in fact robots are mainly used in the industry. So, what exactly does the future hold for us? What’s hot in robotics? And most importantly: how are working places going to change in course of the robotic boom? CODE_n got some answers for you and names 3 trends to keep an eye on.
Frankfurt, Hamburg, Berlin, Munich and now Stuttgart – to name just a few! The Federal Ministry of Economics Affairs and Energy recently announced the launch of twelve digital hubs in Germany as part of its Digital Hub Initiative. The aim of the program is to foster collaboration between companies and business entrepreneurs, thus allowing them to work side by side in close quarters, similar to Silicon Valley. The program will also help fuel collaboration between the German startup scene and industry hotspots. An alliance of regional players, GFT Technologies SE and CODE_n among them, formed a consortium that nominated and qualified Stuttgart as a leading digital hub in Germany. The focus: the industries of the future! The Initiative is a great opportunity to bundle the strengths of the lively local startup scenes, international world market leaders and the excellent science in Germany!
Adopting the right approach to digital transformation creates new and exciting opportunities for companies and new ways to shape their own success. But every journey has challenges, especially at established corporations. Equally, even smaller initiatives like trying to promote more digital innovation or adopting new ways of thinking within an organization seem to create obstacles for corporations. Of course, companies have already unearthed a number of potential corporate innovation methods and have learned a lot. But the journey to become a digital pioneer not only involves managing the many different aspects of digital transformation, firms also need access to global networks – experts, experienced pioneers, people who know about tech-related topics, the broader challenges (e.g., engendering an effective culture of innovation), and specific innovation formats (e.g., startup co-creation models).
CODE_n has been a key player in the innovation scene for years and is now opening up its network and experience to established corporations and SMEs. Why? To help them to boost their innovation processes themselves; to allow them to become a digital pioneer under their own steam.
Most of the time, digitalization is the solution to everything, isn’t it? So why shouldn’t it be a solution to the world’s energy problem? But how can digitized processes help to save the planet? Their biggest advantage is helping to a significant reduction in CO2 emissions, while they minimize the need for some resources (i.e. paper) in manufacturing as well as in logistics. The digital transformation of industries can help to avoid an estimated 26 billion metric tons of net CO2 emissions and this only from three industries: electricity, logistics and automotive. So it’s high time we went for it! Since every increase by 1 percent of the global gross domestic product, the world’s carbon emissions rise by an estimated 0.5 percent.
Digital innovations should therefore be taken on account and used against this trend. Because, applied in the right way, digital technology can save lots of energy, even if it sometimes consumes much. Based on some examples, we show you here how easy can it be for a company to save energy and thereby to make the world a whole lot better.