Mind the Tech NY 2022
"It used to be ‘buy now, pay later’ and now it's becoming ‘buy now, pay never’"
Joe Proto, Board Chairman, Director & Advisor at Emerging FinTechs, was speaking in a panel regarding Fintech in 2030, which included Ira Robbins, CEO of Valley Bank, and Igal Rotem CEO of Finaro
The Fintech 2030 panel at the Mind the Tech conference held last week in New York addressed topics such as challenges in the market and future trends in the financial sector. Ira Robbins, CEO of Valley Bank, Igal Rotem CEO of Finaro, and Joe Proto, Board Chairman, Director and Advisor at Emerging FinTechs, participated in the panel hosted by Illit Geller, Partner at Disruptive AI.
Robbins: “There is a tremendous opportunity today that hasn't existed before. There are only 11 banks in the U.S. that fit our overall profile - that's it. So for us to have the scale of over 1 million customers and have the ability to partner with these businesses is unique and a real opportunity.”
Rotem: "Challenges change over time, when we first started the challenge was paying salaries and raising capital. Over time our challenges changed into being a small company in a big market and trying to make an impact. This was the driving force behind Finaro."
Proto: "It's a great time to be in fintech and in payments and it's been this way for the past four decades. The field changes so quickly. The one principle I won't violate is that I won't work with companies that are trying to push banks out of the customer experience whether it is B2B or B2C.”
There are many trends such as open banking, bitcoin, web3, etc. Which trends are here to stay and which aren’t?
Robbins: "Regulation and its impact is unknown. Banking has the ability to partner with individuals; however, regulation has the ability to squash anything, even with the best underlying thought and value, and that's something we all need to think about."
Proto: “In cryptocurrency we are seeing a huge correction; it used to be ‘buy now pay later’, then ‘buy now pay maybe’ and now it's becoming ‘buy now pay never’. Fortunately, we see these disruptions come in but banking continues to be the solid cornerstone of being the adult in the room.
Rotem, replying to Proto, said: “This is one of the reasons Finaro became a bank and I don't think banks are going away; however, some functions and key metrics will change over time.”
You can watch the full discussion in the video above.