Loxon at Fintech Forum Bucharest
May 25, 2017
This year for the first time we attended the Fintech Forum as sponsors. The event was organised by Finmedia on the 23rd May in Ramada North Hotel in Bucharest. During the half-day conference experts of the banking and fintech sector were talking about newest trends and the future of the field in two panel discussions. The fintech sector is currently the most dynamically developing industry and it is predicted that the investment value could increse from the current 26 billion to 46 billion dollars by 2020. Recently fintech companies are considered more to be partners by banks - a tendency also illustrated with several case studies of cooperations to present date during the Fintech Forum. These partnerships are aiming at creating user friendly solutions - complient with local and international regulations - that use the newest technology and multiple data sources in order to enhance the efficiency of risk management, simplify the lending processes and create cheaper loans. Ion Stan, the deputy head of operations at Alpha Bank, presented his case study about how the cooperation with a fintech company increased their client base and lowered their expenditure. He also covered security issues and the challanges of operating according to PSD2 regulations. Tamás Erni, managing partner of Loxon Solutions, demonstrated several cases of how the company managed to significantly minimise risks through applying new technologies. Using big data in lending and credit risk management, beside lowering costs and increasing efficiency, for banks can also mean a significant advantage in the lending market.