On March 23rd and 24th, we had the opportunity to attend the 11th FinTech & InsurTech Digital Congress in Warsaw, Poland. The event is aimed at people who are looking for a community closely related to the industry’s driving force to broaden their knowledge about current trends in technology in the financial and insurance sector. As much as 400 participants paid attention to speeches and debates.
Twice a year we have a chance to meet and discuss, among other things, how the InsurTech and FinTech industry is developing in the new digital era, what the latest business models of Polish banks look like, and how the E-Health sector is sorting itself out in the time of the quieting (keeping our fingers crossed!) pandemic. We won’t elaborate on all the presentations here, but we would like to give you an overview of the agenda and the talks that, from our perspective, are crucial for growth.
The scope of the meeting was extensive, covering issues related to Metawers in the finance dimension. Topics related to NFT and how it will impact the future of the digital asset market came up a lot during the New Digital Reality block. The debaters’ question was whether NFT is a fad or will it stay with us for a long time and provide an opportunity for property insurance. This is an interesting topic as it is a definite novelty that has not yet managed to settle in our perception of wealth.
The next block of topics was called “Capitalizing on New Technologies” and it focused on the conversation about how the cryptocurrency market and decentralized finance are evolving. It seems that in the near future, most of us who want to invest consciously will, in a way, be forced to change our perception of the currency market picture and our approach to investing. According to some speakers, it will be necessary to diversify one’s portfolio in order to avoid the unpleasant effects of inflation.
The situation of the last two years has shown the direction of development for many industries, among them E-Commerce andRetail, to which the Platform Economy block was dedicated. The debate was based on the role of new services and getting closer to the potential customer.It touched upon the development of the marketplace and financial products, what E-Commerce facilities developers will have to do to meet new needs, and how building a digital identity affects the sense of customer attachment and trust.
The second day of the Congress is called “Data at a Glance”. It’s the integration of solutions used in practice, i.e., how banks manage our data, how they share it across sectors, as well as how technologies help in data capture, and how we can feel secure. In the case of the latter point, the topic related to online identity identification, which is based on solutions from behavioral biometrics, was interestingly led.The way we type on a computer keyboard is a kind of fingerprint – an uncommon skill that can differ us – it is unique.
The digital world of financial services was a deepening of the theme from the first day of the Congress about the new era of decentralized finance. The question of how existing banks will cope with the digitalization of the financial world was one of the main ones during the debate. Speakers presented opportunities and innovations they intend to introduce and assured us that it is not a topic they are running away from, buton the contrary, they are facing it. This topic included the popularization of cashless payments, and thus the development of electronic wallets and other functionalities that provide us with new features and personalized offers.
Each of us has at least one insurance – we are necessarily associated with the insurance market. This was the next thematic block, where an important issue was to follow the new technologies, the search for innovation, and us for development of the industry. The presenters addressed building customer experience, standardization of insurance services, developing self-service channels, and talked about symbiosis – joining forces to improve current processes. Here, the most noteworthy topic was related to the use of artificial intelligence, which made it possible to handle communication damage in just a few minutes, without having to contact an agent, and wait.
The pandemic has caused us to turn to theInternet even more. Some of the subjects of our interest included E-Healthand Health Services. Phone calls made to an internist have definitely grown in popularity, but we should not stop at the first contact on the patient-doctor line. During the debate, the speakers talked about preventive, diagnostic, and therapeutic activities that today with the use of appropriate technology can be performed at home. Remote patient monitoring has become possible thanks to mobile services, that are developing rapidly and offer more possibilities. The potential of Healthcare solutions is very high as each of us, or our loved ones struggles sooner or later with health issues of varying severity. The presenters aimed to show how a specialist can take care of a patient’s health regardless of whether they have 5 steps of 5 thousand kilometers to the nearest medical facility.
Meetings with the speakers always provide afresh perspective, new knowledge, and perception of how the reality around us is changing. These two days of the Congress showed the direction of changes that we notice every day, and that we will observe in the near future.
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