Finnopolis-2017: we invite fintech talents to Sochi
Participate in the fintech startups competition as part of Finopolis-2017. Winners will be awarded cash prizes ranging from one to three million rubles. Teams that have reached the final of the competition will be able to take part in the Startup Alley at the Finopolis forum in Sochi (October 4-6, 2017), present their project to the heads of top banks and the Bank of Russia. Collection of applications continues until September 17, hurry to state your project.
We have already told Habrahabr readers about the importance of digital transformation and the role of innovative projects in it. To help the Fintech start-ups in Finnopolis 2017, we interviewed Daniel Gusev, an expert and international envoy of the FinTech Association , managing partner of the Luxembourg FINTECH Digital Space Ventures foundation. As the market develops finteha and what you need to pay attention to those who decide to apply for the competition and get the opportunity to productively spend time in Sochi, make anapplication and pack your bags read under the cut.
Digital technologies are increasingly penetrating the financial sector: banks and large financial organizations are introducing them into their business processes, actively transferring interaction with customers to online. On the one hand, it provides new opportunities, makes services more accessible, transparent, convenient, but on the other hand, it entails new risks. And in this segment, Russian IT-companies have a powerful technological base, which gives them an advantage over competitors both in our and in the foreign market.
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What technologies in the financial sector are currently in demand the most?
First of all, applied information technologies are in demand. Just to have an idea or copy it from other geographies is not enough, it is important to understand the existing working conditions of financial technologies, to which the potential founders of a new business are directed. The desire of other participants of the fintech ecosystem (partners, investors, clients), to support it as meaningful, depends on how the implementation meets the demands of the market.
The FinTech Association, taking into account these requirements, has formulated a number of requirements that are supported by all major banks:
In short, it cannot be said that specific technologies are in demand: the stimulus of technology development is determined by the significance of the market where it is used, and the seriousness of development in turning the technology into a sustainable business process.
What problems and tasks should IT solve in the financial services market?
Technologies today must ensure the transformation of a business that is experiencing the challenges of the digital environment: the internet of thinking, accessibility and total consumption of high technologies, new consumer properties with which they endow goods and services. How we perceive information, form our digital footprint, how we order and provide services - all this changes the traditional functions of companies (marketing, research, distribution), transferring them to a digital basis.
What is the state of the financial technology market in Russia?
The financial technology market has not yet taken shape and is currently limited to the budgets and interests of the main, dominant players. Funding is often backed up by state programs, and innovations sometimes follow large bills, serving their implementation.
Investment funds are limited by the lack of clarity in matters of ownership and reporting when using new technologies. It will take a lot of time to formalize market relations between players, investors and new formations - startups. In part, the efforts of the participants in the AFL are aimed at this: form the rules of the game, and of them the culture and experience of trust in the main programs of financial innovation.
What are already positive examples of the implementation of new technologies in Russia?
Russia is one of the world leaders in countries that have switched to digital consumption: the penetration of mobile high-speed Internet, the development of search technologies has shaped the culture of online consumption, has predetermined the development of prepaid wallets and electronic money, and the contribution of large financial institutions has allowed the rapid introduction of systemic innovations — acquiring , where in terms of volumes, the market leader - Sberbank - overtook the WoldPay - the leading European processor.
It is important not to stop at what has been achieved and carefully listen to changes in customer behavior — it took about 10 years for the Celestial Empire to form a culture of mobile consumption (and mobile transactions amounting to about 8.8 trillion in China over the past year). Having laid the right foundation for the development of the digital economy, it is possible to provide a market breakthrough for the effective development of the entire ecosystem of fintech.
How in the East?
In January 2017, the StartmeupHK Festival was held in Hong Kong - a large-scale FINTECH event at which the start-up competition NEXT MONEY FINTECH FINALS 2017 was held . The competition identified 24 finalists from 15 countries. Each finalist had 6 minutes to present their own project. The main prize was won by the Philippine project AAYNNAH
The BAMBU teams from Singapore, Darc Matter from the USA and BIMA from Sweden also received awards.
What is the role of financial startups in the development and implementation of promising technologies?
Financial start-ups make out a request for changes: they inquisitively prove a new way or demonstrate new technologies of interaction between the consumer and the seller, the borrower and the lender. Based on new approaches in distribution, motivation, and analytics, they, due to the specifics of their organization and financing, either quickly show results, change models, or leave the market.
Against the background of heavy bureaucratic procedures, such flexibility is almost impossible: either it wreaks havoc, or spends many times more effort and time. And the latter (with regard to the shrinking Hegelian “spiral of history”) is not so much in the market: someone else always comes to the place of one. The liquidity of the global system, which spurred investments in Fintech (as well as Insurtech , Biotech , Nanotech, etc.), will always find someone who offers the product better and faster than you.
How in the West?
In June of this year, JPMorgan announced the winners of the fintech startups competition , which work in the area of ​​improving the living standards of people through technologies that optimize personal finance. The winners received $ 250,000 each and joined the CFSI's Financial Solutions Lab, which will provide them with opportunities to implement their ideas, including mentoring.
What problems do young teams face when trying to enter this market?
In the first place - rigidity and clumsiness of the corporate environment with the established rules. Large players are often intolerant of proposed changes due to internal procedures, limited vision (and management comfort zones). Financing nevertheless often comes precisely from banks, but this is due to the logic that start-ups themselves are laying
There are two main ways of developing startups:
- copy something from the pages of Techcrunch and apply in Russia . In addition to unsuccessful attempts to go on another's wave of success, there are visionary companies that have successfully implemented a number of projects “cloned” from their western counterparts — but only a few of them.
- to do something original, based on the Russian experience of consumption, and bring it to the global world - here startups stand uncertainly between the resources of big players who want to do these projects independently, and the resources of small banks, where projects for them roll into piecewise automation, and the startup project is doomed due to the failure to ensure the conditions of scale.
The second competitive model is more promising in the context of distrust in the financial technology market. FINOPOLIS-2017 is called to eliminate this obstacle - the first platform where determination of fintech goals and mechanisms of movement towards them takes place. This is very important competition startups at the site FINOPOLIS-2017: it provides an opportunity to speak young, full of strength, the IT-part of the financial community to the market and try together to turn this vision into reality.
It will take years to form a market: the main thing is to plan and fill in the right foundation from the point of view of the main areas of application, sponsorship of the development of these areas in a systematic way - jointly and on common principles, with an interested regulator at a common, round table.
It is important not to give in to the desire to artificially form the market, to manage it manually, because everything that has money in the form of money learns to mimic under slogans - and lose the competitive thread. It is competitive markets that generate startups and technologies - because they have to look for the best solutions in a limited environment.
Russian experience:
In 2016, the winners of the Fintech start-ups competition Finnopolis are:
Oz Photo Expert - created a software product for conducting rapid examinations of digital photos for fraud.
Farzoom - invented solutions, evaluating scenarios of behavior of bank customers and, on their basis, suggesting which specific banking products might be of interest to them.
Brainysoft - developed solutions that provide the SaaS format with all the tools necessary for the rapid assessment of the quality of customers in online banking and the MFI sector
What are the main requirements for participants and what they need to pay attention to?
The advice is probably one - try to describe the project on one sheet of the Business Model Canvas, paying attention:
I would like to recommend to young minds a few fundamental books for the development of design skills for workable commercial models:
- IDEO - Human Centered Design Toolkit
- The Four Steps to the Epiphany
- The Ten Faces of Innovation
About competition
The purpose of the competition is to find teams that offer innovative solutions in the field of financial technologies. The organizers are the Bank of Russia and the FinTech Association, with the support of Fintekh Lab.
Preference will be given to projects in the following areas:
The call for applications will run until September 17, 2017, after which the competition commission will select the ten most promising projects that will participate in the finals at Finopolis-2017 in the city of Sochi.
→ Competition Regulations
E-mail: startup@finopolis.ru
We have already told Habrahabr readers about the importance of digital transformation and the role of innovative projects in it. To help the Fintech start-ups in Finnopolis 2017, we interviewed Daniel Gusev, an expert and international envoy of the FinTech Association , managing partner of the Luxembourg FINTECH Digital Space Ventures foundation. As the market develops finteha and what you need to pay attention to those who decide to apply for the competition and get the opportunity to productively spend time in Sochi, make an
Digital technologies are increasingly penetrating the financial sector: banks and large financial organizations are introducing them into their business processes, actively transferring interaction with customers to online. On the one hand, it provides new opportunities, makes services more accessible, transparent, convenient, but on the other hand, it entails new risks. And in this segment, Russian IT-companies have a powerful technological base, which gives them an advantage over competitors both in our and in the foreign market.
')
What technologies in the financial sector are currently in demand the most?
First of all, applied information technologies are in demand. Just to have an idea or copy it from other geographies is not enough, it is important to understand the existing working conditions of financial technologies, to which the potential founders of a new business are directed. The desire of other participants of the fintech ecosystem (partners, investors, clients), to support it as meaningful, depends on how the implementation meets the demands of the market.
The FinTech Association, taking into account these requirements, has formulated a number of requirements that are supported by all major banks:
- how to ensure low cost transfer of consumer funds (p2p, B2C transfer market)
- how to create a stable database of information about borrowers, other groups of individuals while maintaining the privacy of data (identification and authentication system, digital identity systems for providing services)
In short, it cannot be said that specific technologies are in demand: the stimulus of technology development is determined by the significance of the market where it is used, and the seriousness of development in turning the technology into a sustainable business process.
What problems and tasks should IT solve in the financial services market?
Technologies today must ensure the transformation of a business that is experiencing the challenges of the digital environment: the internet of thinking, accessibility and total consumption of high technologies, new consumer properties with which they endow goods and services. How we perceive information, form our digital footprint, how we order and provide services - all this changes the traditional functions of companies (marketing, research, distribution), transferring them to a digital basis.
What is the state of the financial technology market in Russia?
The financial technology market has not yet taken shape and is currently limited to the budgets and interests of the main, dominant players. Funding is often backed up by state programs, and innovations sometimes follow large bills, serving their implementation.
Investment funds are limited by the lack of clarity in matters of ownership and reporting when using new technologies. It will take a lot of time to formalize market relations between players, investors and new formations - startups. In part, the efforts of the participants in the AFL are aimed at this: form the rules of the game, and of them the culture and experience of trust in the main programs of financial innovation.
What are already positive examples of the implementation of new technologies in Russia?
Russia is one of the world leaders in countries that have switched to digital consumption: the penetration of mobile high-speed Internet, the development of search technologies has shaped the culture of online consumption, has predetermined the development of prepaid wallets and electronic money, and the contribution of large financial institutions has allowed the rapid introduction of systemic innovations — acquiring , where in terms of volumes, the market leader - Sberbank - overtook the WoldPay - the leading European processor.
It is important not to stop at what has been achieved and carefully listen to changes in customer behavior — it took about 10 years for the Celestial Empire to form a culture of mobile consumption (and mobile transactions amounting to about 8.8 trillion in China over the past year). Having laid the right foundation for the development of the digital economy, it is possible to provide a market breakthrough for the effective development of the entire ecosystem of fintech.
How in the East?
In January 2017, the StartmeupHK Festival was held in Hong Kong - a large-scale FINTECH event at which the start-up competition NEXT MONEY FINTECH FINALS 2017 was held . The competition identified 24 finalists from 15 countries. Each finalist had 6 minutes to present their own project. The main prize was won by the Philippine project AAYNNAH
The BAMBU teams from Singapore, Darc Matter from the USA and BIMA from Sweden also received awards.
What is the role of financial startups in the development and implementation of promising technologies?
Financial start-ups make out a request for changes: they inquisitively prove a new way or demonstrate new technologies of interaction between the consumer and the seller, the borrower and the lender. Based on new approaches in distribution, motivation, and analytics, they, due to the specifics of their organization and financing, either quickly show results, change models, or leave the market.
Against the background of heavy bureaucratic procedures, such flexibility is almost impossible: either it wreaks havoc, or spends many times more effort and time. And the latter (with regard to the shrinking Hegelian “spiral of history”) is not so much in the market: someone else always comes to the place of one. The liquidity of the global system, which spurred investments in Fintech (as well as Insurtech , Biotech , Nanotech, etc.), will always find someone who offers the product better and faster than you.
How in the West?
In June of this year, JPMorgan announced the winners of the fintech startups competition , which work in the area of ​​improving the living standards of people through technologies that optimize personal finance. The winners received $ 250,000 each and joined the CFSI's Financial Solutions Lab, which will provide them with opportunities to implement their ideas, including mentoring.
What problems do young teams face when trying to enter this market?
In the first place - rigidity and clumsiness of the corporate environment with the established rules. Large players are often intolerant of proposed changes due to internal procedures, limited vision (and management comfort zones). Financing nevertheless often comes precisely from banks, but this is due to the logic that start-ups themselves are laying
There are two main ways of developing startups:
- copy something from the pages of Techcrunch and apply in Russia . In addition to unsuccessful attempts to go on another's wave of success, there are visionary companies that have successfully implemented a number of projects “cloned” from their western counterparts — but only a few of them.
- to do something original, based on the Russian experience of consumption, and bring it to the global world - here startups stand uncertainly between the resources of big players who want to do these projects independently, and the resources of small banks, where projects for them roll into piecewise automation, and the startup project is doomed due to the failure to ensure the conditions of scale.
The second competitive model is more promising in the context of distrust in the financial technology market. FINOPOLIS-2017 is called to eliminate this obstacle - the first platform where determination of fintech goals and mechanisms of movement towards them takes place. This is very important competition startups at the site FINOPOLIS-2017: it provides an opportunity to speak young, full of strength, the IT-part of the financial community to the market and try together to turn this vision into reality.
It will take years to form a market: the main thing is to plan and fill in the right foundation from the point of view of the main areas of application, sponsorship of the development of these areas in a systematic way - jointly and on common principles, with an interested regulator at a common, round table.
It is important not to give in to the desire to artificially form the market, to manage it manually, because everything that has money in the form of money learns to mimic under slogans - and lose the competitive thread. It is competitive markets that generate startups and technologies - because they have to look for the best solutions in a limited environment.
Russian experience:
In 2016, the winners of the Fintech start-ups competition Finnopolis are:
Oz Photo Expert - created a software product for conducting rapid examinations of digital photos for fraud.
Farzoom - invented solutions, evaluating scenarios of behavior of bank customers and, on their basis, suggesting which specific banking products might be of interest to them.
Brainysoft - developed solutions that provide the SaaS format with all the tools necessary for the rapid assessment of the quality of customers in online banking and the MFI sector
What are the main requirements for participants and what they need to pay attention to?
The advice is probably one - try to describe the project on one sheet of the Business Model Canvas, paying attention:
- the significance of the decision: how much it lends itself to the account and how feasible is it with the economy that is seen by the founders;
- its demand for - significance in terms of consumer properties, communication channels and consumer portrait;
- his resource needs: what technologies and skills are needed to move the project forward.
I would like to recommend to young minds a few fundamental books for the development of design skills for workable commercial models:
- IDEO - Human Centered Design Toolkit
- The Four Steps to the Epiphany
- The Ten Faces of Innovation
About competition
The purpose of the competition is to find teams that offer innovative solutions in the field of financial technologies. The organizers are the Bank of Russia and the FinTech Association, with the support of Fintekh Lab.
Preference will be given to projects in the following areas:
- remote identification of clients participating in the financial market and digital identity management;
- use of distributed registry technologies in financial products (services);
- the formation of high-tech retail payment space;
- using open APIs to expand the range of products (services) for financial market participants and their customers.
The call for applications will run until September 17, 2017, after which the competition commission will select the ten most promising projects that will participate in the finals at Finopolis-2017 in the city of Sochi.
→ Competition Regulations
E-mail: startup@finopolis.ru
Source: https://habr.com/ru/post/336830/
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