Fintech is a new economic sector concerning the development of methodologies, services and products that lead to more efficient financial services. A key component is the use of new technologies and cutting-edge media. Fintech directly affects not only the banking sector but also other sectors such as insurance, trade etc. Below we give some examples of the thematic areas, markets and typologies:
Relevant market segments:
- Payments (e.g. digital wallets, peer-to-peer payments)
- Investments (e.g. equity crowdfunding and peer-to-peer lending)
- Financing (e.g. crowdfunding, micro-loans and credit facilities)
- Insurance (e.g. risk management, management of resources – goods - services)
- Metadata for knowledge production (e.g. big data analytics and predictive modeling)
- Infrastructure (e.g. security)
- Retail banking
- Corporate banking
- Private banking
- Life insurance
- Non-life insurance
http://www.investopedia.com/terms/f/fintech.asp https://www.wikiwand.com/en/Financial_technology http://www.fintechinnovators.com/
- Non-bank/insurer – bank/insurer-cooperation
The best way to change the production model of the country is by creating outward-looking and internationally-oriented viable businesses. As a horizontal driver of growth, technology can play a crucial role in the production of innovative solutions with the possibility of scaling up. In this way, good ideas can quickly turn into useful and profitable products and appealing services internationally. be finnovative welcomes innovative ideas and teams willing to work, and provides them with the tools that help them assess whether their product can be viable and scale up. If it can, then an idea will turn into a profitable business creating value, innovation, and jobs and contribute to the improvement of the economy and society.
Nowadays, there are a lot of new technologies, such as cryptography, artificial intelligence, communication and internet technologies etc., leading to the creation of new services. Technology can compress the value production cost over 30%, resulting in radical changes in this field. If we take into account the dynamics generated by the advent of these technologies in the field of financial transactions in recent years, changes in consumer behavior and the habits of millennials, and new trends in financing tools, we can see that today's technological and operational conditions foster radical changes in the field of financial transactions. National Bank of Greece has taken this initiative in order to contribute to the development of a new business ecosystem able to build and take advantage of the opportunities created in the field of fintech, thus actively contributing to the creation of new innovative and viable businesses and, ultimately, the improvement of the economy.
Specialized courses, specific thematic workshops, individual contact with bank executives and mentors from Greece and abroad, services provided by the supporters of the program, a specific program for the development and evaluation of the service aiming at documented learning, resources, funding, opportunities for funding and networking, and contracts with the Bank.
The API Sandbox offers access to a secure environment for the use of bank data without affecting the actual operation of the banking infrastructures. Feel free to experiment!
Yes, you must participate in all activities.
No. The program requires the physical presence at least of the majority of your team members.
It is recommended that the participating teams mention it in public presentations of the product or service they are to develop.
No. As a team shortlisted for participation, you don’t need to pay anything at all.
No. be finnovative is an impact accelerator and the cost of operating the program has been covered by National Bank of Greece and the supporters of the program.
No. In our view, although of course the idea is important, its implementation is even more so. And this is what we try to do during the program. Usually, the idea is changed and adapted to the real market needs through the development process. In any case, we commit to disclose the proposal information only to the evaluators and those in charge of the program.
Of course they are. They should mention it in the application form.
Ideally, a team should consist of 2-3 members. Α team is not allowed to have more than 5 members. “Teams” composed of just 1 individual are also discouraged.
We encourage participation by groups. If you are a developer, designer and, generally, have technical knowledge, but do not have any ideas on fintech, or if you have an idea, but you have neither technical knowledge to implement it nor a team with a developer, you can come to a match-making workshop and be part of a team. In any case, you may contact us and let us know.
The key features that make be finnovative stand out from other similar efforts are the following:
We aim to connect with a large network of supporters for the development of synergies.
- We focus on the skills and enhancement of the teams, and not just knowledge. We believe that the process is just as important as the result.
- We focus on the crowd. Crowd is the new incubator for startups. We apply crowdevaluation, crowdinnovation and crowdfunding methodologies.
- It is an impact accelerator, which means that participants are not expected to provide anything to the organizers in return.
- It is supported by sponsors and supporters who return part of their success to society in order to achieve sustainable development. Participants are provided with the API of the Bank so that they work in real conditions.
- Highly-experienced mentors offer their advice.
- Renowned speakers from Greece and other countries give talks.
- We cooperate with other countries.
- We provide useful resources for the participants in services and money.