The fintech industry is broad and seemingly diffuse, but a closer look at its mechanics reveals a web of interaction between various parts of the industry towards innovation. This relational element is illustrated in the new Holland FinTech Infographic, which was published today during its Annual Member Summit.
As building an inclusive fintech ecosystem is part of Holland FinTech’s mission, Holland FinTech went back to the drawing board to create new infographic, rethinking how to demonstrate how innovation functions in the industry. Innovation leads to better and more personalised and accessible services and products for consumers and businesses alike, but what supports this innovation is cooperation to build better financial products and servicestogether, with all the actors in the ecosystem.
The infographic gives an overview of how the different sectors within Holland FinTech’s 400-plus company-strong ecosystem relate to one another, showing where banks, pensions, insurance companies, tech platforms, legal services, payments, data analysis companies, and more are positioned in the financial services value chain. This is obviously a simplification of a complex reality, but it makes the dynamics in the value chain more tangible for outsiders.
The illustration also depicts the companies within Holland FinTech’s network operating in each sector, showing viewers not only how companies familiar to them operate in relation to other enterprises, but allowing them to familiarise themselves with new outfits that may be of use to their businesses. This makes the infographic a departure from earlier startup-centred infographics.
Holland FinTech CEO, Don Ginsel, elaborates on the importance of building an inclusive fintech ecosystem and how the new infographic aids this goal: “even though startups and scale ups represent a large potential and inspiration for change, they generally cannot fulfil this potential alone. They are, together with others, change agents in an increasing digital and intertwined world. Therefore, we felt it was time to rethink how we communicate about the dynamics in that ecosystem, talking not about startups and incumbents, but about supply and demand of services and solutions, and opening up the innovation playfield for all parties. “
This year, Holland FinTech is marshalling its program around five challenge areas faced by companies in the financial services industry: customer in demand; data is everything; beyond compliance, security and trust; and relevance to society. These themes are an addition to the existing programming, covering industry developments, innovation strategy, finding the right talent, raising capital and meeting regulators. During the year, events and research will be conducted involving these themes and more, touching upon how they reflect on different parts of the industry, from banking, payments, lending, insurance, identity, security, accounting, pensionsand personal finance.