Blockchain will continue to be good platform for most financial services, says Anders Bally, CEO & Founder at Sentifi. On the sidelines of ETMarkets Global Summit 2018, Bally told Rahul Oberoi of ETMarkets.com that the technology may open up new opportunities for the financial industry. Edited excerpts:
ETMarkets.com: How fintech industry is shaping capital markets?
Anders Bally: There will only be two types of financial companies in the future. It is going to be the technology platforms and the customer-facing companies. It will be difficult for a majority of financial service companies to mix the both. This opens up a huge opportunity for financial service companies to be in other places than where they are today.
In case of customer-facing companies, it would be all about giving retail investors a one stop shop solution, where they could have all the different services they need for day to day life including investment, lending, credits, saving accounts, payments and so on.
It is going to be amazingly important to communicate with the consumers and that opens the whole aspect of crowd intelligence — using the crowd to develop businesses. The whole area of financial information is going to change dramatically. It will be crowd-based. It is likely that the crowd decides which music is good. Crowd may find new events out there which are going to change the financial market behaviour. The more we know about the crowd, the more we know about the financial market behaviour.
ETMarkets.com: Which are the hot themes in fintech industry?
Anders Bally: Right now, coming from Switzerland, the hottest theme of course is cryptocurrency. It is all the blockchain technologies. There is a lot of hype around cryptocurrencies. Most of the ICOs (initial coin offerings) have in fact failed. We raised almost a billion dollar in the last eight months in Switzerland. It is not going to continue that same way. It is going to consolidate. I do think that the blockchain will continue to be a platform for most financial services.