Fintech Meetup, a gathering of over 3,000 people across the fintech ecosystem, took place on March 19-23 in Las Vegas. This year, the conference took place in person for the first time to facilitate connections with vendors, customers, and partners.
Sure was in attendance to discuss how best to enable companies in the financial services and financial technology space to vertically integrate insurance programs and bring to market innovative embedded insurance solutions for their customer base. Here are three takeaways from Fintech Meetup that we saw during our time at the conference.
Despite inflation and rhetoric that fintech startups should start to plan for financial distress, conversations at Fintech Meetup were positive. The conference offered opportunities for fintech speed dating, where one-to-one meetings were set up in advance. All meetings happened simultaneously and in the same room, so you could feel the affinity for financial technology for those in attendance.
Overall, it was evident that the consensus is that the future of fintech is bright. Companies are focusing on maximizing profitability with strategic financial planning. The saying “growth at all costs” is being replaced with deliberate planning for more conservative burn rates. And, yet, this is where fintech will maintain its steadfast growth in the industry. Because, of course, the mere definition of fintech is supporting and enabling the banking and financial industry. Now is as good a time for financial support as any.
Embedded finance is not just for the financial industry any longer. Non-finance brands are looking to embedded finance in order to drive user engagement. Industries outside of fintech are turning to embedded finance for opportunities to cross-sell and improve retention rates with new ways of getting banking, financing, and insurance needs without having to go to a bank.
In fact, Banking-as-a-Service and Insurtech were key topics in every panel discussion. Companies are focusing on software development and building white label products directly for banks and credit unions, so that their customers can continue to use the brands they love with easier access to financing.
And, banks and credit unions are seeking fintech partnerships that allow them to benefit from a better user experience. Financial institutions can leverage new capabilities from collaborating with innovative fintechs.
Yes, you read that right. One of the key takeaways from Fintech Meetup is that every company will eventually be some variation of a fintech. Businesses are always seeking ways to gain stickier customer relationships. One such way is by providing a better customer experience at the point of sale. Think: home insurance access while closing on a home purchase, auto insurance access during an online car buying process, or an opt-in return shipping guarantee for online retail shops.
Embedded financial services allows businesses to deepen their customer relationships by having multiple offerings inextricably linked. And, customers come back to their trusted brands knowing that they can bundle all their needs in one place. A single access point allows customers to stay connected within a platform they already trust - and, where they have an existing affinity.