Alain Clot “The French environment has become favorable to FinTech”
THREE QUESTIONS FOR ALAIN CLOT ON THE SUBJECT OF FINTECH
THE LAB: ARE THE FRENCH FINTECHS LATELY ON THE INTERNATIONAL SCENE?
Alain Clot : “It is true that the Fintech ecosystem in France was structured later than in the United Kingdom or Germany, for various reasons. The powerful and comprehensive universal banking model left little room for new entrants. Investments to develop innovative activities remain limited, even if they are experiencing strong growth because interest in FinTechs is growing, especially from banks. Regulatory constraints also sometimes slow the arrival of new solutions on the market. “
THE LAB: IS THIS SITUATION CHANGING?
Alain Clot : "Absolutely. The French environment has become much more favorable to FinTechs because the market is very promising. We have innovative entrepreneurs and the skills of the French in engineering and computer programming are recognized worldwide. These assets are essential because the future of innovation lies in artificial intelligence, Big Data, Blockchain, etc. The sources of financing are also developing considerably, particularly from the banking sector. Banks are looking to draw inspiration from FinTechs to gain flexibility and areas of collaboration are emerging, through the transfer of know-how and the provision of financial resources. ”
THE LAB: WHY ARE FINTECHES INNOVATIVE?
Alain Clot : “For many Fintechs, real innovation does not come from technology but from uses. They break with the integrated product production-distribution system that characterizes banks. They have succeeded in establishing themselves by placing the user at the center of their offers. The customer journey is under-optimized by banks remaining locked into a product-centric, not customer-centric model. Fintechs have been able to respond to customer dissatisfaction by offering user-friendly and simple interfaces, more speed and transparency on prices. “
Consultation open until May 31, 2022
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