The LHoFT is excited to be partner & sponsor of the Paris Fintech Forum 2018, which will be held on January 30th & 31st, at the former stock exchange market in the very heart of Paris. We will be joined by a delegation of members and partners, including many key figures of Luxembourg’s financial technology ecosystem.
We asked each representative a few questions to help shed light on their work, as a part of our series of interviews: The Innovators.
This time we caught up with Frank Roessig, Head of Digital Solutions at Telindus.
“‘Business as usual’ has become a threat to future profitability.”
Could you introduce yourself?
I have built a broad experience in finance, working in major financial institutions as well as being a part of the founding teams of start-up banks with successful exits.
Realising, that digital technologies encompass the opportunity to create value by significantly shifting business models, I embraced digitalisation early-on.
In my current position as Head of Digital Finance Solutions at Telindus, I spearhead the development and delivery of novel solutions that enhance the client experience and optimise operational efficiency for the Financial sector: digital-KYC; blockchain-based transactions, reconciliation and resolution; artificial intelligence; robotic process automation; PSD2…
Telindus is and ITC company providing a broad set of cutting-edge solutions to the Financial Sector and is authorized as Data-Management PSF by the Luxembourg Financial Regulator. As such, Telindus drives the digitalization for companies in the Financial Sector.
Telindus picked up ‘Fintech Solution of the Year’ at the 2017 Luxembourg Finance Awards for their Digital-KYC solution.
As European financial power base that is embracing innovation, which aspects of Luxembourg’s financial technology ecosystem have been most beneficial to your company?
The significance and diversity of the financial industry in Luxembourg is very helpful. Since we work closely with users, providing frequent iterations, the broad range of feedback enriches the development of innovative solutions.
Further, initiatives that federate fintech start-ups, like the LHoFT, are beneficial. This gives us the opportunity to collaborate with startups, integrate and promote innovative tools.
What do you think are the key challenges and risks for the different financial technology players in Luxembourg and in Europe?
In my mind, the biggest risks are being held-back by legacy, slow velocity, and lack of curiosity.
We live in a world where, on one hand, ‘business as usual’ has become a threat for future profitability, and on the other hand a flurry of new tools emerge.
In this context, it is essential to operate in an open and fast manner. Open, in order to explore novel solutions – wherever they come from; fast, in view to quickly detect which ones behold the potential to generate value.
The clear risk here is to succumb to gradual obsolescence.
Which trend in financial technology do you think deserves more discussion, and which less?
AI & blockchain both are expected to have a lasting impact as they could fundamentally change operational models as well as the client experience.
As both technologies mature, their positive return on investment becomes clearer. This should stimulate the emergence of proof-of-concepts followed by scaled applications.
What are you most looking forward to getting out of Paris Fintech Forum this year?
We are excited to show our new Digital-KYC, for which we won the “Best FinTech Solution 2017” award. As we always learn, the feedback we receive should enable us to improve our solution and thereby optimise the cost-savings plus the user-experience.
Furthermore, we are looking to engage with partners with whom we could collaborate to develop and market novel technologies.
Any final thoughts or predictions for fintech in 2018 you wish to share?
In 2018, the seeds are being planted for the development of realistic financial sector solutions that generate tangible impacts in terms of economics and client journey. They should encompass new technologies that operate invisibly to user, including AI and Blockchain-DLT.
Those who act will gain meaningful competitive advantages.