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Main predictions and conclusions from the first edition of Money Motion. How bad do we expect inflation to hit us and is crypto here to stay?

Main predictions and conclusions from the first edition of Money Motion. How bad do we expect inflation to hit us and is crypto here to stay?

Revolution in Banking: Sandra Švaljek, Deputy Governor of the Croatian National Bank, acknowledges the ongoing revolution in banking but emphasises the importance of not compromising user safety.

Revolut’s Presence in Croatia: Andrius Bičeika from Revolut reveals publicly that Revolut has over 300,000 users in Croatia, ranking it among the top 20 markets globally for the company.

Banking and Economic Outlook in Croatia: Representatives from major banks (RBA, OTP, PBZ, Addiko) agree that the chances of a recession in Europe are low, and Croatia is in a good position. Interest rates in Croatia are expected to rise, but more slowly than in other EU countries due to regulatory constraints.

Competition Between Traditional Banks and Startups: Panellists agree that competition between traditional banks and FinTech startups will drive development, pushing each other to enhance customer experience, apply artificial intelligence, maintain security and privacy, and optimise offerings using data.

Role of Technology in Banking: Discussions highlight the role of technology, including “big data.” Ivan Šimičević from OTP predicts the management of 50 trillion devices globally by 2023 and sees technological progress in banks as adaptation to unavoidable environmental conditions.

Embedded Payments and Smart Technology: Examples of smart technology in the banking sector, such as embedded payments, are discussed. The potential for embedded payments within existing applications is emphasised for enhancing user convenience.

Risks in FinTech and Crypto: Challenges and risks in crypto and FinTech companies are discussed. Panellists emphasise the need for specific regulatory frameworks for these industries.

Regulation and Innovation: Representatives from different market players discuss the challenges of regulating new technologies and companies in the financial industry, highlighting the privileged position of innovators in Croatia due to the smaller number of players in the national market.

Educating the Next Generation of FinTech Experts: The final panel focuses on the role of educational institutions in creating new FinTech professionals. The emphasis is on providing interdisciplinary and project-based education with top-notch experts.

Mastercard’s Perspective on Cryptocurrencies and NFTs: Christian Rau from Mastercard opens the second day of the conference with a clear message that users are already interested in owning cryptocurrencies and NFTs. Mastercard, as a global leader, is actively involved in the crypto ecosystem, offering channels and products and collaborating with various partners.

Panel Discussion on Payment Models and BNPL: A panel discussion explores different payment models, with a focus on Buy Now, Pay Later (BNPL), which currently participates in 25% of digital transactions. Ivan Rebrović from Monri discusses the acceptance of digital wallets among citizens, noting that the acceptance rate among Croatians is low due to distrust in new payment methods and concerns about granting access to information, especially card numbers.

Challenges of Soft POS and Education for Adoption: Soft POS, a payment method, is discussed as a concept that needs to gain public acceptance through education. Without public trust, especially for small businesses and organizations, this accessible payment method may not be widely accepted. Although its end or failure is not predicted, it is seen as far from becoming mainstream.

Digital, Modern, and Smart Banks: Piotr Jelenski, Director of ASEE and Payten, and Maurice Lisi, Head of Digital Channels at BPER Bank, discuss digitised, modern, and smart banks. Consumer demands in digital banking often focus on lower costs or fully digital services. Despite digitization, the human role remains crucial, transitioning from physical presence to online availability.

Prioritising Users and Profit in Digitalization: Piotr Jelenski emphasises that while digitalization is important, users come first, followed by profits. Maurice Lisi suggests that simple everyday banking services are unprofitable due to higher costs than revenue, and he sees the solution in offering new and more complex services, such as asset management or sophisticated lending.