A fresh NFT activation and prize game competition will take place at Money Motion 2024. The fusion of Web3 and AR is made possible by Mastercard, a global leader in payment technologies, and promises to elevate the Money Motion experience with a unique digital journey. After the first years’ success, our dear partners have truly raised the bar with this one.

The “Unfold Your Digital Journey” activation and prize game competition is set to be a highlight of the conference, with five unique NFTs to be collected by attendees at five predestined locations. These NFTs – Innovation PODs have been created in collaboration between NEAR Balkans and Tekuno.app, and are limited and exclusive for attendees of the Money Motion 2024 conference. The PODs have been designed with a high level of innovation to provide better conference experiences for the attendees and can be easily claimed on the Tekuno platform.

By claiming the PODs, the participants of this experience will get a chance to win several exciting prizes:

1. exclusive Mastercard AR T-Shirts

2. and the grand prize: a Mastercard priceless.com experience at Monte Formento in Istria – tasting experience of olive oil and wine.

To be eligible for the lucky draw and the prizes, the attendees will need to claim their PODs by simply scanning QR codes throughout the conference on several major touchpoints, including Day 1 & Day 2 entrance, Go2Digital Cube, Day 1 keynote: Empowering societies through innovation: Mastercard’s journey in digitalizing payments and beyond, and NEAR Balkans booth. Upon scanning the first QR code, for each attendee its own Web3 wallet will be automatically created and further used to collect their NFTs (PODs). The Web3 wallet is based on the NEAR blockchain, however not supported or managed by Mastercard.

A fresh NFT activation and prize game

A fresh NFT activation and prize game competition will take place at Money Motion 2024. The fusion of Web3 and AR is made possible by Mastercard, a global leader in payment technologies, and promises to elevate the Money Motion experience with a unique digital journey. After the first years’ success, our dear partners have truly raised the bar with this one.
The “Unfold Your Digital Journey” activation and prize game competition is set to be a highlight of the conference, with five unique NFTs to be collected by attendees at five predestined locations. These NFTs – Innovation PODs have been created in collaboration between NEAR Balkans and Tekuno.app, and are limited and exclusive for attendees of the Money Motion 2024 conference. The PODs have been designed with a high level of innovation to provide better conference experiences for the attendees and can be easily claimed on the Tekuno platform.

By claiming the PODs, the participants of this experience will get a chance to win several exciting prizes:
1. exclusive Mastercard AR T-Shirts
2. and the grand prize: a Mastercard priceless.com experience at Monte Formento in Istria – tasting experience of olive oil and wine.

To be eligible for the lucky draw and the prizes, the attendees will need to claim their PODs by simply scanning QR codes throughout the conference on several major touchpoints, including Day 1 & Day 2 entrance, Go2Digital Cube, Day 1 keynote: Empowering societies through innovation: Mastercard’s journey in digitalizing payments and beyond, and NEAR Balkans booth. Upon scanning the first QR code, for each attendee its own Web3 wallet will be automatically created and further used to collect their NFTs (PODs). The Web3 wallet is based on the NEAR blockchain, however not supported or managed by Mastercard.

In a world full of startup competitions and tech achievements, one event stands out: the Money Motion Startup Pitch Competition. After tough deliberations, the Money Motion startup committee has chosen 15 finalists from 12 countries. These startups will compete for top honors, including a cash prize pool of 10,000 EUR for the top three places. But that’s not all – the winners will also receive a fast track to Microsoft for Startups Founders Hub program, offering up to $150,000 in free Azure credits, technical support, mentorship, and co-selling opportunities. On top of that, there’s the prestigious Talk the Walk: Infobip Award, offering $20,000, $15,000, and $10,000 in Infobip’s products and services.

The competition, set for Thursday, the first day of the conference, will feature all contenders split into two groups, pitching in afternoon slots. Winners will be revealed before Friday’s closing ceremony, the conference’s second day. With six members of the judging panel overseeing the showdown, it promises to be an exhilarating event where innovation takes center stage.

Let’s meet the finalists.

1. Devengo, Spain

Devengo, a fintech disruptor from Spain is revolutionizing payment solutions. Their real-time payments API cuts out middlemen, ensuring instant, secure, and cost-effective transactions for businesses. With a focus on B2B payments, Devengo offers pay-outs, pay-ins, and account management with unparalleled speed and efficiency. Designed for developers, their platform prioritizes easy integration and operational reliability, certified by ISO 27001 standards for security. Devengo is reshaping the fintech landscape with its innovative approach to modern transactions.

2. Spendbase, Ukraine

Spendbase, an innovative platform hailing from Ukraine, is empowering companies to optimize their spending on SaaS, cloud services, and corporate cards with the power of artificial intelligence. By offering comprehensive insights and tracking capabilities, Spendbase enables businesses to gain clarity on their expenses, negotiate better deals with vendors, and automate manual tasks.

Spendbase’s AI-powered solution automates SaaS procurement, providing valuable insights into subscription usage, pricing benchmarks, and inactive accounts, ultimately saving up to 35% of the budget. With Spendbase, companies can issue corporate cards in just one click, seamlessly integrate with Apple Pay/Google Pay, and implement custom spending rules for enhanced control.

Furthermore, Spendbase is pioneering a cloud optimization solution, leveraging AI to analyze and predict data instances, usage patterns, and loads. This innovative approach ensures that companies pay only for the cloud storage they utilize, potentially reducing spending by up to 70%.

3. CxReports, Bosnia and Herzegovina

CxReports is the ultimate reporting tool simplifying complex data into sleek, professional PDF reports. With its intuitive WYSIWYG editor and customizable templates, businesses can effortlessly create stunning reports. Seamlessly integrating with diverse data sources, CxReports automates the process, fosters collaboration, and ensures brand compliance. Whether for small startups or large enterprises, CxReports streamlines reporting for businesses of all sizes.

4. FIRA, Croatia

The FIRA app, launched in Croatia in April 2022, revolutionizes invoice management for SMEs, craftsmen, and entrepreneurs. As the only market currently served, expansion is on the horizon. FIRA enables users to create invoices that meet legal obligations, including eInvoices and fiscal invoices, instantly registered with tax authorities. Leveraging open banking connections to major banks in Croatia, FIRA automates payment reconciliation and expense tracking. Users can opt for time-based invoicing, while tax reporting for SMEs under Croatia’s simplified tax regime is seamlessly managed. With detailed drill-down management reporting, FIRA serves as the “Digital CFO for SMEs,” offering efficient workflows and real-time financial insights. Accessible across all devices, FIRA operates on a SaaS model with flexible subscription options.

5. ComplyTaxonomy.eu, United Kingdom

ComplyTaxonomy.eu offers financial institutions a comprehensive solution for seamless EU Taxonomy compliance, both now and in the impending years as sustainability disclosures increase from 2025. The platform streamlines processes like portfolio analysis, data collection, aggregation, and auditability, assisting firms in efficiently navigating evolving sustainability requirements in Europe. With features like fast data delivery, customizable user preferences, and high data integrity, ComplyTaxonomy.eu positions itself as a reliable partner for ensuring full regulatory compliance and reducing reliance on outsourced services.

6. Lancr Payments, Canada

Lancr is the ultimate resource management app for North American companies seeking seamless management of their global contractors. Their platform provides robust time tracking features and customizable contract creation options, accommodating various payment frequencies and work arrangements. Simplifying payment processes for global contractors, Lancr allows users to focus on business growth with peace of mind. Unlike other freelancer platforms with high fees, we offer a minimal 5% charge to freelancers, keeping your expenses in check.

7. POK, Albania

POK, a dynamic force licensed by the Bank of Albania, is revolutionizing the fintech landscape with its innovative suite of services. Catering to over 150,000 users and 1,000 merchants, POK delivers a seamless digital experience, offering everything from digital wallets to instant transfers, card top-ups, and QR payments. With plans for Visa debit card issuance and cutting-edge BuyNowPayLater features, POK is poised to redefine the way individuals and merchants engage with financial transactions.

8. Pirix Lab, Serbia

Pirix Lab offers a leading platform for secure NFT creation and minting across multiple blockchain networks. Our application integrates AI technology for image creation and editing, enhancing creativity in the NFT space. With customizable options and AI-assisted editing, users can easily create unique digital art. Security is prioritized, with transactions facilitated through external wallets for user protection. Pirix Lab offers three subscription plans to cater to diverse user needs and provides insights into the NFT market. Supported by grants and investments, we strive for continuous improvement to deliver a comprehensive and efficient NFT creation experience.

9. getfunded.it, Lithuania

Introducing getfunded.lt, the AI-driven platform revolutionizing access to European Union (EU) funding for small and medium-sized enterprises (SMEs). Launched with the mission to simplify the daunting process of securing EU grants, getfunded.lt offers personalized assistance tailored to the unique needs and profiles of SMEs, ensuring they are alerted to the most relevant funding opportunities in real-time. With a user-friendly interface and expert guidance, getfunded.lt empowers SMEs to navigate the complex EU funding landscape with ease, providing comprehensive support from grant matchmaking to application submission. From customized notifications to networking opportunities and educational resources, getfunded.lt is the ultimate solution for SMEs seeking to drive growth and innovation through EU funding.

10. Nexity Network, Romania

At the core of Nexity Network is TradeFi, a comprehensive platform that integrates three key modules: ProWrite, DealMaker, and MultiPay. ProWrite simplifies contract management, facilitating seamless document exchange and ensuring compliance with industry standards. DealMaker enhances negotiation and approval workflows, enabling swift decision-making and reducing delays. MultiPay simplifies cross-border payment settlements and invoicing, ensuring accuracy and timeliness.

With Nexity Network and TradeFi, businesses can overcome the challenges of international trade, optimize efficiency, and unlock new opportunities for growth and success.

11. Trustee Plus, Lithuania

Trustee Plus isn’t your average crypto wallet; it’s a comprehensive digital money platform designed for the modern era. Our mission is to create a cutting-edge platform that seamlessly integrates traditional and emerging forms of currency, from blockchain and CBDC to cryptocurrencies and beyond. With Trustee, businesses and individuals can harness the power of diverse financial assets while remaining compliant with regulatory standards.

12. PayMyStay, Bulgaria

PayMyStay is revolutionizing tourism payments with a solution that seamlessly integrates account-to-account transactions into every step of the payment process. Their innovative approach delivers significant cost savings and introduces essential features like an Open banking financial dashboard and installment payment options, making PayMyStay a versatile solution for all.

Partnering with IRIS Solution, an EU-licensed payment institution, PayMyStay is a pioneer in Open banking services, leveraging cutting-edge technology for financial data and expertise in payment services.

The financial dashboard provides real-time tracking and control over money flow, empowering businesses to make informed decisions and drive financial performance. With plans to expand into new markets and a diverse customer base spanning various industries, PayMyStay is reshaping the tourism payment landscape and paving the way for a more convenient future.

13. TRAKEN, Serbia

TRAKEN is a state-of-the-art tool for smart electrical grids, offering data tracking, asset management, and exploitation capabilities. It provides a distributed ledger for managing unique identities and product passports of smart meters, vehicles, and sensors within the network.

Built on Blockchain technology, TRAKEN ensures secure access to smart meters and metering records, enabling flexible reconciliation and efficient rebalancing processes for suppliers and traders. It drives improvements in energy production, distribution, and consumption while promoting renewable energy usage.

TRAKEN seamlessly integrates into existing systems, offering tools for balancing local energy resources and enhancing energy efficiency. With TRAKEN, the future of smart grid management is here.

14. DDD Invoices, Slovenia

DDD Invoices steps in to address the EU’s push for mandatory electronic invoicing in the B2B sector within the next 2-3 years, accommodating each country’s unique e-invoicing standards. Through seamless API integration, software providers can swiftly comply with local tax requirements and automate e-invoicing standards integration in just one day.

By partnering with DDD Invoices, businesses gain access to a comprehensive suite of solutions, including invoice data transformation, distribution across platforms, secure cloud storage, and embedded white-label invoicing UI. With these features, companies can effortlessly ensure global invoicing/e-invoicing possibilities for their software and users, eliminating concerns about regulatory compliance.

15. Skaut+, Croatia

Skaut is revolutionizing digital vouchers and financial interactions, bridging convenience with traditional shopping benefits for consumers and businesses. Simplifying the purchase, management, and use of digital vouchers, Skaut offers a seamless platform for individuals and businesses, enabling easy acquisition and redemption of e-vouchers from diverse retail partners.

For retailers, Skaut serves as a powerful customer relationship and sales enhancement tool, providing immediate payments and boosting customer retention and acquisition. Its B2B model offers unique advantages, allowing corporate clients to leverage premium vouchers for tax-free salary benefits or incentives, while receiving attractive cashback rewards.

Backed by a secure technical infrastructure, Skaut seamlessly integrates with existing POS systems, ensuring effortless transitions for retailers. With a focus on security and compliance, Skaut stands out as a trusted platform, catering to diverse needs in the fintech sector.

Buying mobile top-ups through the m-banking application, implementing generative AI solutions to prevent significantly more card attacks, the resurgence of Bitcoin and breaking its own value records, and even a dating application that connects people based on their credit score are just some of the news that marked the first three months of the FinTech world this year.

However, the industry faces numerous challenges. At the beginning of next year, the new DORA regulation – the regulation on operational resilience for the financial sector – comes into force to set even higher standards of security for digital solutions in the face of cyber risks. Towards the end of last year, the preparatory phase for the implementation of the digital euro began, which will last for two years and will include the development and testing of technological solutions. Hand in hand with these topics comes the question of the future of money itself and whether tokenization is a realistic solution for exchanging value in the traditional financial system, as well as what role banks play in such a reality and what they are doing today to remain relevant to their customers.

Answers to all these questions are expected at the region’s largest FinTech conference. Money Motion 2024 – supported by Nexi, OTP Bank, Mastercard, ASEE, and Monri – will take place on March 21st and 22nd at the Zagreb Fair. Over two days, more than 80 experts will exchange insights on three stages, and 2000 participants will have the opportunity, alongside top-notch lectures, to visit up to 30 presenters in the expo area, establish new contacts, and arrange meetings in designated networking spaces provided by the House of Blockchain – a unique venue in Zagreb for web3, crypto, and blockchain enthusiasts to meet, collaborate, and work together on projects shaping the future of the digital economy.

Furthermore, visitors will be able to relax in the MoMo Lounge and Food Court with tasty bites. At these locations, the daily program in the afternoon will turn into MoMo Mingle with food and drinks, accompanied by DJ Pips and DJ LukadeLux. The legendary closing party on Friday returns to the popular Peti Kupe venue in Zagreb with DJ Pytzek and DJ Ivna Ji.

The conference will be opened by the distinguished Anna Maj, a leading voice in the FinTech scene, who will reveal how the latest technologies are transforming the entire payment ecosystem. On the main stage, cyber risks will be discussed and defined by a panel bringing together six top experts in the field – Florian Jensen, Paul Moreno (Catawiki), Vlatko Čanev (NLB DigIT), David Capezza (Visa), Belma Ohranović (Raiffeisen BANK BH), and Viktor Olujić (ASSE Croatia).

Whether banks and FinTech companies are friends or foes, or complete strangers, will be discussed by Balázs Békeffy (OTP Bank), Christoph Schoefboeck (Erste Bank), Mario Žižek (Addiko Bank), Goran Varat (Podravska Banka), and Irina Bručić (Nexi Croatia). Božidar Pavlović will have a morning coffee on stage with Governor Boris Vujčić, while Nadiem Sissouno from MentoLabs and Nikola Škorić from Electrocoin will uncover whether stablecoins are the future of money.

An interesting part of the program will certainly be the competition among promising startups from 12 countries, which will take place on the Startup stage during the first day of the conference, with prizes – from a cash fund worth 10,000 euros to additional awards from Infobip and Microsoft – being awarded at the end of the second day of the conference on the main stage.

As Gea Kariž, Director of Mastercard in Croatia, considers, Money Motion is a reflection of the collective progress of the FinTech community, which Mastercard has been following since its inception.

 – We at Mastercard were truly inspired by the level of engagement, innovation, and collaboration that we witnessed in Lauba last year. This year, we’re excited to build on that foundation by diving deeper into topics of innovation and the future of digital payments. By being at the heart of these conversations, we continue to shape and be shaped by the cutting-edge of financial technology, ensuring we remain at the forefront of delivering value to our customers and partners.

In addition to the conference organizing team, OTP Bank has been a steadfast supporter since last year. Representatives from OTP Bank in this year’s program will underscore the importance of embracing technological advancements for the development and relevance of banks to end-users.

– Changes are a constant category, but they have never been faster than in today’s times. Conferences that bring together experts and pioneers in innovations, enabling meetings, exchanges of opinions, and experiences, are essential to secure our place at the very top of the market in our industry or area of interest. Banking has become digitalized, thanks to which services for clients are becoming faster and easier to use, but we must not lose touch and contact with clients in order to provide the best possible service for each individual client. At the Money Motion conference, we all have the opportunity to experience, learn, and share the most important information about future steps in shaping our digital future. That’s why we’re here and why we support and help make such events happen in Croatia – Balázs Békeffy, President of the Management Board of OTP Bank.

In conclusion, Igor Gržalja, CEO of ASEE, added: “We are proud to once again support the Money Motion conference, a platform we’ve passionately and enthusiastically built from the start. For the second consecutive year, we’ve gathered impressive names from the fintech industry, fostering unparalleled networking and idea exchange. It’s gratifying to see Money Motion elevate Zagreb and Croatia within the global fintech community, and we’re confident that the conference will continue to thrive with our ongoing support.”

Generation Z has already begun dictating services and products among financial institutions. A wave of new users with high standards regarding digital channels and communication, the simplicity of technological solutions, and connectivity with their lifestyle expects traditional institutions to adapt to new trends and needs. They will loudly close the doors to those who do not accept this.

They want everything to be available in one place – on their mobile phones, with transactions being fast and the experience intuitive. They don’t want to commit to the services of one provider without testing them, let alone commit to packages that do not meet their set of needs and desires. In a market that is more diversified than ever and surrounded by social channels where it is easy to find advice, comments, experiences, reviews, and other references to the positive or negative aspects of products and services in FinTech, companies that do not listen to their demands will perish along with their existing user base.

„The digital environment is evolving at the speed of light, and consumers expect more – actively shaping the future of finance and payments. Mastercard has always been at the forefront of this change, leading the development of digital payment technology that meets the constantly changing needs of consumers while also promoting social progress. As we look towards the future, it is clear that the path forward is one of collaboration – between industries, technologies, and communities. I am delighted to share my thoughts at this year’s Money Motion conference on how Mastercard fosters precisely that collaboration, while also empowering consumers and society as a whole“ – says Aleksandra Babić, Senior Vice President B2B & Product Marketing for Europe, Mastercard.

On the importance of hyper-personalization, last year Maurice Lisi from BPER Bank, an expert in bank transformation to prioritize users, spoke for the first time in Croatia. On the main stage of the Money Motion conference last March, he explained the key questions and steps that all financial institutions should focus on, and this year he returns to an even bigger stage to deepen understanding ahead of the latest technological advancements in the industry – what makes the bank of the future.

In addition to Aleksandra and Maurice, the main stage of the largest FinTech conference in the region will also feature Anna Maj, one of the leading voices in the industry and among the top experts in FinTech, whose lecture on the incredible technological transformation of the market will kick off the program. Maj is the founder and CEO of Create LINK, through which, after 20 years of executive experience in leading financial companies, she helps companies develop technological solutions for new needs in the FinTech market.

Ahead of the new edition of the Money Motion conference – which will take place on March 21 and 22, sponsored by leading regional brands in the industry – Nexi, Mastercard, OTP Bank, Monri, and ASEE – we asked our leading experts how they adapt to new users and what that means for them from a business and technological perspective.

– A visionary approach to the user of the future requires respecting high standards and thorough consideration, as well as courage in implementing innovative technological solutions that will enhance their experience. This is particularly evident in the financial industry, where alongside user experience, system security is imperative. As a company that leads in the digitalization of the financial sector in the region, and beyond, we constantly work on innovations in payment methods, mobile and digital banking, document management, and their security – says Viktor Olujić, Board Member at ASEE Croatia and Monri Payments, adding how Money Motion facilitates the connection of investors, key players in the FinTech industry, and FinTech startups, providing a platform where everyone collaborates to address the trends shaping the industry and advancing user experience in the financial sector.

At last year’s conference, during the panel of leading banks in Croatia, we heard very concrete examples and steps on how the banking world is changing and adapting to users globally. Problem-solving via video calls with bankers, queue management systems in branches, installment payment options, faster 24/7 transactions, and the ability to apply for loans without visiting a branch are just some of the new possibilities in the market. However, what we see from the outside represents only a small part of the real technological advancements within banks. Nevertheless, technology must not be an end in itself, warns Mario Žižek, CEO of Addiko Bank, because the needs of users must be the main priority, sometimes meaning hybrid services rather than complete process digitalization.

– In line with such reality, last year we launched a unique loan process on the market. A client visits the Addiko website, uses the loan calculator to select the amount and repayment period that suits them, and receives an offer via email. Similar to purchasing other products, the client receives loan documentation from the mail carrier. Once the documentation is returned to us by mail, the cash is deposited into the client’s account within just a few days. Thus, the entire loan process is completed without the need to visit a branch. And this applies to all citizens, they do not have to be our clients – illustrates Žižek and adds: – This year, we will offer customers a fully online loan application process, allowing citizens to choose what suits them best: visiting a branch, a hybrid loan process, or completely online loan application anytime, anywhere.

The same user expectations are penetrating into other industries. Namely, the payment process itself is not exclusive to banks and payment providers but to all service providers. Therefore, innovation in payment methods can already be a significant benefit to various providers. A1 Croatia is aware of this and is the first telecom in the world to enable its customers to pay with Revolut, and recently, with KEKS Pay as well.

– As a company, we have long outgrown the traditional telecommunications operator framework and shifted our focus to innovative digital products and services that elevate the user experience to the highest level. We are agile and capable of reacting quickly, and in line with user needs, forming partnerships and implementing the best from the global market, thus providing additional value to our customers. We are proud of recent examples like A1 travel insurance, as well as other services such as home assistance, screen insurance, SafeNet network protection, and the first telecom partnership with Netflix in Croatia. It is essential to create an environment where everyone wins – the user, the partner, and us. All of this makes us leaders in digitalization in the market, with a focus on the user and their experience – says Iva Babić, Head of Product Marketing and Business Development at A1 Croatia.

In line with such innovations is the solution offered by a European InsurTech company, which provides its clients with a seamlessly integrated user insurance solution through an original interface where they actively participate in the process.

– Modern embedded insurance offers FinTech companies an opportunity to enhance the lifestyles of their new users with innovative, unique solutions while simultaneously fostering their digital ecosystems and generating ancillary revenue. Today’s insurance is completely digital, dynamic, and seamless; not only does it protect customers from loss, but it also provides top-notch flexibility and convenience. We are excited to attend Money Motion and share with you how European banks seamlessly integrate insurtech to delight their clients and drive business value – Matthias Naumann, CEO of Companjon.

The increasingly advanced technological developments have led to the need for better standardization in the financial world. An important and current topic is the regulatory framework DORA, aimed at setting standards for digital processes in the industry to ensure the protection of the entire system relying on IT infrastructure.

– Although DORA presents a significant challenge in terms of compliance, it also brings significant opportunities for the financial sector. By adopting a unified regulatory approach to digital resilience, financial institutions can benefit from reduced complexity and greater clarity in their efforts in the areas of cybersecurity and digitalization management by embedding resilience into the design of their solutions. Additionally, standardized incident reporting and information sharing among actors in the financial sector are expected to enhance the sector’s ability to anticipate cyber incidents, respond to them promptly and effectively, and recover from them more quickly and efficiently – Ratko Drča, director at Deloitte Risk Advisory.

At the Money Motion conference, more than 2000 participants will have the opportunity to familiarize themselves with all the trends and experiences of industry leaders in the region and beyond. They will also be able to follow the competition of the best FinTech startups selected for the MoMo Startup pitch competition. The selected competitors come from as many as 12 countries and offer solutions in various spheres of finance, payments, technology, and cryptocurrency. The startups include Traken, Devengo, Spendbase, DDD invoices, Lance, ComplyTaxonomy.eu, Nexity Network, POK PAY, getfunded, Pirix Lab, PayMyStay, Skaut+, Trustee, CxReport, and Fira.

Get your ticket now.

In the last decade, the introduction and popularity of mobile banking have decreased the number of branches by 38% and the number of bank employees by 32%. This statistic has been highlighted by Maurice Lisi, Head of Digital Business at BPER Banca Italy, and serves as a great example of how the banking industry is swiftly changing.

There is no better expert to discuss how AI will transform the industry. With almost 20 years of experience in financial services, Lisi is a specialist in digital transformation. So, we sat down to talk to him about important FinTech issues and his upcoming MoMo talk.

1. Last year our audience had a chance to hear an important message from you, namely that as the customer expectations are moving towards less costly and more digital services, they do not exclude the human experience of seeking a solution in a traditional bank. You highlight this balance of technological innovation and digitalization of banks on one side and the human contact on the other on numerous other occasions. Could you elaborate the main premises behind this message? What is it, according to your own experience and insights, that the end customer needs from one and what from the other?

Customers now seek digital experiences for routine tasks like payments and deposits, considering them as commodities. Technology plays a crucial role in handling these efficiently. You don’t need human interaction to transfer money; you just need it to be completely frictionless. On the other hand, when you are about to sign a mortgage, you are making a deal that will stay with you for the next 20 years. Similarly, when discussing life insurance and trying to protect your liabilities and your kids, human interactions are necessary. For more intricate financial matters, customers still value the human touch provided by advisors. Nowadays, striking a balance is essential – leveraging technology for seamless routine services while reserving human interaction for advisory sessions. This approach aligns with the evolving expectations of customers, ensuring both efficiency and depth in service delivery. 

2. The bank of the future, according to your own words, cannot just be an institution with technological solutions to digital transactions, rather it will be right what it is now but will need competencies that still do not exist. You posed interesting questions then like who is the future risk or fraud manager of tomorrow – do you have an answer yourself today?

The narrative of the future bank is swiftly changing. Several roles within banks today may not persist in the next five years due to the increasing influence of AI, particularly in process automation and robot process automation. While banks currently invest considerable time in training and retaining these human roles, the next five years are expected to bring a transformation as AI supports new skills and job functions. The transition is anticipated to occur in two phases: initially, AI will complement human skills, and subsequently, for the majority of roles, AI is likely to replace humans. This shift is driven by the precision and reduced margin of error offered by AI compared to humans. The transformation will result in a shift in skills requirements, moving from expertise in traditional security roles to proficiency in data science and AI models. 

3. Banking, financial services, and insurance are already the second largest user of AI solutions compared to other industries, according to the latest S&P Global report. Prediction and recommendation models are the most widely spread use cases of AI technology in banking and other financial institutions. Where do you see the greatest potential for AI enabled solutions in banks?

AI’s impact on banking is poised to be transformative, similar to the automation seen in manufacturing. Traditional banking, rooted in branches and paper-intensive processes, has already seen significant changes with the arrival and popularity of mobile banking, resulting in a 38% reduction in branches and 32% in banking employees over a decade. The next wave of transformation involves AI, particularly in human-intensive areas like risk, fraud, and lending. This disruption will be unprecedented, requiring banks to undergo substantial changes to remain sustainable and profitable. Waiting for regulatory intervention is not a viable strategy, and banks must proactively embrace AI, adapt their organizations, and acquire new talent aligned with a long-term strategy to thrive in the evolving landscape.

4. One of the predictions of the report, in terms of the most likely application of AI in banks, is the business franchise differentiation. In other words, artificial intelligence will allow for banks to further personalize their offers and thus boost customer retention. Your talk in Money Motion will be on the topic of hyperpersonalization in banking. Give us a sneak peek. 

Yes, in the last five years, banks have been adopting technology but still approaching customers traditionally, just changing the communication channel. For example, you might receive emails or mobile pop-ups suggesting products that aren’t relevant to you because banks rely on periodic targeting campaigns. However, the move towards hyperpersonalization in banking aims to change this approach. It involves understanding consumer behavior in real-time and providing tailored information instantly. With the use of AI, banks can leverage vast amounts of customer data to offer personalized products and services at the right moment. This goes beyond traditional CRM approaches, using technology to connect with customers through various channels for personalized offers.

5. Going back to your appearance for the leading Italian newspaper, Laura Grassi, a colleague from the Politecnico di Milano who will also join the MoMo2024 stage, commented how despite the customer desire to have a banking experience as seamless as that of watching Netflix and the willingness of banks to adapt their infrastructure and offers, we shouldn’t forget that the world of banks is the world of heavy regulations. What do you expect to be the leading challenges in terms of regulations and law in the further advancement of banking technologies?

Regulation, in my opinion, is often used as an excuse in banking. The challenge lies in a legacy mindset where compliance and legal teams, when faced with regulatory barriers, might not fully comprehend the possibilities. While regulations have both positive and negative aspects in banking, they act as a protective shield against disruptions. FinTechs, for instance, haven’t easily disrupted the banking sector due to regulatory protection. Regulations have evolved to facilitate digital transformations, allowing for experiences like digital signatures and remote operations. The key obstacle is the banking sector’s readiness and willingness to undergo the necessary transformation, as regulations often enable rather than obstruct progress. 

It’s hard to imagine that less than 50 years ago, we were literally swiping credit cards, and it’s even harder to believe that just a few clicks now separate us from a cash loan. Technological leaps have completely revolutionized many aspects of our daily routines. However, while the process of digitalization has been relatively natural in other industries, in banking, due to strict regulations and security limitations, every move has been keenly felt.

At last year’s Money Motion conference, we witnessed the first serious showdown among representatives of leading banks. The conclusion, everyone agreed, was that competition with new technological solutions in the market only encourages raising the quality in the market, and that ultimately all major players will be prompted to value the customer experience even more.

At the new edition of the Money Motion conference, which will take place on March 21 and 22, sponsored by leading regional brands in the industry – Nexi, Mastercard, OTP banka, Monri and ASEE, representatives of leading banks will return to predict what the latest technological trends will ensure for the future of banking.

That digitalization is the new normal and allows for great possibilities in designing services and products, agrees last year’s and this year’s participant of the banking panel at Money Motion, Balázs Békeffy, President of the Management Board of OTP Bank. However, he warns that banks must never forget the interests of the client and let them slip from the centre of focus.

– As sexy and exciting as digitalization may be, and it allows us to quickly solve some situations or tasks that were previously terribly exhausting, we must also be extremely cautious in its application. I think it’s all summed up in the sentence: we need to use intelligent business automation to create business innovations that will contribute to enhancing the engagement of our clients and bring them even closer, rather than contribute to alienation, not only in banking but in society in general – explained Bekeffy.

The loudest technological theme of the past year has undoubtedly been artificial intelligence. However, the sudden interest in its application and use has only revealed how numerous leaders are already investing significant resources and efforts in integrating such technology into their processes.

Banking, financial services, and insurance are already the second-largest users of artificial intelligence solutions compared to other industries, according to the latest report from S&P Global. Prediction and recommendation models are the most widespread use cases of artificial intelligence technology in banking and other financial institutions.

This was confirmed by Dejan Donev, Director of Digital Banking at Erste Bank, who added that due to digitization, banking has been undergoing significant changes for several years. Besides the substantial changes in the way of doing business, financial institutions are also gaining new opportunities for developing faster, more transparent, and cost-effective services for clients while inevitably balancing with traditional channels. And end-users should benefit the most from this.

– In the foreseeable future, we can expect a significant increase in alternative payment methods that deviate from traditional ones, leading to a better user experience in online and traditional retail locations. The daily operations of banks are certainly influenced by the introduction of artificial intelligence (AI), which they incorporate into their business strategies at both organizational and process levels, allowing them to communicate effectively with clients. However, despite the strong development of high technologies and services and their increasing application, physical branches will not lose their importance for a long time because they play a crucial role in the traditional relationship between the bank and the client, especially in providing advisory services – announced Donev.

The increasingly significant application of artificial intelligence and other technologies today leads to questions about the skills and knowledge needed by financial institutions to conduct all processes in a more efficient yet equally secure manner. Neven Horvat, a member of the Management Board of Intesa Sanpaolo International Value Services, confirmed that employees in banks already need to understand at least the basic principles of artificial intelligence.

– The changes caused by the widespread use of artificial intelligence require employees to adapt to new technologies. There is a growing need for professionals who understand the principles of artificial intelligence, and skills in machine learning, data analysis, and programming are increasingly valued. Thanks to the advancement of artificial intelligence, banking could undergo profound transformations in the next 10 years – explained Horvat.

What will be particularly interesting to see is how the increasingly pressing issue of cybersecurity, and new technologies such as blockchain, will further develop. Horvat points out that banks have a certain advantage in cybersecurity due to existing high standards in banking industry regulation, and he believes that blockchain has the potential to change many aspects of banking.

– Especially due to possible improvements in transaction security, transparency, and reducing the risk of manipulation with forged identities and overall fraud. Some pilot projects are already testing the technology of working with central bank digital currencies, and besides the technology itself, full implementation depends on regulatory frameworks that are also still in development, addressing challenges related to privacy, among others – he revealed.

What else is happening in the industry, what can we expect in our regional market, and what new products and services await us by 2030? Find out at the Money Motion conference at the Zagreb Fair from March 21 to 22, where more than two thousand experts, entrepreneurs, and enthusiasts in the fields of finance, insurance, telecommunications, technology, cryptocurrencies, and many other spheres recognizing the power of the FinTech revolution will gather in one place.

Tickets for Money Motion 2024 are available for 249 euros until the end of the month on the official conference website and on the Entrio platform. If you plan to travel to Zagreb for the conference, take advantage of discounts provided by partner hotels.

And for all the young talents in FinTech and related industries, or enthusiasts of good organization, Money Motion has opened a call for volunteers. All interested individuals are welcome to at the volunteer subpage.

The future of banking is already here in many aspects, it’s just that many end-users don’t see these processes, or they are yet to discover some services. Digitalization truly is the only correct path for this industry, but it’s also a great challenge, warned Panagiotis Chalkias, CEO of Transaction Systems for Central, Southern, and Eastern Europe.

– The future of banking lies in the digital transformation of bank branches, which is a significant challenge for banks in the digital age, and it’s important how this transformation unfolds. The transformation should be a systematic approach to transforming the traditional operations of these branches into a banking experience that is user-centric and seamlessly integrated into a truly omnichannel process, supported by technology.

It is estimated that more than 26 thousand startups worldwide are currently conceptualizing, developing, and scaling financial and technological solutions. And that number will only continue to grow along with user appetite for faster and more cost-effective solutions. Already today, we are witnessing an easier way to transfer funds and make payments when everything is available at a click.

This is a crucial moment in the industry’s history when the strategic choices of companies in the market regarding investment and experimentation with new technological solutions for increasingly demanding user expectations will be decisive. The impact of younger consumers, such as Generation Z members who will soon dominate the market, is particularly pronounced. From the Nexi Group, a leading technology company for payment solutions in Europe, it is predicted that the consumer habits of the generation that has grown up with a smartphone in hand will be the catalyst for exponential growth not only in digital but also completely invisible payments.

In line with this reality is the collaboration they achieved last year by opening the first cashierless store of a well-known Italian chain, as well as a Croatian one in Zagreb. The customer enters the supermarket, selects products, places them in their bag or pocket, and an advanced system of infrared cameras and weight sensors tracks the customer during their time in the store and places items in a virtual basket. Upon exiting the store, integration with an invisible online payment system allows for quick cashierless payment in a completely digital format.

Damir Čaušević, President of the Management Board of Monri Payments, agrees that the key lies in simplifying even the most basic everyday processes. Monri Payments has been collaborating with more than 25 banks in Croatia and the region for years to provide the end user with the best experience.

– It no longer makes sense to talk about payment security and reliability as innovation drivers because it is such a basic need that it is the foundation of every one of our services and solutions. In a dynamic and modern environment, users seek simplicity and adaptability to their needs. That’s why we focus on ensuring that our services encompass the entire process preceding payment as well as the payment itself, providing flexibility in accepting as many payment methods as possible, and ensuring a consistent payment experience, whether online or offline.

To achieve all the ambitions the industry has, cooperation between all representatives of the FinTech industry will be crucial. From the OTP Group, it is stated that cooperation with other FinTech companies, startups, and other innovative companies whose business is based on advanced technology, as well as educational institutions, to revolutionize banking products and services for the future, has formed as their path to success.

– Therefore, our current efforts include the implementation process of an artificial intelligence research and development project using one of the fastest supercomputers in Europe. With the help of this computer, we are building a large Hungarian-English language model at the GPT-3 level, which will be crucial for the OTP Group, especially when adding other languages ​​used within the OTP Group. Our completed English-Hungarian bilingual model with 1.5 billion parameters is unique in all of Hungary, and we are already testing and improving our Hungarian-English bilingual model with 13 billion parameters – revealed Péter Csányi, Deputy CEO and Chief Digital Officer, and Member of the Board of Directors of the OTP Group, who will be attending Money Motion at the Zagreb Fair this March.

At the new edition of the Money Motion conference, which will be held on March 21 and 22, under the sponsorship of leading regional brands in the industry – Nexi, Mastercard, OTP Bank, Monri, and ASEE – there will be discussions on how blockchain technology, which is increasingly penetrating standard financial and technological processes, has found its place among traditional players. The market first encountered blockchain through cryptocurrencies, with Electrocoin being the first to officially trade them in our market and enabling citizens to pay for their daily needs with their crypto assets.

– As the largest domestic provider of cryptocurrency payment services, we witness a constant growth in entrepreneurs’ interest in introducing cryptocurrencies into their businesses. Since the introduction of the PayCek cryptocurrency payment processor in 2018, we have recorded a steady increase in transactions. For example, in 2022, despite unfavorable macroeconomic trends and the “crypto bear market,” cryptocurrency payments on our platform recorded a growth of 16 percent – confirmed Hrvoje Hrvatin, head of marketing at Electrocoin.

Blockchain technology is becoming an important participant in this dynamic, as evidenced by the digital euro project, i.e., the first centralized and European stablecoin currency, in which Nexi Group has been involved from the very beginning alongside other international institutions. Specifically, Nexi is active in creating the rule system on which the digital euro will be based, and it is one of the five companies chosen to create the front-end prototype of the digital euro at the point of sale, thus determining the final appearance of the currency, including the customer’s payment experience with the digital euro.

– The ease of use of the digital euro will be crucial in its acceptance as a new means of payment created for about 350 million European Union residents who are estimated to spend around 6 trillion euros annually by 2030. It is an absolute priority for the digital euro to be positioned as an inclusive, secure, and simple alternative for digital payments, thereby protecting the currency sovereignty of the European Union in the context of growing digitization of payment transactions – explained Irina Bručić, General Manager at Nexi Croatia and Nexi Slovenia.

The future of stablecoins in our society will be the topic of the closing point of the first day of Money Motion, between Nikola Škorić, CEO of Electrocoin and co-founder of the conference, and Nadiem Sissounoa, Head of Economics at Mento Labs.

–  Recent developments have brought us to a critical point in the evolution of digital financial structures. Our choice today will determine whether we perpetuate traditional financial paradigms, favoring opaque institutions and privileged access to the market, or we chart a course towards a future defined by transparency, accountability, and equal participation. Our decision has profound implications for the future of finance. Will we settle for digital replicas of outdated systems, exacerbating existing energy imbalances? Or will we seize the opportunity to build a new financial landscape – one characterized by openness, accountability, self-regulation, and fair empowerment? – Sissounoa emphasized.

Tickets for Money Motion 2024 are available for 249 euros on the conference’s official website and on the Entrio platform. If you plan to travel to Zagreb for the conference, visit the official conference website to take advantage of discounts provided in partner hotels.

And for all young talents in FinTech and related industries or enthusiasts of good organization, Money Motion has opened a call for volunteers. All interested parties are welcome to apply at the volunteer subpage.

Investments in financial technologies experienced a significant decline last year. In the third quarter of 2023, the value of investments decreased by 36 percent compared to the previous year, with a total of 6 billion dollars invested in FinTech companies and their new solutions on the market, as concluded by an analysis from S&P Global Market. Alongside the decline in invested capital, the number of transactions also decreased.

However, experts caution that these are positive developments and may indicate a serious maturation of the FinTech market. Despite the decrease in the number and size of investments, experienced startups, already in later rounds of capital attraction, maintained their volume and number of investments, regardless of the rest of the industry.

In an interview ahead of the largest regional FinTech conference – Money Motion 2024 – Božidar Pavlović, CEO of Jackie agency with over 25 years of experience in banking, finance, and new technologies, explained that nothing surprising is happening:

“Investment cycles have always had their ups and downs, affecting not only FinTech. Global events have simply taken their toll. However, we see the first signs of recovery, and I am confident that we will see many more investments in the near future. Nevertheless, compared to pre-crisis times, strong alignment of products with market needs and demonstrating traction will be more important than ever.”

A new investment cycle is starting in FinTech startups that can prove their growth, sustainability, and innovation in solving specific user and societal problems, as confirmed by a new report from the global consulting company McKinsey, announcing the maturation of the entire FinTech market.

Teams already achieving this with their solutions will have the opportunity to join the Money Motion Startup competition again this year. The top 10 applications will be selected to pitch their business solutions and plans before a jury of six investors and industry experts. The top three startups will share a prize pool of 10,000 euros, and their names will be heard by more than 2500 attendees at this year’s conference, taking place on March 21st and 22nd at the Zagreb Fair.

All startups working on technological solutions in the fields of banking, financial management, investments, insurance, crypto trading, and other financial technologies are invited to apply for the competition on the conference’s official website. Applications are open until February 15th, and the pitch competition will take place during the first day of the conference on the startup stage under the patronage of the Croatian Agency for SMEs, Innovation, and Investments (HAMAG-BICRO), the most important government agency for supporting small and medium-sized enterprises and an essential address for young and talented innovators developing their products and services to the commercial level using European funds and competing in the global market.

“As innovation is the driver of growth and development in the Croatian economy and a significant competitive advantage, it is extremely important for us to establish contacts with young entrepreneurs and monitor their development. Therefore, conferences like Money Motion are significant as they bring together all stakeholders in the startup system, from investors and mentors to young entrepreneurs and innovators,” said Marijana Oreb, a member of the HAMAG-BICRO management. She added that they believe this year’s conference will attract even more visitors, and their collaboration will yield many successful innovative products and services.

The Money Motion Startup program and competition as a separate entity on its stage were created with the organizers’ desire to leverage their knowledge, connections, and resources to bring together all the key steps for the success of FinTech startups in one place. Each of them aims to change the world and become a successful corporation, believes Luka Sučić, co-founder of Money Motion. Corporations are attracted to innovative ideas from startups that have the potential to disrupt their business models one day. However, it often happens that a corporation, due to fundamentally different functioning and its requirements, can quickly stifle a startup with a small team.

“That is precisely why we designed the Money Motion Startup program. We have experience in startups but also in working in corporations, and we know how to help both sides find a common language. Through the Money Motion Startup competition, a startup will not only gain exposure but also receive crucial feedback from people to whom they will soon offer their services,” he says and adds:

“Networking is the last but not negligible part of the story – Money Motion is neutral ground where startups and corporations can mingle without either side feeling threatened or out of place.”

The Money Motion Startup stage announces a rich program that will address various topics related to the development and growth of FinTech startups through different lectures, panel discussions, and fireside chats. They are bringing in leading regional venture capital funds such as LAUNCHub Ventures and GapMinder Venture Partners, accelerators, and experts, as well as globally successful FinTech companies that will share their journey with the visitors, confirmed Lana Ugrčić, coordinator of the Money Motion Startup program.

“We believe that by fostering a strong community that exchanges information and mutually supports each other, we can collectively drive the FinTech industry forward, making significant strides in financial technology and its application in today’s rapidly changing world,” concluded Ugrčić.

Applications for the Startup Pitch, more about the Startup program, the main and brand new FinTech 2030 stages, and tickets for the conference can be found on the conference’s official website. Currently, Early Bird tickets are on sale for 199 euros and student tickets for 49 euros.

The new edition of the Money Motion conference returns on March 21st and 22nd

The first Money Motion conference last year, sold out a week before its start, brought together over 1300 attendees from 12 countries around the world. Prominent international figures such as Andrius Bičeika, partner at Revolut, a leading digital bank, Takeshi Kito, successful entrepreneur and vice president of the Japanese FinTech Association, and Matteo Rizzi, founder of FTS Group, a global platform supporting investors and entrepreneurs in the FinTech world, along with industry leaders in the region, presented the most important events, challenges, and innovations in the market. Throughout the two-day program, the audience posed numerous questions, and discussions continued in the networking lounge and among the numerous booths by leading brands in the expo arena.

MoMo2024 will take place on March 21st and 22nd at the Zagreb Fair, expecting twice as many participants with even more international speakers this year. Following the success of the first edition, main stage speakers returning to the conference include Andrius Bičeika, Panagiotis Kriaris, FinTech expert and business development manager at Unzer, a rapidly growing platform for international payments, and Balázs Békeffy, CEO of OTP Bank. They will be joined on stage by Meeri Savolainen, founder and CEO of the Berlin-based insurance technology pioneer INZMO, Péter Csányi, Deputy CEO and Chief Digital Officer, and member of the Board of Directors of OTP Group, and Aleksandra Babić, Director for B2B and Product Marketing for Europe at Mastercard.

The conference will cover all relevant industry topics from banking and personal finance, privacy and cybersecurity, artificial intelligence and blockchain, to digital identity, InsurTech, open banking, and regulatory technology. The exhibition space will span 1500 square metres, and a significant addition is an extra stage that will transform into a discussion platform for the latest technologies and potential trends after the first day of the startup program.

In the first edition of the Money Motion conference, ten promising teams were selected from numerous applications for the Startup stage. They pitched their solutions to a panel of representatives from leading investment funds in the region, and the top three shared a prize fund of 5,000 euros. The main winner was ViaBank, a startup from Bulgaria with open banking technology for payments, taking home a 3,000 euro check. Applications for the Money Motion 2024 startup pitch are already open, with the prize pool doubled to 10,000 euros. You can apply here on the Startup Competition subpage.

The upcoming second edition of the Money Motion conference promises an even more enriching experience with additional content. Apart from the anticipated evening entertainment, organisers are strategically planning a variety of smaller events and activities throughout the conference to surpass the memorable experience of last year, lingering in the minds of attendees for months.

Early Bird tickets are currently on sale for 169 euros, and you can purchase them here on the official website.

In a society that prides itself by the number of soon to be or existing tech unicorns, fastest growing tech companies in Europe, and similar with most awards for different noteworthy achievements, there is one success story that by now most have heard of. It is of an entrepreneur who did not develop software, but an event for those who do. Ivan Burazin is a startup founder who is widely recognized for the largest developer conference in Europe. It was back in 2012 that he brought together around 250 dev enthusiasts. The year later, he doubled it. The next one, he did the same. Almost three years ago, Infobip acquired the conference, making Ivan Infobips’s Chief Developer Experience officer and enabling Infobip and Shift to grow further together. This year, we’ve seen the first oversees edition of Infobip Shift in Miami, USA. In the meantime, Burazin prepared for his last rodeo, focused on starting up a new project – the one in which he continues to support developers around the globe – this time with a tangible tech solution.

What has led him to focus on developer experience, how does investing in it make sense for business, and what are the main differences in developer experience and ROI between unregulated and regulated industries, are just some of the topics we touched upon in our conversation below.

1. You are a serial entrepreneur, you’ve built and sold businesses, you’ve built and spread communities, you’ve almost single handedly sparked up an entire movement of socialising and knowledge sharing in Croatia and the region. But to be completely honest, what is it that you actually wanted to do when you were still in school? What do you think your younger self would be most surprised by?

Thank you for the kind words. I don’t feel that I did much, but hopefully, some of my work helped spark ideas in Croatia and around the region. At different times during my childhood in school, I wanted to pursue different things. Probably the largest portion of it was oriented towards making video games, although I wasn’t very serious about it because I didn’t start learning to program until university. However, I did like to draw. In high school, I pursued a civil engineering degree. So, at one point, I wanted to be an architect, but then I shifted back to tech. Struggling with programming, I abandoned the idea of video gaming and switched to system engineering. I went back and forth through many interests, and my lack of social interaction was evident. Being part of creating a social event like a conference was very unexpected for me, and probably for everyone else, but I’m glad I did it right. That’s probably what my younger self would be most surprised by – that I didn’t opt for a desk job but chose to be on stage and talk to people.

2. Your work must have proved to you how important it is for experiences and insights to be shared and discussed within different members of the tech community in order for various industries to grow and benefit from new technologies. Would you agree? What would you highlight as the main benefits of bringing people, working on similar issues and solutions, together in real life? Or, if we were to turn this around, what is necessary in such events for them to be successful?

Absolutely, the shared journey of discovery and problem-solving in tech is nothing short of essential. When we get the right minds in the same room, magic happens – problems that seemed tough alone become puzzles we solve over coffee. It’s about those ‘aha’ moments that come from a chat in the hallway or that spark from a workshop where everyone speaks the same geek language. To nail such events, you’ve got to mix the right crowd, hands-on sessions, and throw in plenty of chances for those casual, genius chats. Because let’s face it, the real deal happens when we connect, not just when we convene.

3. Throughout your career you have centred your efforts around making the job of a developer as painless as possible. The knowledge and experience shared at the largest developer conference in Europe, being just one of them, you have also written on the topic of how important developer experience is in order to have a good user experience. Could you elaborate on this here in just a few words?

I have probably spent the majority of my career making developers’ jobs easier or – at least – aspiring to make their jobs easier. First through Codeanywhere, which was a mildly successful, then through the Shift conference, which I feel has helped in different ways. Now I’m trying to make their lives easier with Daytona, a Development Environment Management platform, which we created to fundamentally enhance the developer experience.

I think that we have, as a society throughout history, tried to make things easier, but we’ve inadvertently made them much more complicated for software developers. I remember when I was working as a software developer in the late ’90s and early 2000s – a time that seems like a lifetime time ago, especially for some readers who may not have been born at that time.

Back then, it was fairly simple to get started and learn programming. You’d open an editor, start typing some code, and could run or preview your work right away. It was straightforward to get things up and running. Today, the learning curve is much larger due to the multitude of products and services created to make our lives ‘easier.’ Ironically, they have, to an extent, made the learning curve for software development much harder. Our goal is to bring back that initial feeling I had when I was younger – the ‘let’s work and let’s do it right away’ mindset. We want to help developers focus on what matters: coding. Leave everything else in the background for now. We don’t want to remove everything; engineers can still take a look at what happening under the hood if they want. But right off the bat, if developers want to try something out, they shouldn’t have to waste time learning unnecessary complexities just to get a simple app out the door.

4. There is a substantial difference between developing new products in finance and payments and other services, on the one hand because of a long and heavy tradition and customer expectations, but on the other because of strict regulations and sensitive information in the FinTech industry. What have been some of your observations on this matter – does that influence developer experience, does it influence the appeal of the job, or the investment in new technology generally?

When comparing an unregulated industry, like customer service, to a regulated one, such as banks, the products, services, and overall developer experience are noticeably different. This discrepancy isn’t intentional but arises due to the stringent regulations in certain industries. These regulations impose additional rules that companies, and their developers must adhere to, leading to a somewhat degraded experience. This distinction is evident even from a customer standpoint. If we compare software in banks to that in customer service companies, for example a traditional bank compared to Zendesk, the customer experience with the first tends to be less favorable. It’s not to say that financial industries can’t catch up; indeed, they have been catching up. FinTech companies, emerging seemingly out of nowhere, have revolutionized the financial world by providing a customer experience on par with modern tech companies.

I also believe that developers within regulated industries can be exposed to a similar level of experience, whether it’s through APIs or the software they use or build. However, the inherent nature of regulated industries often results in a slower pace of progress. It becomes imperative for these industries not to be displaced by newcomers but to actively catch up with evolving trends.

5. Numerous studies in 2022 showed that large and high growth companies achieved significant ROI after they invested in and deployed better dev solutions. How would you argue that point to a traditional institution such as a bank or a rapidly growing startup in payments?

Absolutely. The ROI is undeniable. Drawing from our internal research at Daytona, we’ve found that developers spend anywhere from 50% to 70% of their productive time not being productive. Productive time, in this context, excludes administrative tasks like emails, meetings, holidays, and other non-core activities. More than half of their core time is consumed by tasks such as setting up development environments, debugging, waiting for builds, or waiting for tests – resulting in a significant loss of productivity. From a financial perspective, considering half the salary of a median engineer in the United States, this translates to approximately $100,000 annually wasted per developer. Moreover, the extended time to market is a considerable challenge, as it takes twice as long to reach goals when engineers lack the free time for efficient work.

This issue is precisely what we are addressing at Daytona – aiming to assist companies in overcoming these challenges. However, this principle extends beyond just development environments. Investing in the overall experience of developers, whether internal or external, yields a staggering return on investment.

6. We imagine Daytona is on its way to eventually showcase the same results to its clients. What is it about your new company that differentiates you on the market?

It is all about enhancing the developer experience and boosting productivity. What sets us apart, I believe, is our approach to abstraction. While competitive products may offer one or maybe two layers of abstraction for developers, we take it a step further by eliminating all complexities. That way the developers can get up and running seamlessly.

On the other hand, many products in the market hide complexities even from proficient engineers. We take a different approach. While we make the onboarding process extremely easy and conceal all complexities, any engineer can choose to open up and delve under the hood to examine those complexities if needed. This approach ensures versatility, catering to both junior and senior developers across the spectrum. Our solution works seamlessly from end to end, providing assistance to developers at every skill level.

7. This year at Infobip Shift, we had a chance to hear numerous experts announce the new age of AI developers – a complete new job and set of expectations from developers that comes hand in hand with using AI – an almost paradoxical situation in which acquiring a tool that is supposed to make it easier for you to solve your issues demands for a completely new set of skills in order for it to be used efficiently in the first place. What is your stance on this, how do you see this new challenge unfolding? When talking to others in the industry, is it even perceived as a challenge?

AI is perceived in different ways, and we will see how it continues to evolve. We see the corporate world enthusiastically announcing AI initiatives, often driven by stock prices and positive market reactions to anything connected to AI. It appears to be more of a marketing push than a true reflection of its widespread application. This isn’t to say that AI hasn’t been beneficial; it has indeed made an impact. However, there seems to be a disparity between its media portrayal and its actual presence in the real world. That being said, a substantial number of developers, I would say approximately half, seem to be utilising GitHub’s copilot code-assisting tool. And, there are other similar competitors like Tabnine and CodiumAI. Many companies and individuals are now using AI-assisted tooling, which I think is great. It’s very similar to how people use ChatGPT for writing and creating content – it helps them and augments them as writers, as creators. This augmentation is expected to improve over time.

On the other hand, there are AI coding agents, essentially full-fledged engineers that you can assign tasks to, and they autonomously complete and commit smaller tasks back to the main project. While still in its infancy, this technology is anticipated to advance. Despite these advancements, we are still far from a world where developers don’t exist. Software engineering, as mentioned at the beginning of this interview, is becoming more complex, not less. The human element, especially the expertise of very skilled senior developers, will continue to be crucial. However, AI’s role in handling routine tasks is likely to increase. Developers should equip themselves with the skills to use AI as an augmentation tool, as proficiency in AI assistance can significantly boost productivity. This is especially important in larger teams with numerous engineers with 100, 1,000 or 10,000 engineers – if proficiency in AI assistance increases productivity by just 10% across 1,000 or 10,000 engineers, that’s a huge difference. It’s an aspect that every engineer should consider, as those not actively using AI may find themselves falling behind and experiencing prolonged project timelines.

8. Finally, given your insights from the tech community, but also personal experience, what do you expect to be the next big thing in FinTech?

FinTech had a very big boom. The FinTech industry experienced substantial growth, mostly due to zero interest rate policies. Now that they’re gone, I think what we’re going to see in the foreseeable future is a lot of consolidation from the FinTech industries. So in the next period, I think it would be interesting to see how the market evolves, who survives and how they survive in creating a stronger, more sustainable FinTech industry.

The adoption of novel FinTech services is growing by the minute, in Croatia and the wider region. User willingness to try new innovative ways to manage their money is highlighted in the number of users of Revolut that has increased by more than 10 percent just in the past six months since Money Motion 2023. This was the first time Andrius Bičeika, Partner at Revolut, visited Zagreb and revealed Croatia was among the top 20 markets of the leading neobank in the world. In this conversation, we touched upon more recent data, including the fact that just in the CEE region, Revolut has more than 10 million users, hoping to get to a number of 400 thousand in Croatia by Money Motion 2024. The greatest news we discussed is the new feature for Revolut users – the RevPoint program which has just been launched and Croatia, together with Greece and Malta, is the first market to receive it. This program will surely motivate users to engage in money-savy challenges and change their financial behavior for the better, as for each achieved goal they will receive valuable points to exchange for lifestyle benefits with Revolut’s partners.

What led to Revolut’s customer base expanding by 43 percent last year, what will the robo-advisors do for their users, and what changed with the apps latest redesign, read more in our conversation below.

1. Money Motion in March 2023 was the first time for you to visit Croatia and during the conference you revealed there were more than 330 thousand users of Revolut in Croatia, making it one of the top 20 markets for the company. Has your presence at Money Motion, or the presence in media following the conference, contributed to any changes – such as a rise of new users in Croatia or the neighbouring countries, or an introduction of a new group of users, or a new trend in the way the services are used?

We have just passed 370,000 customers in Croatia and Zagreb got to the top 10 cities by retail customer base in the CEE region this year and I am sure Money Motion helped us to get there. We have recently surpassed 10 million retail customers in the CEE region with a growing importance of Croatia as a market as well.

Croatians made over 12 million card payments through Revolut this year, 57% more than in the same period last year. Of these, two-thirds were made locally, suggesting that Revolut is increasingly being used as a daily bank account. 

We are on track to serve 400k customers in Croatia by the Money Motion in March next year. 

2. In earlier interviews, you revealed that it is mostly men and urban population, and finally business professionals that use Revolut. Is this in line with your other markets? Is there anything you could point out as a specific trait of our market, or have you observed a difference between some CEE markets in general comparing them to others?

We see similar trends not only in the CEE region but in the whole Europe, with more and more people choosing Revolut as their primary bank account for daily spending, not just when travelling.

The increasing popularity of digital banking in the region can be explained by the results of a recent representative study conducted by Dynata on our behalf. Almost half of the respondents prefer digital banks: 34% of them for its flexibility and 12% for a better control over their money. One third of respondents said they would prefer both: a bank that offers branches and a second bank account via smartphone. Only 12% still prefer a brick-and-mortar bank mainly due to the need for direct interaction.

3. You also mentioned earlier that Croats use Revolut to invest their assets, partly in the US stock market and partly in cryptocurrencies. Could you reveal if there has been a change of heart in these investments during this year possibly due to FTX and inflation; and how many users are we talking about here – is it a majority of users or a specific group?

We have many exciting news in this space as our customers in Europe, including Croatia, now have even more assets to choose from when investing. Earlier this year we added ETF’s, EU listed stocks to our investment platform and launched flexible accounts for smart saving. And we are not stopping there with Robo advisor for automated investing and bonds next on our list. 

4. Revolut has multiple membership plans with different benefits. Could you tell us which plans are mostly used in Croatia or in general?

Premium is our most popular plan taking up half of all paid plans customers in Croatia, followed by Metal. We have recently revamped our paid plans and added a variety of subscriptions from Financial Times, NordVPN, to Tinder and others giving customers up to 1,700 EUR additional value per year.

5. On the MoMo stage, while talking to Ivan Burazin, you said ‘customer is king’ and how that is a core leading thought of your business. Which features or changes during this year would you highlight as Revolut’s way of acting on that thought?

This year we had multiple examples of keeping customers at the centre of everything we do. We launched Flexible accounts in Croatia and some other European markets – a smart way for customers to earn interest on their savings with the possibility to withdraw their money instantly. We kept democratising the access to financial instruments that for years were either granted to traditional banks and professional traders or difficult to access to the wider retail public.

We also completely revamped revolut app and launched Rev10 – apps biggest redesign yet, built to make everyday money management for customers as easy as possible, with special attention for those who use Revolut as a primary bank account.

And right now we are piloting our first pan-European loyalty program RevPoints in Croatia and Greece, so our Croatian customers are the first to collect points for their everyday spending, turning card payments into exciting benefits – airline miles, or hotels and homes in dream destinations. And I’m sure we are just starting here. 

6. Can you tell us more on the loyalty program and what it entails?

Revolut’s groundbreaking RevPoints program is reshaping the landscape of everyday spending, turning routine transactions into exciting ventures. Users can turbocharge their rewards through money-savvy challenges, from setting budgets to achieving savings goals.

The “Spare Change” feature in the Revolut app adds an extra layer of thrill by rounding up transactions to the nearest whole number, effortlessly converting spare change into RevPoints. RevPoints’ versatility shines as accumulated points can be exchanged for Avios or converted into Flying Blue Miles, offering an array of travel options with IAG airlines and their partners.

The adventure extends beyond travel, with users gaining access to nearly 2 million Stays in dream destinations via the Revolut app.

Soon, Revolut users can enhance their holiday experiences by using RevPoints for Revolut Experiences. With over 300,000 options, from admiring the Parisian skyline to relaxing in Budapest’s Széchenyi Thermal Baths, RevPoints transforms each transaction into a gateway to financial growth and unforgettable moments.

7. You mentioned then how your onboarding process takes 14 clicks in comparison to some other banking apps that take 81 clicks to board a new custom on. Has that number shrank since March? What is the main difference between you and them – what makes their process so significantly more complicated?

We always prioritise customer centric design and technology without compromising security or compliance and this commitment still sets us apart. We aim to make financial interactions as effortless as possible for our customers, and not only our streamlined onboarding process reflects that. 

Just another example on how we make things faster and more convenient is our partnership with one of Croatia’s largest telecom companies A1 offering fast, simple, and secure payment method Revolut Pay. Purchasing their prepaid vouchers through Revolut Pay can take less than 10 seconds, which is seven times faster than using traditional methods.

8. Last month you launched Revolut 10 which focuses far more on personal finances as a matter of lifestyle. The design is slick and easy to use. What was the strategic customer insight behind your redesign? What was it that your customers wanted and got with it?

We built Revolut 10 to help customers get a clear view of all of their accounts and money in one place and easily navigate through favourite features and products. It’s our biggest step forward to helping our customers make Revolut their primary bank account. We know every customer is unique and has individual needs, so we’re offering customisation options as well.

9. How do you provide lifestyle services? Have you literally built additional departments in Revolut to develop only these features or have you partnered up with other companies?

We do have a dedicated department for Lifestyle services, developed inhouse and cooperating with global well-known partners. Apart from recent paid plans update with popular subscriptions, in Croatia we also offer Stays, where customers can book almost 2 million holiday homes and hotels, or choose from over 300,000 experiences – tours, activities, and travel attractions –  all available in the Revolut app. 

10. Given the current economic climate and the financial insecurity felt far and beyond, people have already started to pay more attention not only to what they spend on and how, but the financial products they use. What do you think will be the competitive advantage of Revolut in the coming six to 12 months? What about it makes it characteristic in the tension between FinTechs and legacy institutions? 

Speed and responsiveness to changing customer needs will always be our main advantage. As the financial landscape continues to evolve, we aim to be at the forefront of it while building a truly global bank. The more we scale, the more our costs come down and the more value we can make for our customers.

11. You have also started some new collaborations on our market, and have attended numerous other events over the year. What is your next step on the Croatian market, and what is your plan for this region in general?

We continue to strengthen our position as a leading digital bank in the region and a fast growing pan-european player in the industry. We are pleased to see the impact our digital banking offer has on the financial ecosystem in this region as our customer base in the CEE expanded by 43% last year alone. We are looking forward to bringing our product to many more customers in the weeks and months ahead and to expand our banking presence in Croatia and the whole region.

12. One of the main predictions in the industry for 2024 is the wider adoption of AI technologies. Do you see this prediction as a result of realistic expectations or a result of a hype around AI in 2023?

There is definitely some level of hype surrounding AI, especially given the enthusiasm the technology attracts. Business must now enter the phase of practical application of AI. For example we are soon launching a robo-adviser product for European customers to automate their investment portfolios. Revolut’s Robo-advisor will allow users to invest in chosen portfolios based on their risk tolerance, and rebalance automatically as the market moves.

We haven’t fully integrated AI into the product just yet but our aim is to make it fully AI-driven. 

13. You have been part of Revolut since its early days. The 21st employee, if I remember correctly. What has been the greatest challenge for you personally during that ‘hypergrowth’? Is there anything today you would have done differently?

I would have moved even faster.

FinTech funding is going through its lowest drop in years. Analyses of trends all over the world are showing an increasing hesitation of investors and funds in supporting FinTech startups without substantial business merit and demonstrated market self-sufficiency.

In more than 25 years of business experience, Božidar Pavlović, CEO of Jackie agency, has stayed consistent in juggling both finance and technology. Banking IT systems and payment solutions were the stepping stones of his career which only led to high management positions in the financial services industry. Today, he is at the same time an entrepreneur, a board member of an aspiring tech company in Croatia, a business consultant, a VC baker, and a friendly face in numerous conferences around the world. So we asked Božidar to explain what is actually going on with FinTech funding and on the market more generally.

How well are the financial incumbents and FinTech collaborating, which major challenges and changes can we expect on the financial and tech market next year, what BNPL and stablecoins are really about, are the major topics we discussed.

1. What would you highlight as the greatest leaps of change that have happened during your career in this industry?

Every couple of years there’s a new hype, so during my tenure there were really many leaps of change. When I started my career in tech, the internet itself was not as ubiquitous as today, so as you can imagine, there were lots of challenges. Starting from introducing emails as a means of communication – hard to imagine, I know – all the way to today: how to introduce AI as a tool to increase efficiency. In between those cornerstones, we had to migrate from mag stripe to chip cards and then to contactless payments, mobile phones became omnipresent. The sheer beauty of being able to read emails on your phone quickly became a curse. So, the tech and financial industry started building ecosystems around them. Then the cloud entered the scene, followed by software as a service, blockchain was born soon after that, and here we are, almost quarter of a 21^st century gone.

2. If you had to give a score to the adaptation and collaboration of legacy institutions and newcomers to the scene of the industry – what would it be? Can you elaborate on what you had expected and experienced so far and what you see happening today?

It started with a solid zero – established institutions, the incumbents, didn’t want to collaborate with ‘young ones’ simply because they didn’t have to. Their internal teams and their development pace were self-sufficient. Then things started to speed up: with the nascent of internet-based technologies the chances of technology breakthroughs became more or less equal in most places in the western world, the bureaucracy and hierarchical organization took its toll in the big corporations, and slowly yet surely small players started becoming systemically important because they were quicker, leaner, swifter, and more cost-effective. That lead us to today’s situation when established companies simply need to cooperate with tech startups, because it’s the only way for incumbents to innovate. 

3. The latest analysis of S&P Global Market revealed that the FinTech funding has hit a new low in Q3 2023. In general funding in FinTech this year has been lower when compared to the last five years which used to be described as a FinTech boom on the market. At the same time, the mentioned analysis highlights that the late-stage investments have made a comeback compared to the beginning of the year and show more resilience on the market. What exactly is going on? To what extent can we attribute this change in investment to economic insecurity, trends in the industry, or lifecycles in investments of this sort?

Nothing unexpected is happening really. Investment cycles always had their ups and downs, and they don’t affect just FinTech. The world events just took their toll. I reckon it all started with Covid-19 and financial injections to revive the economies, which caused inflation, and then recession, war in Ukraine has its effect too etc. However, we see first signs of recovery, and I am sure we will see many more investments in the near future. Yet, as compared to pre-crisis time, solid product market-fit and ability to show traction will be more important than ever.

4. Let’s put this pain point in the context of Europe where FinTech funding in Q3 this year was halved in comparison to the same period last year. What is the state of the industry in Europe? What are the biggest challenges of moving forward?

Europe is overly regulated, highly fragmented and split between various interests that are often only in service of the national states, without the wider vision for ‘United States of Europe’. It’s getting older and slower day by day and doesn’t show any intent to accelerate the accession process for the eastern countries from Balkans and wider. This obviously hinders innovation and is making Europe way less competitive, especially when compared with US, China and recently with Southeast Asia as well.

5. A recent report by McKinsey from October under the name FinTech: A new paradigm of growth, suggests that this fall in FinTech funding might as well be one of the first signs of fintech market maturation. At the same time the report suggests that it might be a great opportunity for FinTech companies to take a more sustainable business turn as the fall in investments also implies that growth is not expected at any cost, but at a smaller cost. Would you agree? Is there or should the future of FinTech be more sustainable?

Although I don’t particularly appreciate the insights from consultancies such as McKinsey, I have to admit this report is fairly correct. FinTech needs to become more sustainable not only with their P&L, but also by addressing problems of the wider population, not only tech-savvy workers. Sometimes it seems techies are building fintech solutions just for their own sake. As an example, there’s still a huge part of humanity not being able to access the basic financial services. FinTech needs to find innovative ways for financial inclusion, especially in South America, Southeast Asia and Africa.

There are also important challenges in the so-called “modern” world where FinTech should put its focus such as enabling the financial inclusion of refugees and migrants. In other, more suitable words, borrowed from Ravi Menon, MD of Singapore Monetary Authority of Singapore, “FinTech must have a larger purpose. It must solve real world problems, help off people’s lives and promote a more inclusive society”. 

6. There are numerous trends being predicted for 2024 in FinTech, but an interesting one is BNPL which many expect to grow, some even for it to double. Low barriers to entry and high demand for such services have led to a surge of new BNPL startups, with more than 200 service providers just last year. However, a recent report by Moody’s predicts that 2024 will either be a make it or break it year for this type of service. Namely, the report claims that the difficulties in their business as it is now have resulted in at least five years of industry losses, paid for by venture capitalists backing the businesses. What is your stance on this type of service and what would you expect of it in the future? Do you think there is a scenario in which the largest BNPL providers on the market remain on the forefront of such services, not being outrun by tech or legacy payment companies?

In my humble opinion, BNPL is just another hype. I’m not too impressed by its appeal, because I feel this is just a mutton dressed as a lamb. Even in Croatia, financially underdeveloped as we were, we had a hugely popular and successful phenomenon of Amex and Diners charge cards. This trend started in the late 80s and was at its prime from 1996 to 2016. Their business model was, in essence, BNPL.

It needs to be properly regulated because its appeal to young generation of inexperienced customers, combined with the overall consumerism, can quickly result in serious indebtedness. There are actual reports showing the serious financial illiteracy of Gen Z and millennials, so the appeal for stronger regulation and better education of consumers is of outmost importance. BNPL companies are famous for ubiquitous marketing, which partially led to them not being profitable, but they don’t care too much for educating their customer base, on the contrary. So – no, I’m not a huge fan of BNPL, but I have to appreciate their evident ability to effectively eliminate friction from the purchasing process.   

7.Another interesting remark of that same report is that regulators are increasingly seeking to protect consumers and ensure all BNPL financing abides by the same standards and that, therefore, profits may shrink, and compliance costs will likely rise. What exactly is it at the moment in the way BNPL works that should be better regulated and how do you see it unfolding in the near future?

When we unwrap the BNPL process, we can see that their interest rates are quite high, when applied on an annual level. There needs to be a regulated ceiling for interest rates, because leaving it to the open market might be dangerous for customers. In other words, you’re right – compliance costs will grow and BNPL will see shrinking profits, which is quite normal and expected to happen with every new technology or business model over the years. 

8. A hot topic already, and especially next year, will be the question of blockchain technology in the industry. Blockchain has been introduced to the masses primarily through recurring rises and falls of cryptocurrencies, which do not necessarily build certainty, much less trust in public. However, at the same time we are on a path to introducing stablecoins in the EU. Do you think the potentially negative associations with cryptocurrencies might affect the public trust and make it difficult to successfully launch stablecoins in Europe?

Let’s make a clear distinction between cryptocurrencies, aka altcoins, and stablecoins. Besides a few exemptions, cryptocurrencies didn’t really live up to our expectations, mostly due to many scams and weak compliance. At the same time, stablecoins do have a clear logic behind them. Mostly they are digitalised currency tokens connected and fully backed up 1:1 with hard currencies like USD or EUR. So, for every issued stablecoin unit there must be a proper 1 USD somewhere, or at least a 3^rd party control must confirm that this statement is true. That’s why I believe stablecoins do have a certain future, at least until central banks start issuing CBDCs, which would be a digitalised version of standard hard currencies and we will use them in our wallets just like we use standard banknotes and coins. 

9. It is usually not the knowledge of the technology or the common understanding of how things work that makes us accept and use something, but the accessibility and benefits of it to our everyday lives. What will be the main advantages of introducing stablecoins to our market? How would you explain it to a random citizen in a street?

Well, a random citizen today will most probably have no reason to use stablecoins really, unless this person is very tech-savvy. But, as said earlier, I am very fond of digital euro, in the form of CBDC, where I believe every citizen in the future will have their own wallet where this digital euro will be stored and spent, just like we do today with our physical wallets. This is the inevitable digitalization of paper money, but the average citizen will need to be properly educated – the due care should be paid to vulnerable groups like older population, those economically challenged or not digitally advanced.

10. Finally, what do you expect to see in 2024 – what do you think will be the major issues, or which hurdles do you expect to be overcome by the end of 2024? What personally excites you the most?

I expect to see more investments in Croatian ecosystem, some new VC funds emerging with the focus on this region, and last but not least – I expect MoMo 2024 to be much bigger and better than last year’s!