Arvato Financial Solutions is working with leading financial incubator Startupbootcamp FinTech
In keeping with the philosophy, "finance goes next generation,” Arvato Financial Solutions is investing in Startupbootcamp FinTech, which specializes in supporting financial-technological innovations and the latest technologies in order to provide for and equip financial services. In doing so, this Arvato subsidiary is going beyond the scope of a classic financial service provider. In the future, its goal is to be able to use innovations to provide a stronger response to the demands of global customers. For the time being, Arvato Financial Solutions has committed itself for a total of three years with a six figure cash (€) contribution.
"We aren't expecting the financial industry to be revolutionized by new technologies as quickly and extensively as the music industry at the turn of the century, for example. However, in the coming years, we do expect our sector to see marked changes, most of which will be driven by new entrants to the market." That is how Michael Weinreich, CEO of Arvato Financial Solutions and board member at Arvato, assesses the future development of the financial industry.
In an environment like this, the start-up scene is providing the classic financial institutes with streams of challengers. They are not necessarily in the process of reinventing the banking business. Instead, they often use the existing banking infrastructure as a basis but put forward creative, unusual and innovative business ideas. They are often start-ups who initially developed software modules or complete IT solutions for banks. In Germany alone there are more than 30 providers competing for market share – from small start-ups to large providers of telecommunications and credit cards.
Michael Weinreich emphasizes Arvato’s commitment to Startupbootcamp FinTech: "We do come from the traditional financial services industry, but because of our global orientation, it is also precisely this expertise that we now wish to employ in the next generation of financial transactions, so as to benefit all of our customers. That’s why we are increasingly promoting technologies that radically simplify all kinds of payment flows and the way that money is managed. In the future this will enable us, along with our partners, to cover the entire financial value chain."
Nektarios Liolios, managing director at Startupbootcamp FinTech, said:
"Arvato has a rich history helping to deliver successful IT projects across a number of industries, including the financial services sector. The company's expertise in this field will greatly benefit our startups, helping them negotiate the often far-from-simple systems which support our banks and finance organisations. We're really excited to welcome Arvato to our growing community of partners and looking forward to working with them."