How disruptor apps transform Fintech?

We kicked off Fintech Talks series together with Facebook to enable everyone to access financial services, innovations and developments in the technology industry. At Fintech Talks, our guests have shared the remarkable developments within the context of the fintech sector every Thursday for the past three weeks. In this week's session, we have taken a closer look at the practices leading the change in fintech industry.

The fourth session of Fintech Talks, "Leaders of Change in Fintech" was moderated by Arda Kutsal as in previous ones; with the participation of Mollie Pearse, EMEA Financial Services Vertical Marketing Lead from Facebook, and Kévin Debien, Paid Marketing Lead from Plum Fintech.

Fintech initiative focusing on artificial intelligence

Plum Fintech Kévin Debien gave us a brief introduction to Plum Fintech. Plum Fintech is a fintech application supported by artificial intelligence. Launchedabout 2.5 years ago by Alex Michael and Victor Trokoudes, Plum Fintech helps people to save money by analyzing bank transactions and save up regularly every month. It is also possible to open an investment account with Plum and make investments in specific areas.

It is possible to learn spending habits and save up

Plum uses Facebook Messenger as its main chatbot. In this way, the chatbot is linked to customers’ bank account while Plum learns about the account owner’s spending habits with artificial intelligence, allowing Plum to automatically deposit small sums in their savings account every few days. Plum Fintech currently only operates in London and Athens. According to Crunchbase data, Plum Fintech's investment to date is more than $10 million. The initiative received its last investment in November.

Facebook and Instagram are critical channels to attract the user's attention

While describing the relationship between Facebook and Plum Fintech, Debien points out that Facebook and Instagram are important environments to attract people's attention. Facebook sets the ground for finding more customers and getting more accurate and beneficial offers to both fintechs and other initiatives. Plum relies heavily on Facebook especially when it comes to targeting the right customers. Although the initiative is currently operating in two different countries, it will start to provide services in other European countries such as France and Spain in the future.

Plum Fintech can start operating in Turkey in the upcoming period

Arda Kutsal asked Kévinif they are planning to launch in Turkey or inMiddle East. Debien said they had such plans in the coming period, but they need to consider both the technology and regulations of the relevant countries. Stating that banking is a sensitive matter, Debien highlighted that they have to consider to many factors in order to provide a good service.

Facebook has stood by its customers throughout their journey

Mollie Pearse talked about the benefits Facebook has brought to fintech applications. In fact, Facebook helps its customers throughout the entire customer journey. Plum also partners with Facebook, especially with the applications of Messenger. Fintechs offer an end-to-end solution for users and fintechs are at a crucial point to achieve a truly digital experience. While Facebook offers this solution to fintechs, it also enables them to digitize an existing service thanks to Messenger. Stating that banks and fintechs have problems with call centers, Pearse underlines that digitizing this solution will help becoming more competitive.

It is easier to reach target audience with Facebook

Facebook and fintech companies can prioritize the needs and can shape their future plans accordingly. Facebook's extensive user base allows initiatives to expand its customer network and find "the right" customer. In the meantime, Facebook prioritizes the brand, the needs of the brand, the users to whom the brand appeals to, and shapes its customer relations considering these factors. In short, Facebook provides a highly personalized service by aiming the profitability of the business or enterprise.

Covid-19 increases demand for online banking

Pearse says that demand for online banking has increased during the Covid-19 period when the whole world had to stay at home. Pointing out that there are users who have "a dire need" in this regard, Pearse emphasizes prioritizing the needs of the customer. Stating that especially the users between the ages of 18 and 24 have a serious demand for fintech applications, Pearse says training should be provided on Fintech; and by doing so, it will be easier to reach the target audience and that they will acquire long-term customers.

It is always necessary to be available for new opportunities

Debien emphasizes that one should always be open to new opportunities. He also draws attention to the necessity of keeping customers in the foreground, just as Pearse. In addition, Debien states that Plum Fintech is making great use of Facebook ads, and that creativity is a very important factor for fintechs and other entrepreneurs to be successful.

The way you convey a message to the customer is important to become successful

Stating that finance is encrypted in the DNA of almost all organizations, Mollie Pearse emphasizes the importance of conveying a message to the users correctly in order to become successful. At this point, she underlines that even those who know their customers best can always learn new things. Facebook helps fintechs to create customer profiles with the help of its corporate diversity.

Traditional banking is being replaced by fintechs

Ultimately, Mollie Pearse says that fintechs have gradually overtaken traditional banking. Pearse, who previously worked at HSBC for many years, notes that the border between fintechs and traditional banks is now distinctive. Pearse notes that the banks in Turkey are quite innovative in terms of fintechs and successful in keeping pace with new advancements.