Banks are evolving but fintechs much faster, reveals manager director Michiel Schipper from the technology supplier Topicus. According to Schipper, banks first have to get in the right state-of-mind internally. On top of that, innovation is often hindered by the extensive demands of the supervisors.

Schipper closely follows the latest developments and finds it interesting to watch how the mentality in banks is starting to shift as he explains, “Fintechs are still at the forefront, but they often have to deal with referral syndrome”.

A few years ago, Schipper witnessed that even the most promising fintech start-ups in the US did not survive the first three years, “The first two years they could make do with applications made by for example a ‘friends’ cousin’. But then they had to scale up, which was difficult and a significant number of companies went under”.

Read the entire interview at NRC Live

Topicus is sponsor of the NRC Live Fintech Impact Award.