Megrow Goes Fintech – It’s Not about ERM

or is it?

Oracle was very kind to invite me to their innovation summit in May 2018. They choose an auspicious location, namely the Fintech Hub in Singapore. So, the first question was, “what am I going to wear?”. After some deliberation, I decided to wear black jeans, non suspicious Dr. Martens tasseled loafers, an ironed shirt (not tucked in) and use my Freitag laptop bag. That should be enough to blend in smoothly, or so I thought. I stepped out of the elevator, spotted the modern office design and layout and felt elated when I looked around. Post registration, I was escorted to the actual event location. Oh boy was I wrong about the dress code: the Brioni’s, cheaper clone’s thereof and the Louboutins were omnipresent. It turned out to be a banker’s conference, after all….

and then?

A few important take-away messages emerged, so the event was a full success from my point of view (leaving the missed dress code aside…).

key message #1: the world is under-banked, which is not a surprise per se.

key message #2: the all-out banktec disruption (aka the uberisation of banking) is NOT happening; hasn’t happened and won’t happen; period.

key message #3: its now Fintech 2.0/3.0/4.1 (pick your number), where established players and start-ups find ways to leverage on each other’s strength.

These three messages sound very familiar to the insurance community, where the initial believe in an uberisation have largely waned as well. Hence, it’s time to make clever use of smarttech to improve customer experience, reduce operating expenses and reap other benefits. Insurance executives replace “under banked” with “protection gap”. So who copied whom or is this a clear case of convergent evolution?

Thank’s again to Oracle for hosting this event. Hopefully another Innovation Summit will follow soon.


No, in this post I wont make a case for ERM, although it is tempting to do so. If you feel like “ERM”, read one of the more technical ERM-blogs here.