By Teo Blidarus, CEO & Co-founder · March 01, 2022
3 minute read

The banking revolution lies in customer-centric and differentiated innovation

We recently sponsored Future Banking’s Digital Scorecard for the banking industry in Romania. You can read an introduction by our CEO and founder, Teo Blidarus, below.

The banking revolution is not happening in an office or a branch. It’s happening in our phones and laptops, it’s happening virtually, and it’s happening every day. The revolution is fuelled by regular people needing simpler but more diversified products and services that can evolve as fast as they do. 

So, what does it take to come ahead in this game? That’s a pretty loaded question, especially when we consider that the competition is rife with global stalwarts, fintech powerhouses, neoplayers, and challengers that are now opening the embedded finance space. 

At FintechOS, we’ve simplified this question by making sure we put the customer at the center. For us, we take pride in obsessing about consumers’ needs. We know we must make that the mantra, and only once that is in place can we tackle the challenge ahead of us: deliver continuous, customer-focused innovation, at speed.  

Teodor Blidarus, CEO and Co-Founder FintechOS

When we are able to combine speed, differentiated products, and better services, we get truly clear outcomes: increased revenue and customer satisfaction, new business segments being established, operational efficiency, and purposeful growth. 

When you look at the state of the industry, not just in Romania but in Western Europe and the rest of the world, it’s pretty obvious that the number of financial products and services is exploding. We can extrapolate that knowledge and predict that the future of financial services will be shaped by an unprecedented number of personalized offerings. We can already see all the main global trends aligning this way. 

And because innovation will be such an important aspect of the banking toolkit, I think the cost of product innovation and new services operation will need to drop. We already know that the new players in the market – the start-ups, embedded finance retailers, etc – operate at a fraction of the cost of traditional players and large incumbents.  

I think the big silver bullet for all this is time to market. There are companies that run as much as 50% innovation streams in parallel that are deploying customer value daily. The rest of the players will either need to catch up or build collaborations with innovative technology partners to keep pace. 

I believe that we have entered what I like to think of as the age of mass democratization of innovation. We now have an influx of creator-centric platforms, which is fuelling a true industry disruption by technology-focused challengers. The next step is empowering our internal makers — the creators within organizations. This is one of our goals at FintechOS, as I think this will be key — there are simply not enough engineers in the world to build, maintain, and operate all these new business lines. 

Finally, I believe that today’s incumbents will take one of three strategies: some might accept the new status quo, take a step back, and simply say they will focus on their traditional core market. Others will find partners to help them extend their services and move into this space. And a chosen few will reimagine their business model and adjust their vision to embrace the challenges of building an ecosystem of their own. These are the ones we should be watching out for. 

So let’s all leap further. Let’s be different. Let’s empower more. Let’s become innovation powerhouses. And let’s meet the revolution of banking head on. 


Download and read Future Banking’s Digital Banking Scorecard in full here.


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