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With each other, against each other, symbiosis or partnership? These are just some of the terms that keep cropping up in the relationship between FinTechs and traditional banks and describe the diversity of approaches.
Prof. Dr. Hans-Gert Penzel teaches and conducts research at the University of Regensburg. The recognized financial expert was, among other things, Director General and CIO of the European Central Bank from 2004 to 2010. In this interview, he talks about the future of ownership.
“FinTechs are increasingly competing with traditional banks in their core business,” was the headline in Handelsblatt 2021. Since then, the situation has intensified further: Klarna, for example, which has had its own banking license since 2017, has been offering its customers a free checking account in addition to various installment payment options in e-commerce since February 2021.
Merchants, payment service providers and banks are under pressure from new challengers
Buy Now, Pay Later (buy now, pay later – BNPL) is a global trend and a billion-dollar market. The main reason for this is the increasing merging of purchasing, payment and financing processes. Companies such as Klarna, Afterpay or PayPal threaten the basic structures of retailers, payment service providers (PSP) and banks with their offer, because the entire transaction process takes place directly on their systems. Handelsblatt has with the payment expert and axytos managing director Dr. Karsten spoken by Diemar. The fintech axytos, founded in 2019, as a BNPL enabler, enables platform-based access to the entire BNPL world via advanced white label solutions.
Matthias Schubert has strengthened the management of Axytos as Chief Risk Officer since the beginning of April. The new CRO of the fintech is to play a key role in shaping the national and international growth of Axytos in B2B and B2C. His primary tasks include further establishing Axytos as a leading innovator in white label BNPL enabling, while flexibly addressing the individual business models and risks of Axytos’ customers.
In the ‘Consumer Financial Services’ segment, trade credit sales will increase by 19 percent to 499 million euros in 2021.
Banks should definitely talk to axytos now to enter this highly profitable market immediately!
From the Finanz-Szene article: “However, the e-commerce business has grown by leaps and bounds. For example, the “number of transactions in purchase on account alone rose year-on-year from a low six-figure amount to a seven-figure amount.” In other words, a sheer explosion. The main reason for this was probably the entry into “Buy Now, Pay Later.”
It is a creeping process: banks are increasingly losing contact with manufacturers, online retailers and the POS, as they cannot offer these target groups credit and financing products that a buyer expects there today. Banks are also losing contact with the end customer, as many transactions are no longer processed or financed via the account. The FinTech Axytos picks up here and provides a remedy.
The Buy Now Pay later enabler Axytos is a new member of the partner network of the ibi Research Institute at the University of Regensburg.
Axytos opens up access to the entire BNPL world for invoice purchase, direct debit, payment by instalment or part payment for companies via white label solutions without default risk. Retail, e-commerce, banks, payment service providers (PSP) and marketplaces benefit from the individual BNPL-as-a-service solutions for international use. This enables them to develop new business models, expand existing ones and win back market shares. The cloud-based Axytos platform also allows digital business models to be easily set up, flexibly adapted and immediately monetised via a single API and according to the plug & play principle.
In our series: We regularly ask one person from the payment and banking industry the same ten questions, who are faces of the FinTech industry. This time Karsten von Diemar from axytos GmbH answers our questions.
Working in the FinTech industry is like coming and going, it requires a high degree of professionalism in a thoroughly relaxed working environment and is above all characterised by innovations as well as good, clever and future-oriented ideas, according to the widespread consensus. But who are the brains and drivers behind these creative thought processes at the interface between finance, digital technologies and entrepreneurship?
The touchpoints between banks and customers continue to diminish. In 2020 alone, 2,600 branches were closed. The personal conversation with one’s bank advisor has become a rarity. Online and app banking is often more convenient. Thus, the customers are also less known. A problem when it comes to loans. The FinTech axytos (atriga subsidiary) now wants to help the institutions with its novel technology platform.
To offer potential buyers a better user experience, merchants should also be able to spontaneously adapt their prices or payment methods to the demand behaviour and preferences of their customers. This is where the fintech Axytos comes in: With its cloud-based platform, it supports e-commerce companies in processing data, increasing the speed of online transactions, and securing payment methods.
Why don’t you briefly introduce yourself and the start-up axytos to our readers?
My name is Karsten von Diemar, I have a PhD in physics. In the course of my professional life, I have been able to gain a lot of experience in product and project management as well as in the sale of payment solutions for trading and service companies. The Fintech axytos is an innovative Buy Now Pay Later enabler. With its cloud-based platform, axytos holistically supports e-commerce by providing a substantially enhanced white label solution for payment-guaranteed invoice purchases.
What experts say
„The axytos Decision Expert is the solution for my payment method control. The plugin is greatly integrated in the store. Now I make more sales with purchase on account and direct debit.“
„Purchase on account is the most important payment method in my store, unfortunately with payment defaults. With axytos Decision Expert I now have more sales and still less payment defaults.“
„axytos gives you a lot of leeway, much more than we were even aware of before, and can definitely be recommended without restriction.“
„Enormous expertise of the entire team“
„We now have the ability to determine ourselves and have been able to significantly increase conversion rates as a result.“
„Never seen a comparably intelligent approach.“
„We are glad to have integrated the axytos white label solution. The buyer doesn’t notice at any point that there is someone there to hedge our risk.“
„The axytos platform is excellent!“
„Before we got to know axytos, we could not even imagine that such an offer existed. Our buyers are totally satisfied and the turnover and acceptance rate for purchase on account have risen to dream values.“
We will be happy to establish personal contact with the aforementioned references.