This July in Lagos, Nigeria, Flourish proudly hosted entrepreneurs, team members, and journalists within the financial health industry to discuss disruptions caused by start-ups, the meaning of financial health, and moves by fintechs to re-bundle to enhance commercial viability.
Business Day spotlights our managing partner Arjuna Costa’s insights, and his perspective on new trends that are changing the future. Read excerpts from Arjuna’s discussion below and view the whole article here.
Speaking at the event, Arjuna Costa, managing partner at Flourish, said that new trends are being developed and the motive of financial services have changed from not just being able to drive financial inclusion – and that the idea of Big Tech is moving into financial services is already here and not the future.
“One of the trends we are noticing around the world is that finance is becoming invisible and embedded into our day to day life and activities. One of the most powerful illustrations of this trend is chat application powering payment. The biggest company in the world is ‘WeChat,’ a chat application which has more than 900 million monthly active users.”
“This idea of becoming invisible is not just limited to payments. Metromile, which is an auto insurance company in the US, leverages drivers existing engagement with Uber app to provide them with real-time value driven auto insurance. If figures out through the Uber app when the drivers are not covered by commercials insurance – IE, when they don’t have a passenger – and automatically switches on the driver’s app, and this happens seamlessly.”