Alfa-Bank CEO: Fintech Has Peaked, Enter 'Fantech' Era
Vladimir Verkhoshinsky, head of Alfa-Bank, says Russian fintech has hit its ceiling and competition is shifting from technology to customer emotions, ushering in a 'fantech' era powered by AI.
The head of Russia's Alfa-Bank, Vladimir Verkhoshinsky, declared that Russian fintech has reached its peak and a new era of "fantech" — emotional technology — is beginning. He made the statement in an exclusive column for Kommersant ahead of the St. Petersburg International Economic Forum (PMEF).
According to Verkhoshinsky, technology no longer provides a competitive edge, as all major banks now possess roughly similar capabilities. The battleground is moving to the emotional sphere: banks are competing for positive customer feelings rather than transaction speed.
Artificial intelligence will be the key instrument in this shift. AI is expected to adapt to the context of people's lives, moving beyond simple payment processing.
Source: MarketTwits