Today, Phillip McGriskin shares his 2021 thoughts, plus a look ahead to 2022 with The Fintech Times.
This December, The Fintech Times is asking industry leaders for their ‘View from the Top’ to gain an insight into the decisions behind the last 12 months.
Vitesse’s CEO, Phillip McGriskin, shares his 2021 thoughts, plus a look ahead to 2022….
“Vitesse focuses on specific verticals, with insurance and insurance claims payments being the main vertical. In the insurance “fintech” space, I think the biggest ’21 trends are towards customer focused outcomes on the payment side of things. By that, I mean insurers are moving away from the old paper cheques that have been the slow and efficient primary method of payment of claims, and they’re moving towards customer choice, which typically revolves around faster payments. So we’ve seen a big continued move towards FasterPayments in the UK and equivalents elsewhere.
“We’ve also seen a shift towards offering customers the ability to receive claims payments back onto their debit/credit card through mechanisms such as Visa Direct, a service that Vitesse launched with Brit insurance. On a wider fintech level, the talk has definitely been about open banking.”
In terms of the future, he said: “In insurance, I think speed of payment and customer choice on claims payments will become a topic as the neo-insurers, such as Anansi, Urban Jungle and BoughtByMany, push into the space a little harder, with their newer technology and slightly different customer focus lens. It will be a case that the incumbents sort themselves out or loser customer share. More widely, I think open banking will continue to be a buzz. However, I’m interested to see how the card companies respond. They have efficient networks, big balance sheets and a vested interest in keeping their businesses secure. And my previous experience has definitely shown me that they’re not afraid of competing on a price basis.”
Read the full article from The Fintech Times here: