On November 21st 2024 we kicked off our first ever Banking Product Summit and it was a smash success. We brought together industry experts and thought leaders to learn, exchange information and network about the future of banking products, and how financial institutions can remain competitive in an increasingly crowded field.
Here, we’ll take you through the key takeaways we learned at BPS 2024:
Innovation, collaboration, and the future of Financial Services in SMB banking
We heard from Alex Davis and Ryan Garner from Bain about how the SMB banking market in the UK remains deeply concentrated, with banks still dominating the space. While fintechs have made notable progress, their ability to scale effectively remains a hurdle. Innovation, however, is quickly shaking things up—advances in data models, alternative lending, and payments are transforming how the sector operates.
Both traditional banks and fintechs are pursuing new frontiers, investing in end-to-end digital ecosystems and integrated SMB solutions to provide more value and stay competitive.
This evolution is being driven by the rise of “partnerships 2.0,” where banks, fintechs, and customers are working together in a more orchestrated way to redefine SMB banking. Across EMEA, similar trends are unfolding, as businesses demand smoother, faster, and smarter experiences from their financial providers. The message is clear—those who adapt by delivering seamless, tech-forward solutions will be primed to lead the next chapter of SMB banking.
Generative AI is redefining growth, efficiency, and innovation in banking
Generative AI is rapidly redefining the banking landscape, unlocking new ways for banks to grow, innovate, and thrive. According to Marcus Vinicius Martinez from Microsoft, this technology is enabling banks to craft hyper-personalized products and predict customer needs with remarkable precision, delivering standout experiences that drive loyalty. Beyond growth, AI is tackling one of the industry’s persistent challenges—”dark data.” By extracting valuable insights from previously unused information, banks can streamline operations, cut costs, and make sharper, faster decisions.
The potential doesn’t stop there. When paired with open architectures, generative AI is pushing banks beyond traditional models, empowering them to launch products and services that meet the evolving demands of today’s customers. It’s more than a technological shift; it’s a way for banks to differentiate themselves in an increasingly crowded and competitive market. The takeaway? Generative AI is more than just a tool—it’s a game-changer that’s transforming the way banks innovate and deliver value.
Redefining product management in banking for innovation, agility, and strategic growth
Product management in banking is undergoing a remarkable evolution, as highlighted by our closing panel, hosted by Dharmesh Mistry. The panel tackled what it means to define a “product” in modern banking—steering beyond traditional offerings to focus on seamless, personalized, and tech-driven services. They shed light on the contrasts between corporate and retail banking products, emphasizing how customer needs and complexity fundamentally shape their development. Agile workflows were also highlighted as a game-changer, enabling product teams to keep up with rapid market changes through adaptability, collaboration, and speed.
But transformation doesn’t come without challenges. The discussion addressed tough topics like driving innovation without immediate returns and the balancing act between regulatory compliance and creativity. While product managers are expected to push boundaries, they must also skillfully align innovation with compliance mandates. Ultimately, the message was clear—product managers are at the heart of a bank’s future, spearheading cross-functional collaboration, continuous innovation, and customer-centric services that push the boundaries of what banking can achieve.
Banking Product Summit 2024 sets the stage for the Zafin Banking Leadership Summit 2025
BPS 2024 was just the beginning. We learned so much, connected incredible product innovators, and laid a foundation for future product development across the financial industry.
Riding that success, we’re kicking off Banking Leadership Summit 2025 April 29-May 1 in Charlotte, NC, an event that will focus on the latest technology and innovation trends that will shape the future of banking. place where we discuss the big decisions and big ideas banking leaders will have to make in the coming years.
