Who Was Your First Customer and What Did They Mean for Your Business?
There's something really unique about landing your first customer. At this year's FTT Payments, we asked the attendees: Who was your first customer?
The responses brought up some great stories about where it all began and the milestones along the way. Some people remembered right away—like N26, Finpay, and Lewis University. Others took a trip down memory lane, thinking back to when they first started out.
Big names like the European Central Bank are mixed in with newer companies like Snowdrop Solutions and Lydia, showing how that first moment of trust really counts.
Whether it was a university, a bank, or a bus service, everyone had a similar vibe: that first 'yes' was just the beginning of everything.
Just like at FTT Payments, these early moments remind us that in fintech, where you start really matters.
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FF News
4 days ago
- FF News
Who Was Your First Customer and What Did They Mean for Your Business?
There's something really unique about landing your first customer. At this year's FTT Payments, we asked the attendees: Who was your first customer? The responses brought up some great stories about where it all began and the milestones along the way. Some people remembered right away—like N26, Finpay, and Lewis University. Others took a trip down memory lane, thinking back to when they first started out. Big names like the European Central Bank are mixed in with newer companies like Snowdrop Solutions and Lydia, showing how that first moment of trust really counts. Whether it was a university, a bank, or a bus service, everyone had a similar vibe: that first 'yes' was just the beginning of everything. Just like at FTT Payments, these early moments remind us that in fintech, where you start really matters.
Finextra
28-05-2025
- Finextra
Are Banks Losing the Wallet War?: By Alisa Zejnilovic
The fight for customer retention isn't happening at the branch, it's happening on the phone's screen. And more often than not, it's not your app being tapped. Across Europe, 46% of Gen Z now use third-party finance apps daily: wallets, savings tools, crypto accounts, reward platforms; often in place of their bank's native app. This isn't a niche behavior. It's a shift in financial behavior and power. And it is no longer a two-horse race - the competition isn't another bank, it's Apple Wallet, Revolut, and any app that earns a place in a user's daily routine. The Problem: Banks Are Losing the Primary Interface Traditional banks are watching a critical shift unfold: the decoupling of financial services from their platforms. While core banking functionality remains intact behind the scenes, the front-end relationship is migrating elsewhere - to digital wallets, neobanks, and ecosystem-first apps. Even banks with strong mobile apps are facing attrition in usage frequency. Why? Because customers, especially younger demographics, are using third-party apps that better align with how they live, shop, save, and transact. If your bank's app isn't the first point of contact, it won't be the first choice when new financial needs arise. The Cause: Wallets and Neobanks Have Reframed User Expectations Digital wallets and neobanks are not the same, but they are both redefining the customer interface. Digital wallets (like Apple Pay, Lydia, Stocard, Curve) are becoming hubs for spending, saving, and identity - not just payment pipes. Neobanks (like N26, Revolut) are delivering full-stack experiences with superior UX, instant onboarding, modular products, and lifestyle integration. The more and more customers are migrating to these apps, because, the bottom line, they do two things well: ✅ Remove friction ✅ Add daily value They don't replicate traditional banks, they leapfrog them in interface design and user relevance. The Strategic Consequence: You're No Longer Just a Bank Once digital wallets offer: Payment Loyalty cards Subscription management P2P and split payments Credit and savings tools …they stop being accessories and become the new default interface. The bank becomes the backend. The infrastructure. Invisible. And with the Digital Euro on the horizon, wallets are gaining systemic importance - not just convenience. The European Central Bank (ECB) is actively developing the Digital Euro, a central bank digital currency (CBDC) designed to provide citizens with a secure, universally accepted form of digital cash. Slated to move into the preparation phase by 2025, it will be distributed via digital wallets, not directly through traditional banks. This shift will erode the exclusivity banks have historically had over holding and distributing public money. For consumers, it means the same wallet that holds currency, ID, mobility passes, loyalty cards, and access tokens can also be the home of state-backed digital cash. Why would users navigate five siloed apps when a single wallet becomes their universal financial and identity interface? For banks, this marks a turning point: if you're not the interface, you're infrastructure. And infrastructure gets commoditized. China's case study: a wake-up call for European banking We're already seeing this dynamic play out in China; their financial transformation offers a compelling case study for Europe. Platforms like Alipay have evolved from e-commerce payment tools into full-fledged financial ecosystems - offering savings (Yu'e Bao), insurance (Zhong An), personal credit (Ant Micro Loan), and even consumer credit scoring (Sesame Credit). What makes this shift significant is disintermediation: Alipay reduces reliance on traditional banks by handling transactions, credit, and even settlements internally, cutting out legacy intermediaries like China UnionPay entirely. As Chinese users increasingly choose digital wallets over bank apps, state-owned banks have been forced to innovate or risk irrelevance. And now, with the rollout of the e-CNY, users can access central bank money directly through wallets like Alipay and WeChat Pay, without logging into a traditional banking interface. The message for Europe is clear: if the Digital Euro follows a similar path, the wallet - not the bank - becomes the dominant layer of financial interaction. For banks, this means two choices: compete as a daily interface or be relegated to invisible infrastructure. What Now? Strategy Before Speed Banks have two clear paths: Try to protect their existing app experience (and risk falling behind), or Redesign the customer experience around daily relevance, not just regulatory compliance. That doesn't mean launching a copycat wallet. It means rethinking the user journey from login to loyalty. Here's what winning banks are already doing: Embedding budgeting, rewards, lifestyle nudges, and micro-investment tools into the app, not as features, habit-forming daily touchpoints. Using AI to hyper personalize nudges and product offers in real-time, based on behavior, not just age or income brackets. Offering instant, transparent onboarding with personalization from day one. Partnering with fintechs, telecoms, and retail ecosystems to stay embedded in user lifestyles B2B2X Models: Embedded Finance with Real Impact Banks are increasingly moving beyond traditional B2B to B2B2X - where 'X' is the end customer. Instead of waiting for consumers to walk into a branch, they're embedding banking products directly into partner ecosystems - from car dealerships offering instant financing to real estate platforms streamlining mortgage approvals at the point of search. Example: A bank partners with a car manufacturer to offer embedded leasing and financing within the digital showroom. The consumer never leaves the ecosystem, but your bank powers the transaction. This model allows banks to: Expand distribution without new branches Capture high-intent customers at the moment of need Retain relevance in a landscape shaped by platforms, not pipelines The Solution: Compete on Interface, Not Just Infrastructure Digital wallets aren't just adding convenience, they're training your customers to expect more. To compete, banks must: Shift from compliance-led releases to product-driven roadmaps Deliver modular, composable services without overhauling core systems Treat AI and personalization not as 'features,' but as retention engines Launch smaller, faster MVPs - then iterate with user data (not just stakeholder input) This isn't digital transformation. It's interface strategy. Final Word: Reclaim the Frontline Banks who win the next decade will be those who own the interface, not just the ledger. Your customer will still need a bank. But whether they interact with you, or through someone else, will depend on what you do now. The wallets are open. The question is: whose app do they open first? The full research download here:
FF News
23-05-2025
- FF News
What makes FTT stand out from other fintech events?
In this video feature, FF News goes behind the scenes at FTT Payments 2025 to capture what attendees and industry leaders believe sets this event apart. From the energy on the floor to the real-world impact of its content, FTT Payments stands out not just for its agenda, but for the way it connects people across the entire payments ecosystem. At the heart of the event is a focus on innovation, accessibility, and community. Whether it's embedded finance, new regulation, digital wallets, or cross-border payments, FTT Payments 2025 covers the topics that matter most — with clarity and practical insight. This video captures those moments: the fresh thinking, the off-script conversations, and the sense that this is where the next big shift might just begin. For anyone serious about the future of payments and fintech collaboration, this is one event you can't afford to miss.
