Competitive edge: why the future of finance belongs to ecosystems

Who will win the tech race in finance?

This was the question at the heart of a lively discussion hosted by ABBL CEO Jerry Grbic at Nexus Luxembourg 2026, bringing together leaders from banking, fintech, legal and digital platform sectors to explore how technology is reshaping financial services.

The panel featured Dave Sparvell, CEO of Swissquote Bank Europe and Chair of the ABBL Innovation Cluster, Isa Scheunpflug, COO and Executive Committee Member at BIL, Nadia Manzari, Founder of Manzari Legal, and Michael Pechner, Managing Director and Board Member at eBay. While perspectives varied, a clear consensus emerged: the future will not be won by any single type of institution, but by those able to combine innovation, trust and collaboration most effectively.

The race is not about technology alone

For many years, competitive advantage in finance was defined by scale, balance sheet strength and international reach. Today, technology is changing the equation.

Yet, as several panellists pointed out, access to technology itself is no longer the differentiator. Artificial intelligence, cloud infrastructure and advanced data platforms are becoming increasingly accessible to all market participants. The real challenge lies in how quickly organisations can adapt, transform processes and use these tools to solve customer problems.

The discussion highlighted an important shift: customers no longer compare their banking experience exclusively with other banks. Their expectations are increasingly shaped by the seamless digital experiences offered by global technology and e-commerce platforms.

In that context, the ultimate winner of the race may well be the customer, benefiting from faster, simpler and more personalised financial services.

From competition to convergence

Another key theme was the growing convergence between traditional banks, fintechs and technology firms.

The once clear distinction between established financial institutions and digital challengers is becoming increasingly blurred. Banks are embracing digital-first operating models, fintechs are expanding their product offerings and seeking greater scale, while technology platforms continue to integrate financial services into broader customer journeys.

Rather than competing across every segment of the value chain, organisations are increasingly focusing on their core strengths while relying on partners for complementary capabilities.

As several speakers noted, customers care less about who provides each individual component of a service than about whether the overall experience works seamlessly.

The future of finance may therefore look less like a collection of competing institutions and more like a network of interconnected specialists working together to deliver value.

Collaboration as a competitive advantage

If no organisation can excel at everything, collaboration becomes a strategic capability in its own right.

The panel identified several areas where greater cooperation could create significant value for the financial sector, particularly in Luxembourg. These include digital identity, KYC processes, regulatory reporting, corporate data management and financial crime prevention.

The message was clear: institutions should continue competing where they differentiate themselves, notably in customer relationships and innovation, while exploring opportunities to collaborate in areas that create little competitive advantage but generate substantial costs and complexity.

This philosophy is reflected in the newly launched ABBL Innovation Cluster, which aims to bring together financial institutions and industry experts to accelerate practical cooperation in innovation, digital finance, artificial intelligence and cybersecurity.

Trust remains Europe’s competitive advantage

The discussion also addressed the role of regulation in the global technology race.

While regulatory frameworks are often portrayed as obstacles to innovation, the panellists argued that, in financial services, trust remains the ultimate product. Clear, predictable and proportionate regulation provides the confidence required for innovation and investment to flourish.

Luxembourg’s track record was highlighted as a case in point. From payments and digital assets to blockchain legislation, the country has repeatedly demonstrated its ability to create legal certainty while supporting innovation.

In a world increasingly shaped by artificial intelligence, cyber threats and data concerns, trust may become one of the most valuable competitive assets a financial centre can offer.