Mr. Simon Hughes of International Banker travels to Belgium to interview Mr. Johan Thijs, Chief Executive Officer, KBC Group, on the bank’s ongoing digital transformation, the innovation that drives that transformation and KBC’s wider role in society.
Bankers are bullish on digital transformation. According to 2018 research by the Boston Consulting Group, 86% of financial institutions agree that digitization will upend the industry and permanently transform the competitive landscape.
In recent years, there has been a significant shift in the relationship between banks and the public cloud. While financial institutions were initially reluctant to embrace the technology, they are now amongst the most likely to do so. According the Culture of Innovation Index, recently published by ACI Worldwide and Ovum
Once upon a time, traditional banks could depend on customer loyalty, no matter what. A bank was the one-stop-shop for all things related to consumer finance. Not anymore. Not now that neobanks and fintechs are competing for the same consumers. Although bank customers are reluctant to move their financial business, banks are being increasingly challenged to address their needs first, which is all working out to their advantage.
Banks are a mixed bag when it comes to utilising technology’s full potential: some are taking full advantage while some are trying, and often struggling, to apply technology to their existing businesses.
Artificial intelligence is infiltrating almost every industry, including banking, and automating tasks in ways that outperform humans. But is this cause for nail-biting or rejoicing? A lot depends on how intelligently artificial intelligence is first viewed and then put to work by humans. Banks worldwide, such as Alawwal bank in Saudi Arabia, are proving that this powerful technology, if exploited smartly, will be transformational for banks and customers alike.
With the new year comes new priorities for business and technology leaders, new trends to look out for and new best practices and ideas. While it can be hard to sift through all of the information to understand what it is that will have the biggest, most positive impact on your financial organization
Mainframe computers have enabled banks to manage huge amounts of financial data for nearly 70 years, but these legacy systems are today proving to be hindrances to progress. Lean fintechs are taking full advantage of today’s ground-breaking, agile technology, while established banks are struggling to transform their bedrock digital infrastructure for the new world. How are banks migrating to cutting-edge systems that will maintain them on their industry’s frontlines?
UnionBank’s “moonshot” determination to undergo a complete digital transformation pervades the entire organization, not only the IT Department. UnionBankers are united in their vision for “making the diff” for their customers and wider communities by excelling in innovative products and services. In our interview, we discussed the bank’s progress with leaders from four separate areas of this ambitious Philippine bank.
Imagine you’re one of the nearly 40 million Tanzanians who live in a rural community. It would most likely take a day of your time and a considerable portion of your earnings just to travel to the nearest brick-and-mortar financial institution.
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