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The spectacular showdown of leading Croatian banks returns to the Money Motion main stage

Some are already flirting with artificial intelligence and blockchain. Experts reveal what awaits us all

The spectacular showdown of leading Croatian banks returns to the Money Motion main stage

by
Uncategorized
March 2, 2024

It’s hard to imagine that less than 50 years ago, we were literally swiping credit cards, and it’s even harder to believe that just a few clicks now separate us from a cash loan. Technological leaps have completely revolutionized many aspects of our daily routines. However, while the process of digitalization has been relatively natural in other industries, in banking, due to strict regulations and security limitations, every move has been keenly felt.

At last year’s Money Motion conference, we witnessed the first serious showdown among representatives of leading banks. The conclusion, everyone agreed, was that competition with new technological solutions in the market only encourages raising the quality in the market, and that ultimately all major players will be prompted to value the customer experience even more.

At the new edition of the Money Motion conference, which will take place on March 21 and 22, sponsored by leading regional brands in the industry – Nexi, Mastercard, OTP banka, Monri and ASEE, representatives of leading banks will return to predict what the latest technological trends will ensure for the future of banking.

That digitalization is the new normal and allows for great possibilities in designing services and products, agrees last year’s and this year’s participant of the banking panel at Money Motion, Balázs Békeffy, President of the Management Board of OTP Bank. However, he warns that banks must never forget the interests of the client and let them slip from the centre of focus.

– As sexy and exciting as digitalization may be, and it allows us to quickly solve some situations or tasks that were previously terribly exhausting, we must also be extremely cautious in its application. I think it’s all summed up in the sentence: we need to use intelligent business automation to create business innovations that will contribute to enhancing the engagement of our clients and bring them even closer, rather than contribute to alienation, not only in banking but in society in general – explained Bekeffy.

The loudest technological theme of the past year has undoubtedly been artificial intelligence. However, the sudden interest in its application and use has only revealed how numerous leaders are already investing significant resources and efforts in integrating such technology into their processes.

Banking, financial services, and insurance are already the second-largest users of artificial intelligence solutions compared to other industries, according to the latest report from S&P Global. Prediction and recommendation models are the most widespread use cases of artificial intelligence technology in banking and other financial institutions.

This was confirmed by Dejan Donev, Director of Digital Banking at Erste Bank, who added that due to digitization, banking has been undergoing significant changes for several years. Besides the substantial changes in the way of doing business, financial institutions are also gaining new opportunities for developing faster, more transparent, and cost-effective services for clients while inevitably balancing with traditional channels. And end-users should benefit the most from this.

– In the foreseeable future, we can expect a significant increase in alternative payment methods that deviate from traditional ones, leading to a better user experience in online and traditional retail locations. The daily operations of banks are certainly influenced by the introduction of artificial intelligence (AI), which they incorporate into their business strategies at both organizational and process levels, allowing them to communicate effectively with clients. However, despite the strong development of high technologies and services and their increasing application, physical branches will not lose their importance for a long time because they play a crucial role in the traditional relationship between the bank and the client, especially in providing advisory services – announced Donev.

The increasingly significant application of artificial intelligence and other technologies today leads to questions about the skills and knowledge needed by financial institutions to conduct all processes in a more efficient yet equally secure manner. Neven Horvat, a member of the Management Board of Intesa Sanpaolo International Value Services, confirmed that employees in banks already need to understand at least the basic principles of artificial intelligence.

– The changes caused by the widespread use of artificial intelligence require employees to adapt to new technologies. There is a growing need for professionals who understand the principles of artificial intelligence, and skills in machine learning, data analysis, and programming are increasingly valued. Thanks to the advancement of artificial intelligence, banking could undergo profound transformations in the next 10 years – explained Horvat.

What will be particularly interesting to see is how the increasingly pressing issue of cybersecurity, and new technologies such as blockchain, will further develop. Horvat points out that banks have a certain advantage in cybersecurity due to existing high standards in banking industry regulation, and he believes that blockchain has the potential to change many aspects of banking.

– Especially due to possible improvements in transaction security, transparency, and reducing the risk of manipulation with forged identities and overall fraud. Some pilot projects are already testing the technology of working with central bank digital currencies, and besides the technology itself, full implementation depends on regulatory frameworks that are also still in development, addressing challenges related to privacy, among others – he revealed.

What else is happening in the industry, what can we expect in our regional market, and what new products and services await us by 2030? Find out at the Money Motion conference at the Zagreb Fair from March 21 to 22, where more than two thousand experts, entrepreneurs, and enthusiasts in the fields of finance, insurance, telecommunications, technology, cryptocurrencies, and many other spheres recognizing the power of the FinTech revolution will gather in one place.

Tickets for Money Motion 2024 are available for 249 euros until the end of the month on the official conference website and on the Entrio platform. If you plan to travel to Zagreb for the conference, take advantage of discounts provided by partner hotels.

And for all the young talents in FinTech and related industries, or enthusiasts of good organization, Money Motion has opened a call for volunteers. All interested individuals are welcome to at the volunteer subpage.

The future of banking is already here in many aspects, it’s just that many end-users don’t see these processes, or they are yet to discover some services. Digitalization truly is the only correct path for this industry, but it’s also a great challenge, warned Panagiotis Chalkias, CEO of Transaction Systems for Central, Southern, and Eastern Europe.

– The future of banking lies in the digital transformation of bank branches, which is a significant challenge for banks in the digital age, and it’s important how this transformation unfolds. The transformation should be a systematic approach to transforming the traditional operations of these branches into a banking experience that is user-centric and seamlessly integrated into a truly omnichannel process, supported by technology.

In her keynote, Anna will delve into the forefront of payment technologies. She will guide you through emerging technologies, including recent developments in AI and explain how they can be effectively integrated into payment solutions and platforms.

She will share her insights into the ways payment transactions can be redefined and reengineered. She will provide examples of how payment processes and flows can be streamlined through open banking, a2a payments as well as payment orchestration. Learn how these technology advancements are not only reshaping payment transactions but also enhancing the overall customer experience. In her session, Anna will also explore the evolving role of embedded payments and their transformative effect on the merchant payment value chain.

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The discussion will focus on the impending digital and cashless transformation of the payments industry, driven by market participants including merchants, customers, banks/financial institutions, and payment networks. Key areas of exploration will include advancements in instant payments, the influence of the European Payment Initiative, and the future landscape of payment facilitation and acceptance.

Additionally, in this panel we will explore the impact of emerging technological trends such as SoftPOS adoption, regulatory frameworks like PSD3 and the Digital Euro, evolving business models like BNPL services, the diminishing use of cash, and discussions on cross-border payments and cryptocurrency integration, all of which are shaping the evolving nature of payment systems within Europe.

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At Mastercard, we strive to connect and power an inclusive digital economy that benefits everyone, everywhere. For almost 60 years, leveraging our global innovations capability, we work to digitize payment services across all channels and devices. Delivering payment value where speed, security and convenience matter most, and digital solutions solving consumers’, small and large businesses’ needs. Building trust in a digital world and embedding our social impact initiatives and ESG commitments into our core. Connecting everyone to priceless possibilities.

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What changes has open banking brought so far? What difference has it made and how? Who are the main drivers and players? Can open banking replace cards and what will it take? We will explore some of the open banking models around the world, use cases, lessons learned and what will the transition to open finance entail.

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The panel will cover the financial landscape's evolution from open banking to open finance. It addresses the development, challenges, and forward trajectory of alternative business models. The session will dive into impactful use cases while examining the implications of the latest EU regulations, lessons learned from existing regulations and anticipates changes with PSD3.

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In an increasingly digitised world, an elevated level of sophistication and personalization is expected from the banks when approaching the customers. To meet such expectations, not only a thorough knowledge and understanding of the customers' needs, but also an attentive customer-centric relation is needed. The banks should be able to know when, how and what to offer to their customer, taking into account their financial profile, as well as contemplating a well-thought engagement and communication strategy.

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In this panel, we will discuss the importance of data in today’s AI world.  First, we will cover what ChatGPT brings to banking and AI, demystifying whether it is a myth or a reality and how that fits enterprise users. Current generative AI offerings mainly focus on general models, but what about specialists’ models and their future?

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The panel will delve into the intricacies of the Digital Operational Resilience Act (DORA), the pioneering European framework that came into effect on January 16, 2023. By 17 January 2025, over 22,000 financial entities and ICT Service providers across the EU are expected to achieve compliance with this regulation. This, among other important activities, implies that millions of contracts within the EU will require renegotiation, placing a critical emphasis on fulfilling value chain requirements.

The panelists will try to unravel the essence of DORA by addressing key questions: What are the key requirements of DORA? How can financial institutions navigate their most pressing challenges, and why must organizations of varying sizes adopt distinct strategies? Is the talent pool of IT Risk managers adequate, and how will cyber teams be impacted? And most importantly, can we make it on time or are we already behind schedule in our preparations?

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Experience the Battle of the Decade firsthand! 

Hrvoje Cosic, the CEO of Aircash, is set to go head-to-head with the heavyweight champion Andrius Biceika, a distinguished board member at Revolut. This epic showdown will delve into numerous sensitive and even a few embarrassing topics :) such as the role of neobanks in Croatia and the broader region. Join us as we explore their respective exit strategies, identify fintech champions and contenders, and uncover their perspectives on various subjects like gambling, digital euro, and Apple Pay.

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The panel discussion explores Central Bank Digital Currency (CBDC), covering its definition, motives, and future implications such as its coexistence with current and future versions of digital money (deposit money, stablecoins etc). It addresses implementation challenges, competitive ecosystem building, CBDC as a public good, anonymity concerns, public authorities' roles, and the European Commission's digital euro proposal.

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Why would anybody use stablecoins? Except for trading of cryptocurrencies, ofcourse. What problems do we have with the current financial system that stablecoins solve? And, are they really so dangerous that central bank digital currencies were created just to stop stablecoins from taking over the world? Nadiem and Nikola deeply believe that stablecoins will have a pivotal role in shaping the future of money, come hear them chat about that.

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(coming soon)

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We will discuss the evolving landscape of financial technology, highlighting both challenges and opportunities for the next decade. Sigal, with his extensive background in FinTech and venture capital, will share insights on recent trends such as the impact of rising interest rates on funding, the stabilization of FinTech exits, and the promising outlook for FinTech IPOs. The presentation will also look into emerging disruptive technologies and the importance of understanding investor motivations for startups navigating the FinTech space.

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The panel will explore critical issues such as regulatory hurdles, market fragmentation, and funding challenges. It will look into the need for collaborative efforts between startups, investors, and other ecosystem stakeholders to foster a conducive environment as well as supportive policies to nurture the FinTech ecosystem.

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The talk will delve into the hurdles startups face, the support provided by European public sector institutions, and effective strategies for securing public sector grants. It will outline the availability of grants and other forms of support from the European Innovation Council (EIC) for startups and scaleups. Additionally, the talk will highlight success stories of Croatian startups that have leveraged grants to develop and scale their innovative products and services, offering valuable insights and guidance for emerging fintech enterprises in Europe.

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(coming soon)

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