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