This event brings together distinguished personnel from banks, government bodies and technology companies to discuss and address crucial issues on how to seize new opportunities in retail banking and wealth management while making it beneficial for all stakeholders.
Interview with Pavan Nagori on implementing innovation in banking
Read the interview with Pavan Nagori, Director of Digital Client Access from Barclays, United Kingdom on implementing innovation in banking
The digital revolution is reshaping banking on all fronts – banks are adapting as best they can in order to maintain a competitive edge. Recently, we asked Pavan Nagori from Barclays, one of the speakers at our BankInno conference in Barcelona, taking place on 23 - 24 March 2017, about the process of implementing banking innovation in the last decade, as well as the current state of things.
1. How would you describe the beginnings of the digital/electronic revolution in the banking field?
Digital and electronic banking is not new to corporate banking, as it has been around for more than 30 years. Corporate banking was an early adopter of electronic/digital solutions in the form of SWIFT and EB systems with Trade and Cash Management. However, these early solutions were designed only with a focus on the functional, and with little or no consideration for the operational user experience. Typically, these solutions required software to be locally installed on the computer. The corporate banking industry focused on EB solutions, then tapered down and remained stagnant in the 90s as the banks focused on costs and remediation of their EB solutions from installed applications to online/browser based products.
2. Those were the starting points. What were the more recent developments in the field of banking innovation?
This century has brought about a different type of revolution: a personal digital revolution which took over in the 2010s, and started with the launch of first iPhone in 2007, as other smartphones followed soon after. A decade later, the corporate banking world was facing a challenge: how to make their corporate banking solutions relevant and user-friendly, not just to firms, but the people in the organisations using them. These customers were expecting and demanding the same user experience they were used to in their personal lives with corporate solutions. The senior decision-makers in the firms were also focusing on these aspects in order to reduce costs and keep their employees happy, and, moreover, because there was very little else to differentiate between banks in terms of functionality.
The other big evolution in digital space for corporate banking comes with the plateauing of the functionality build. The space is open to explore, improving cross platform/cross product views for the treasurers and bringing the corporate banking products and services together in a more cohesive, interactive form. This will pave the way for cross-selling opportunities in the future. This direction is quite evident when we take a look at the way the development of corporate portals across the banking industry is being pushed.
To summarize, the digital focus in banks (in the client-facing area) is aimed at
1) Improving the user experience
2) Enhancing interaction between the products and services to form a holistic view for the treasurers and decision makers
3) Enhancing online/digital interaction with clients with a view, building a digital relationship in the corporate world to complement the personal relationship model
3. What are the sources of inspiration for you when developing a new product in the current state of the industry?
Mainly the clients, and the broader digital transformation in general. We have now reached a level wherein the core offering is available and, hence, any new product must be client-driven to ensure that there is a sufficient business case for it. Technically speaking, it is still very much about benefit analysis in the corporate banking space – these benefits may be financial or non-financial.
Interested in this topic?
Credit Risk Management Forum
Credit risk management is still a big issue, IFRS 9 is going to be implemented, the digital era and big data is already influencing the banking sector and credit risk management as well. How can banks deal with all these issues?
Retail Banking Forum
As the region's favorite conference, the Retail Banking Forum is the industry's meeting place, where seasoned banking professionals combine C-level insights on successful retail banking strategies and hands-on case studies, transforming the current financial ecosystem.
Collateral Management Forum
The most established Collateral Management Forum in Europe is approaching its 11th Annual. 2017 is turning out to be filled with questions on initial margin and variation margin deadlines, MiFID II, Brexit, digitalization in collateral management and more, which will be answered at this forum.
Banking: East Africa
The East African banking market is becoming increasingly characterized by economic resilience, ease of customer access and a high level of technological adoption. Here's what you need to know about Africa's most promising banking market:
The Future with Blockchain
Blockchain is no doubt the most discussed technology of today. While last year the industry looked for the proof of concept, this year is the time to put it into practice. Hear from our speaker David De Louya, senior vice president of product and strategy at AlphaPoint, on what we can expect from this technology going forward.
Are we prepared for the next crisis?
Even though banks are better prepared for a new potential crisis, there are still possible risks to account for. Get insight from our speaker Peter Magala, CRO at VUB Bank, on the most prominent problems the industry is facing.