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.
Q&A with Alexey Popov, Spitch CEO
As the CEO of Spitch since October 2015, and a recognized figure in global banking innovation, Alexey Popov has bold ideas about the integration of speech technology with remote banking solutions. His answers below provide his expert take on the transformation of financial services and the need for industry-wide solutions.
Where do you see the transformation of banking and the way people do banking?
"The traditional banking model is under tremendous pressure – especially in the EU, with the banking landscape being flattened day by day. Traditional channels and products are less and less profitable. Bank branches aren’t able to bring to market the full range of financial products and services. Clients are starting to recognize banks by their smartphone apps rather than anything else. So yes, banks are facing a fundamental need for deep transformation. You also have new kids on the block. New types of players like Facebook, Google, and Apple are building their own financial solutions. Their tag line is: ‘Banking is essential; banks are not’. And these guys have obvious advantages in technology, not to mention a flexible business model. So banks have only one option – to develop effective remote banking as fast as possible."
So you see IT companies as a threat to banks?
"I don’t know if I’d go that far. But it is important to know your competition – and turn your enemies into partners. The IT giants are built on a culture of high-speed innovation. They have dynamic client platforms and make hundreds if not thousands of software adjustments every day. How many banks can say the same? This is unsettling, especially in a world where any customer can switch to another bank or app in an instant. Customers expect their bank to be accessible at all times, everywhere. They want transactions done online and in real-time. KPMG says that pockets of disruptive innovation are in image-based mobile banking, virtual customer support, and using targeted analytics instead of the traditional sales push. Banks don’t know what to do – but they need to innovate along these lines if they want to compete."
What is the biggest technological challenge the banks are facing?
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.