Spotlite – 2021 and Driving Effective Banking Innovation

A bitesized report built out from insights provided by Banking Innovation and Finance leaders driving transformation today.

Challenges for Banking Innovation Execs in 2021 Include:

  • Regulatory Compliance & Ringfencing
  • Neo & Challenger Banks
  • Shifting Business Models

These are all solutions that the CFO and senior leaders in banking are expected to resolve.

Here, we’ve round-up some focal points* from global finance leaders – perfect for the CFO or banker on the move.

*Insights taken from the GDS Group’s North American Banking Innovation Summit in June

Three Forces Shaping the Banking Industry Ron Shevlin, Director of Research at Cornerstone Advisory Services and Senior Financial Contributor at Forbes Magazine

A Keynote focused on changing consumer payment behaviors, the challenger bank insurgency; and the emergence of embedded finance and embedded fintech.

  • Industry Shift: “Changing payment behaviors, changing investment behaviors, changing savings behaviors, this has been the impact of not just the pandemic but growing for the last few years.”
  • Challenger Offering: “Many people think that challenger banks are winning because of some superior mobile banking experience and that’s not it, they’re winning on product differentiation.”
  • Banking Innovation: “Banks don’t need to innovate. What’s more important from an established financial institution, regardless of its size, is that it needs to be more focused on understanding what happening in the market around innovation.”

Sustainability: The Core of your Business Strategy Sanjay Tugnait, Chief Market Maker & Global Managing Partner – Sustainability Practice, IBM 

A keynote focusing on the three ways in which technology is going to have to support ESG, Impact Investing and sustainability.

  • Future of Banking: “The last decade in banking was all about digital and digitalization, the next decide will be defined by sustainability.”
  • Sustainability: “It’s not just fashionable to talk about sustainability, now it’s mainstream.”
  • Ambitious Leadership: “Look at what the ESG goals for your own companies are and be the change agent to make sure that you are providing the technology and leveraging all of the ecosystem partners.”

The Get off the Planet Strategy: Building Greenfield David M. Brear, CEO and Co-founder, 11FS

A keynote address looking at how we can simplify the development of systems in a totally new environment.

  • The Start-Up Advantage: “We’re seeing 20-25 people in a small start-up able to achieve something that gigantic organizations with thousands of people and millions and millions of pounds are struggling to do.”
  • Motivation and Staff: “Purpose and talent allows you to create the culture that you want. You want a culture of experimentation, you want a culture of accountability, you want people to take responsibility and move things forward.”
  • Critical Culture: “Culture is the absolute fundamental. It is the secret sauce that makes all of the organizations that have been successful over the last 10 years really operate.”

Compliant Customer Operations Gregory Kanevski, Global Head of Banking, Servicenow

A keynote presentation delving into the strategies that are enabling banks to create personalized and responsive customer journeys whilst still being compliant.

  • Tech and Banking: “Without the technology underneath to support, you can’t make the changes necessary in order to stay agile and move with the environment.”
  • Speed and Agility: “Rapid deployment really has to be rapid, I’m not talking about a year, I’m talking about weeks.”
  • Customer Experience: “It all starts with consistency of the experience. If you can’t provide a consistent experience, how can you provide a directed experience?”

Banking the Unbanked Brian Richardson, CEO Wizzit International

A keynote which displays that even in the 21st century there are those that are still not covered by conventional banking systems and how we can entice them to join them.

  • Cash Vs. Digital: “Cash does have a few uses that digital cannot meet, it is untraceable, it is anonymous, it is untaxable for many people, it’s free to keep, it’s free to use.”
  • The Modern Bank: “Can a bank or should a bank be all things to all people? Can it effectively and efficiently serve all the segments of the market including the underbanked segment of the market? Or do we require more specialized banks who’ve got a passion to do that? I firmly believe that if you don’t have the passion for doing something, leave it somebody else.”
  • Breaking into Banking: “The reality, globally, is that banking is a highly regulated industry, the barriers to entry are enormous so for new entrants to get into this space it becomes really difficult.”

The Open Source Solution Gabriele Columbro, Executive Director, Finos

A keynote lecture which explores the value that can be driven in the organization via the adoption of open source software.

  • Open Source Accessibility: “Open source really has the unique potential beyond code to really create a level playing field for pretty much any constituents in the industry.”
  • Work to Do: “We are on the right path, having said that, we know that there’s still a huge amount of financial institutions that still look at open source as something to fear.”
  • The Promise of Open Source: “Whether you are a bank, whether you are a fintech vendor, whether you are a technology company or a regulator, or ultimately an individual trying to get your next great job in this industry, we think open source can deliver value to you.”

Banking Innovation: H1 2021 – In Summary

Bitesized insights from leaders discussing transformational change at one of the most senior financial networking events in the world.

Read our more extensive Banking Innovation Spotlight report here: “6 Finance Executives on The Future of Banking“.

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