about us | newsletter | contact | archive | members area
Bogdan Nitulescu, Tremend
Cryptocurrencies volatility is a big problem»
  Features:      COUNTRY FOCUS   |   SECTOR ANALYSIS   |

Digital Finance - driving force for the banking industry

Digitalization is radically transforming the banking industry, enabling new products, services and business models. This transformation will take time to complete, forcing banks to act now and embrace new technologies for a sustainable business strategy.

2018-03-29 13:13:21 - From the Print Edition

As more and more people engage with the new technologies, it is changing nearly every business model. Customer onboarding and engagement, underwriting and risk management, billing and claims - all these areas are being changed by the digital innovations.

The new wave comes with the power of innovation; the digital transformation of the financial industries is one of the key challenges ahead - and certainly a big opportunity for the industries to renew themselves.

As 2018 unfolds, financial services firms must address the twin challenge of delivering digital transformation wins for their organizations while ensuring compelling digital experiences for their customers and employees.

Piraeus Bank: We explore the video interaction with the customer for selling products and services

Digital Finance is and will continue to be a major driving force for the Banking Industry, according to Cosmin Rogojanu, Head of Project Management at Piraeus Bank Romania.

"As we see around us so many people using their smartphones all day long, this is the place for any product/service offering, marketing, selling and servicing," he told The Diplomat-Bucharest. "This is not just because it is the way life is today, but because so much time can be saved for both the Customer and the Bank. Digital finance will grow until it will replace a major part of what we understand today as Banking. This growth will also potentially disrupt the current hierarchies, if major differences of approach emerge among banks. One more visionary point regarding digital life: enhanced reality may play an interesting role in explaining to customers the use of products and services and potential future impact in their financial plans."

According to Rogojanu, the cost of delivering digital financial services is a major challenge: "Not only because this means that important amounts of money and resources need to be used in order to go digital, but also because banks are hugely regulated and therefore the resistance met by a bank to go digital is much more than for a fintech, who may play at the border (much like ride-sharing apps play at the border of transportation services). The second challenge is finding the right niche, the specific pool of customers to be reached. Countries, regions, cities are all different in assimilating the digital services. The third challenge is obtaining and keeping the right mix of resources, open mindedness, experts in their areas, visionary and creative, to support the race toward digital."

Rogojanu sees a good potential in digital payments and financial services and said Piraeus Bank invested a lot of effort into bringing as many digital services as possible on the market: "We started this effort two years ago and we expect to see continuous growth in this direction. We explore video interaction with the customer for selling products and services, we put to work robots for routine activities and even to talk with the clients, and we plan to reach the clients as much as possible on their smartphones."
In his opinion, with the current trend of overregulation, the future of digital is with those who play at the edge. "The standard Banks will survive in specific pockets or only the biggest will have the resources to keep going on," Rogojanu concluded.

* Part of the Digital Finance feature from the print edition



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  3054 Views
Daily Info
OTP Bank Romania posts 15 million Euro profit at the end of Q3 2018

OTP Bank Romania recorded a consolidated after-tax profit of 15.09 million Euro, in the first nine months of the year, almost twice as much as in the base period.

Black Sea Oil & Gas and Transgaz sign 15-year contract for the MGD Project gas production transmission into the NTS

Transgaz and Black Sea Oil & Gas signed the gas transmission contract for the transport of the Midia Gas Development Project (MGD Project) production into the National Transmi...

Almost 90 per cent of industrial and logistics stock is condensed in cities with highway access, says C&W Echinox

Romania's industrial and logistics market is currently benefitting from its best period in history, both in terms of supply and demand, with development being condensed in a n...

Meet the finalists and the winners of the first Automotive Awards Gala by The Diplomat-Bucharest!

Automotive Today powered by The Diplomat-Bucharest organizes Automotive Forum & Awards for Excellence Gala 2018 on 13 November at JW Marriott Hotel in Bucharest - Constanta Ba...

The second edition of Hacking Health awards three digital innovation projects for the Romanian health system

Hacking Health 2.0, the most important health hackathon in Central and Eastern Europe, took place this weekend in Bucharest at the initiative of Johnson & Johnson Romania, imp...

 
 
   
advertising

advertising

advertising

advertising

advertising

advertising

More on Features
Blockchain how it's made and what can we do with it

In the context of the "fourth industrial revolution" that everyone is talking about these days, The Diplomat - Bucharest analyses how an emerging technology like blockchain...

Cryptocurrency exchanges. The new outsourcing El Dorado?

Customer experience has become the new competitive battleground for crypto exchanges. Cryptocurrency exchanges seeking to maintain or gain an advantage in this highly comp...

US calls for coherent, long-term strategy

As USA celebrates 4th of July, its eyes are wide open on the latest developments in Romania's ongoing struggle for the rule of law. Still, the country is one of the fastest...

French investments at a glance: Interest still high

France, Romania's fourth largest foreign direct investor, has been around since the early 1990s, with flagship names the likes of Societe Generale or Groupe Renault taking ...

Romanian energy industry: Challenges to Overcome

With a national strategy draft still to be approved, Romania faces many challenges, as the energy market is striving to find a way to attract major investments that are cri...

ANCOM: We look at the postal services market in the light of e-commerce developments

Romania's courier business is pretty dynamic these days and tends to become more and more high-tech as players are trying to find innovative solutions to keep up with users...

High potential for sustainable growth on Romanian FM market

Facility Management is still a developing market in Romania, with a lot of challenges to overcome. The Romanian Facility Management Association (ROFMA) analyses the relevan...