about us | newsletter | contact | archive | members area
Anda Todor, AmCham Romania
More attention needs to be paid to the qualitative approach, rather than quantitative»
  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  |  2799 Views
Daily Info
Transelectrica accelerates investments to increase the energy system safety in Dobrogea

The National Power Grid Company Transelectrica marked the completion of the second stage of the project of rehabilitation of the Station Transformation 400/110/20 kV Tulcea We...

CTP: smart expansion in a growing market

CTP, the most dynamic logistics and industrial parks developer in the country, will soon become a "millionaire" in square meters of premium logistics space. The company experi...

New regulations adopted by ANRE will have a strong negative impact on consumers and endanger 4.500 jobs, says ACUE

The electricity distributors members of the Federation of Associations of Energy Utility Companies (ACUE) are deeply concerned about the negative impact on networks and consum...

President Iohannis: Interconnection projects revealed at Three Seas Initiative summit are a top level political signal

The list of priority interconnection projects presented within the Summit of the Three Seas Initiative is "a top level political signal", on Tuesday stated Klaus Iohannis, in ...

Vodafone to lay off 1,700 service center employees in Romania, India and Egypt

Vodafone, one of the biggest telecom groups in the world, will lay off 1,700 employees from its service centers in Romania, India and Egypt, in this financial year, the group'...

 
 
   
advertising

advertising

advertising

advertising

advertising

More on Features
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...

Rising potential for green developments

With GDP growth outperforming neighbouring CEE countries by a significant extent, 2017 was very good for the real estate market in Romania, especially for the office, inves...

EnergyPal: The market must invest in innovation and develop worker qualifications

Romania's facility management sector in 2017 has seen changes in terms of increased market dynamic due to new office developments and also logistic sector growth, according...