Daniel Pana, FintechOS: “Digitalization is a continuous process like learning. It will never stop”

“Digitization is not intended to eliminate human face-to-face interaction. From our perspective, digitization is an option we can offer customers for remote interaction. Through digitalization we can offer the same omnichannel experience for the customer. There are certain products that cannot be sold without at least a human interaction, meaning we have to see each other face to face to sign some documents in the case of mortgage products for example.

In addition, there is a social behaviour in Romania, and some citizens like to go to the bank. We do not want to eliminate this behaviour, but we want to help our colleagues in the banks to offer high performance services on any channel,“ Daniel Pana, Commercial Director Central and Eastern Europe, FintechOS said during Financial Forum 2022 organized by The Diplomat-Bucharest.

“One of the indicators that all bankers monitor is return-on-equity. The growth rate of this indicator is much more influenced by origination and distribution than by the balance sheet.

E-shops will start to diversify their offers. They will not only limit themselves to banking products but will also go to the insurance area. We estimate that what happened in 2006-2010 with bancassurance will now happen with the buy now pay later system.

The only thing we need to keep in mind now is how we can integrate faster, easier, without cost, and without disrupting the internal cycle of banks. Here is the challenge, and fintech products can make a difference in the market.

We did a study and saw that 70 percent of Romanian banks have digital processes. 8 out of 10 banks have digital onboarding solutions. The top 10 banks have at least two electronic payment solutions.

There are still things to improve in terms of personalizing the customer experience. The digitization part, like learning, is a continuous process, it will never stop. We can only move forward, whether we like it or not. We have fierce competition and there are always companies that do new things. We are in competition with the Romanian market, but also with the European market.

Full recording of the conference: https://www.youtube.com/watch?v=8mKuoh09GM4