Why BANKING 4.0
Winston Churchill, prime minister of Great Britain from 1940 to 1945
Fasten your seat belts for cloudy banking in a recessionary world: from all lock-down to everything price-up
The pandemic supercharged digital banking—and this shift created an array of new challenges and imposed banks to develop new business models, which allowed flows to be optimized and operational performance to be improved. Forced by lock-down, banks have invested heavily in digitization. But despite the amounts invested, banks still have – more or less – about the same products, the same platforms and offer the same user experience.
The pandemic has also led to an increased use of digital payments.
At the same timp, as inflation rates rise across the globe, the resulting ‘cost-of-living crisis’ is forcing changes in consumer payment habits – with a particular focus on methods that help track spending. For instance, changing customer behaviors have led to new embedded finance options, such as the emerging buy-now, pay-later (BNPL) models that have gained significant share. Almost half of Europeans have already used BNPL.
How do you stay relevant and make a difference to the consumer? How do you convince the customer to choose you? Try this: develop a strategy through which each customer will have his product!
To identify the right strategy is never an easy task.
How do we make digitalization digested by the customer?
How do we prepare the bank’s sales force?
There’s a concept in the blockchain world called a hard fork, defined as: “A change to a network’s protocol that makes previously invalid blocks and transactions valid, requiring all users to upgrade to the latest version of the protocol software.” For banks, embedded is the new “protocol” – but they must decide between an embedded fintech and an embedded finance strategy.
At its core, embedded finance—the integration of financial services into non-financial websites, mobile applications, and business processes—is a distribution strategy.
Instead of offering financial services directly to consumers and small businesses, a bank offers services through a company that already has relationships with them.
Embedded fintech is the flip side of the coin—the integration of fintechs’ products and services into financial institutions’ websites, mobile apps, and business processes.
Choosing to pursue one of the two strategies forces a bank to revisit and address the following guestions:
1) which customers will be most important?
2) which products will be the lead products and how do they have to be improved to be more competitive in the market? and
3) where and how will we reach the most important customers?
All the answers you need only at Banking 4.0!
A stone’s throw from the heart of Bucharest’s Old Town, The Marmorosch Hotel is at the epicenter of local cultural life. Cute boutiques, cozy restaurants, inspiring architecture, and vibrant cafes – the possibilities are endless.
Bucharest is full of hidden stories waiting to be discovered. Explore the city’s rich historical venues, hunt for a missing Romanian treasure, or dance. The art, gastronomy, and mysteries of ‘Little Paris of the East’ are waiting to be uncovered.
Inspired by the optimism and promise of the Belle Époque, The Marmorosch Hotel has reinvented the classic art of fine living with an exciting touch of modernity.
Housed in the former building of Romania’s most influential bank during the late 19th century, The Marmorosch Hotel is the perfect venue for reliving history.
Photo gallery from previous editions
Chris Skinner and Brett King as headliners
WHY AN ADVISORY BOARD
This year’s edition comes with a series of innovations, both in terms of thematic content, development format and management structure. For the sixth edition, the advisory board is made of business people with undeniable experience. Thus, we ensure everything we promised will be successfully delivered.
ROLE OF THE ADVISORY BOARD
Validate & improve the structure and the content of the event. They provide suport, including by providing speakers.
. How the cost-of-living crisis is reshaping online payment habits and which payment methods are growing in popularity as a result.
. The untapped growth opportunity of embedded finance and consumers’ lack of familiarity with one of fintech’s hottest trends.
. Neobank adoption has reached a tipping point. What’s next? How customer-facing technology, fee structures and customer service factor into neobanks’ competition with traditional banks.
. In the battle between security and convenience in online payments, security is winning hands down
. The risk of disintermediation is real and growing – the rise of embedded finance and the continued growth of price comparison websites pose a threat to banks’ traditional role in the ecosystem
. Banks need to smartly prioritize their digital investments, understanding which part of the customer journey should be fully digital.
. The role of the advisor—either in person or remote—must be managed thoughtfully within future operating models.
. Lost in transaction – open banking. The provider’s operating model needs to accommodate a truly customer-driven approach leveraging Open Banking with elements including a digital-ready culture, an API-enabled technology stack and the capabilities for leveraging internal and external data.
. Several trends in digital engagement have accelerated during the COVID-19 pandemic, and big-tech companies are looking to enter financial services as the next adjacency. To compete successfully and thrive, incumbent banks must become “AI-first” institutions, adopting AI technologies as the foundation for new value propositions and distinctive customer experiences. Can banks meet the AI challenge?
. Cloud banking: More than just a CIO conversation. Banking and capital markets leaders increasingly recognize that cloud is more than a technology; it is a destination for banks and other financial services firms to store data and applications and access advanced software applications via the internet. What will financial services of the future look like with cloud? How cloud can be a catalyst for business transformation in banking—and a potential game-changer for how financial services organizations will operate in the future.
Because the panels can be boring sometimes, we will bring a series of dedicated workshops in which you can interact and learn directly from specialists how things are done and what to expect as a result.
Here are just a few examples of topics that will be addressed
. If you are a (fin)tech company who wants to raise funds for the development, you may be a little worried about the message from venture capital funds that “the party is over.” From now on it will be much more difficult to obtain financing. So what to do? Try alternative financing, such as an IPO. We will teach you how to proceed.
.If you are an online merchant and want to implement new payment methods, whether we are talking about cards, cryptocurrencies or BNPL (Buy Now Pay Later), how do we do this? What methods do we choose and why?
. If you are a hypermarket or a big corporate company working with a large number of banks, you know that managing cash and finding out in real time how much money you have in your account is a challenge for any treasury now.You need to see your aggregate balance account situation, at once, all the time, in one place. There are solutions to this and it is not complicated at all. Just come to find out!
. If you are a financial institution, there are at least two major aspects to consider in the digital transformation process: (cyber)security and user experience.How secure is the cloud approach and how does it affect customers?
Jim Marous – named as a top 5 influencer in banking for 10 straight years
NOCASH stands for business consultancy, international events and publishing (original content and analysis)
NOCASH, for the last 20 years, had a significant contribution to the development of the electronic payment in Romania.
NOCASH owns the first and only platform dedicated exclusively to the industry of electronic payments since 2001