IDC European Banking Executive Digital Summit 2021

Financial institutions are refocusing their digital and data transformation initiatives – not only to cope with the new ‘socially distant’ reality – but more importantly to tap into a new momentum of digitalization, as customers, employees and regulators embrace the reliability, convenience and efficiency of digital financial services. However digital value creation is not a one-way street! In 2021, financial institutions must proof that digital transformation is not just an internal cost efficiency and productivity driver, but that they take digital customer-, and staff experiences seriously. Customer engagement needs to be personalized and contextual; security needs to be embedded and increasingly invisible; the next generation of customer-facing tools and services needs to deliver quantifiable value for customers, and digital sales must happen at a time and place of the customer’s choosing, not the banks’ convenience. FSI must also take advantage of a new regulatory openness towards cloud, data-driven security-, compliance -, and customer engagement strategies, but heed the warning signs not to repeat the mistakes of the past. Transparency, the customer’s best interest and evidence-based compliance are the future.