Digital transformation is no longer an option for banks that want to succeed and grow, and they cannot afford to wait while others move forward. It is now a vital requirement and has already been embraced by many other industries. If banks fall behind, they risk losing their competitive edge - and their customers. New players are already entering the market.
However, digitisation also poses challenges. Banks are hampered by legacy systems, regulation and a traditional mindset. They need to become truly customer-centric organisations and building ecosystems that will enable them to develop business models that will keep up with the ever changing customer needs. Very few are currently succeeding, so how can these barriers be overcome? This year’s Congress will focus on the issues and some possible solutions and will be also featured with a session with the top awarded Fintechs from the global Efma Fintech Awards.
The main topics will include:
New business models
• New strategies: more agile operating models with end-to-end digitised processes
• New funding: the use of different financing solutions, such as crowd funding
• New revenues: finding new revenue streams from digital channels
New players and other industries
• Learning from others: what can banks learn from retailers, high-tech firms etc.?
• Threat or opportunity: are Fintechs and telcos competitors or potential partners?
• Emerging players: what are the key challenges posed by new market entrants?
Culture and organisation
• A new mindset: dispensing with silos and developing a truly digital culture
• Greater transparency: establishing a new culture of openness
• New behaviour: changing employee attitudes and practices
• New governance and HR models: engaging your top management to successfully drive innovation and new strategies internally
• A 360o customer view: enabling customers to use any channel at any time
• Customer behaviour: better understanding leading to greater customer engagement
• The customer journey: creating and following a digital transformation roadmap
• The need for greater agility: a more agile IT platform that supports transformation
• Optimisation of the branch network: with new formats and new strategies
• The threat of disintermediation: transforming challenges into opportunities
• Collaboration: forming new digital teams within the bank
• Co-operation: developing strategic partnerships with other organisations
• Experimentation: exploring new technologies with a ‘test and learn’ approach
• Removing regulatory inconsistencies: moving towards a digital single market
• Local regulations: facing the challenge of different privacy and data protection rules
• Cybersecurity: using digital technologies to counteract fraud and cyber crime
This conference should be of particular interest to ‘C’ Level bankers and senior executives from departments such as:
• Digital Channels
• Human Resources
• Sales and Marketing
Study presentations at 44th Efma Congress:
• Digital by design: Retail banks need new models for a new world, by Efma and A.T. Kearney
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