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A customer in the center – the hottest topic of the 12th Global Banking Innovation Forum

Digitalization, innovation, open banking - these were the top topics spoken and discussed during 2-day 12th Global Banking Innovation Forum conference. Over 300 delegates from both banks and solution providers from Europe, Africa and Asia met to exchange their best practice how they respond to current trends in digitalization, innovation as well as change in law. What are the current challenges for bank, what are the opportunities and how they managed to respond to the especially in the era of COVID-19?

Digitalization – how digitalized are banks, how did they respond to rapid shift to online reality caused by COVID-19? As one presenter said, now it is not a time to go digital, banks should have started doing it few years ago, today they need to excel their digital presence, innovate and focus on building great customer experience. Customers want to things themselves. As it was said by one banker, customers are ready for digitalization, but some companies are not. We are talking about 0-click and online services, – 100% digitalization is what customers are expecting. They search for help with bank only is some process is not understood, so this process need to be rethought and change in understandable way for customer so he/she could thing himself/herself.



It was emphasized by many participants that banks in order to archive great customer experience they need to provide them experience similar to the one that Netflix offers. So what does it exactly mean? The role of bank has changed significantly today. Bank needs to put each and single customer first, offer personalized experience and services that fit into his/her needs and help its customers to achieve life goals. Bank needs to be a partner for its customer in his/her journey. As one of presenter mentioned the new role of bank can be summarized as: bank as advice provider, value aggregator, access facilitator.


So what is a strategy for innovation for bank? There is a great shift of banking platforms to BAAS (Bank -As-A-Service), where using open banking opportunity and cooperation with fintech – bank can create great ecosystem of great number of services for its customers offered by both bank and its partners. Bank needs to act agile and optimize its processes fast, bearing in mind its customer personalized experience. That is a focus of the banks for today.

Anna Kowalik, International Business Development Manager at VSoft
LinkedIn



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VSoft Collection is a solution dedicated to overdue payments monitoring and debt collection, both for the portfolio of primary creditors and those managed by debt collection agencies. The solution supports business processes in the assertion of claims both from individual and business clients, enables monitoring of all types of liabilities including loan, lease, trade receivables, subscriptions, overdue contributions.