Several converging factors are fostering and accelerating digital transformation among banking institutions in Italy and Europe: an improvement of the economic situation marked by clear signs of recovery, bullish financial markets, an expansionary monetary policy, the actual start of the banking union – a process that is bound to change the ‘playing field’ and the competitive environment in which the main Italian banks operate.
The main challenges to be faced are represented by profitability recovery, risk management as required by the European regulator, new entrants (domestic and foreign digital banks) and new OTT competitors as potential digital disruptors, the dramatic changes that are taking place in some areas – from payments to alternative finance.
It is essential to expand the existing projects set up to change and renew the way banks operate and present themselves, while at the same time starting a process of further consolidation in the Italian banking industry, especially among mid-sized banks and ‘banche popolari’.
The competitive pressure arising from other banks and the new non-banking players is too strong, regulatory requirements will be too stringent and costly, and technological evolution is extremely fast-paced, especially in the mobile, big data, social media, cloud and IoT areas. This situation calls for an acceleration of the transformation process in all banking areas: from retail to corporate banking, private/wealth banking, and asset management.
The use of digital technologies is the most powerful lever for this transformation and innovation process; digital technologies will help banks:
- dramatically simplify organizational processes and structures, and become more efficient and resilient;
- re-design distribution networks and re-shape the bank-client relationship; banks will become more “socially engaging” as they bridge the gap between digital and physical channels by adopting an omni-channel, “physital “ strategy ;
- re-design the bank-client relationship on the basis of a ‘mobile-first’ and outside-in Customer Experience;
- diversify financial products and services, segmenting them not only by customer type, but also by supply chain and process, going from products/services to value-added service solutions that best respond to the needs of clients in different moments of their life;
- streamline and re-design critical processes from retail to corporate banking based on a digital logic;
- adopt new sourcing strategies for ICT and non-core business processes, while optimizing service models (from Cloud Computing to strategic outsourcing and shared global business services).
The future of digital banking is boundless, but it will no longer be characterized by one Bank offering services to various client types.
The Banking Summit 2015 will focus on these key topics with the help of the main representatives of the Business and IT community, who will share with the audience their points of view, as well as their experiences and “success stories” in the banking and financial services industry, both in Italy and abroad.
The event mainly targets:
Top Management members, COOs, CIOs, Line-of-Business Managers, Innovation Managers, decision-makers, managers in charge of governing and managing the digital transformation process.
Target industry sectors:
Banks, credit institutions and finance companies
- Insurance companies operating in the financial services industry
- Companies offering services to banks
- Investment companies
- Innovative fin-tech companies