Digital Finance Blog

What role does invisibility play for banks – especially in the area of tension of the platform economy? Today, established portals increasingly dominate customer perception. Mediated or integrated services of third parties lose their anchor point in the customers' consciousness. Are these developments a trap for banks or rather an opportunity?

Not all, but many, traditional banks are very busy with themselves. As a result, they’re often too distracted to confront external disruptors. It also means there's little time or consideration for their own disruptive evolution. There are just too many other things to tackle first.

Nils Elmark discusses the disruption in the banking environment and explains why financial executives must have bigger dreams. "They have to forget the past and leave the old business models behind and instead take the new FinTech and InsurTech tools on an adventure."

Banking disruption forces banks to adapt to new technologies, with voice banking playing an increasingly important role. Voice banking may be the future and will change the financial sector permanently, but it also imposes new requirements on the IT security of banks.

Lending money can be complex and expensive for financial institutions, which face strict compliance and transparency rules (many of which were introduced following the financial crisis over a decade ago).  While digitisation could make life easier, its progress is often stalled in operational silos with change viewed by various bank departments as a threat rather than an opportunity.

Kevin Smith is Head of Analytics & AI at Contovista. As a data scientist, Kevin Smith specialises in analysing data using AI methods and extracting actionable insights from it. In this interview, he answers three questions about the opportunities that data-driven banking affords for medium-sized banks.