BRUSSELS, 24 January 2017
Ole Morten Geving, who heads up WSBI-ESBG member Finance Norway, gives his insight on how the 'Digital Wave' will make banks better. His thoughts are in the latest episode of the WSBI Innovation Exchange.
Below is what he had to say.
Many people are afraid that disruptive technologies, new intruders to the market, will destroy banking services. But they will not. They will make them better. But it's up to us, representing the traditional banking sector, to actually embrace the new technologies, put them in our own organizations, in our own banks, and create better services for our customers.
To use the new technologies, use the expertise from smart guys in the new fintechs, embrace them take them into your traditional banking organizations and use that to create better banking services for customers, that would be the main goal for our banks.
It changes the mentality. It changes the customer behavior. It changes the way that bankers think. And it will definitely change the everyday work life of banking employees. Focus on how we can use this to actually improve our banking model and our banking services, and actually create new job opportunities for our employees as well.
How has digitisation affected the customer?
Those who are on it, they have really improved both the experience of banking services ability to help themselves at any time of the day to have a better oversight over the private economy and so on and so on. Traditional banks have a role to play by helping their customers and to overcome these fears and to overcome the obstacles of using new technologies using digital platforms. By helping them they can actually also make the connection between the bank and the customer even stronger.
I think banking would look very much like what we see today. But it will be a lot more interaction between the customers and the bank on numerous platforms. Chatbots, digital platforms, mobile phones, but also with the use of robotics you can actually talk with your bank, not only chat or ask questions. You can talk with your bank 24/7 and that will be like the biggest change from today and in 10 years.
WSBI Innovation Exchange brings together experts from saving and retail banks from around the world to share their views on how digitisation and innovation is approached in local markets.
On-camera interviews took place on 21 September at the 2017 Business Forum in Barcelona, Spain. Experts were asked three pressing questions around digitisation and savings and retail banking.
>> Watch all WSBI Innovation Exchange videos
>> Learn more about the 2017 Business Forum