​​​​Workshop tackles banking disruption, collaboration & open banking ​

BRUSSELS, 1 February 2018 – After the successful Innovation Workshop in November 2017, a delegation of banking experts from all around Europe gathered in Brussels for the second part of the WSBI Innovation Workshop dedicated to banking disruption, BigTech trends, collaboration and open banking. Question tackled included: who are the main players; which trends will impact banking; how should banks react in the mid to long term as well as how to build meaningful collaborations to enhance the customer experience and offering for consumers and SMEs.

On the agenda: platformisation, challengers and Big Tech trend​s

The event was kicked off by Natalie Staniewicz, WSBI-ESBG, with a summary of the previous innovation workshop's conclusions and Jalal Douame, Erste Group, with insights on industry developments in the last months since the workshop – the speed of change in retail banking but also more and more in SME and corporate banking became highly visible. AI and Big Data, Open Data and Cloud being a few of the core underlying technologies reshaping banking. Matters such as platformisation, challengers and Big Tech trends were tackled. Is coopetition with the GAFA, BAT, FATBAG an option? Should banks cooperate more together? And how to strengthen collaboration with other sectors and start-ups? Views differed, experiences were exchanged, everyone sharing their best practices on innovation and open banking, drawing a picture of trends for the next five to ten years. ​

Workshop innovation wsbi esbg.pngBuilding meaningful collaborations to unlock new potential

Roundtables, presentations and brainstorming sessions allowed participants to reflect on the importance of collaboration. Kristian Luoma from OP Financial Group presented ideas on how to establish bank - startup partnerships to enhance the client offering and help evolve from a traditional banking approach to a multiservice company. “Focus on tackling concrete needs" in your bank - startup projects, was a clear advice given.

The vivid discussions brought forward a clear common point: Next to building up banks' own capabilities, collaboration is becoming or is already a vital part of banks' strategy. As Natalie Staniewicz, Manager in Innovation and Business Development at WSBI-ESBG, said: "Banks must look at where customers will be and keep an eye on the future to be relevant today". Banks are actively rethinking how they can remain flexible and what they can implement to deepen the strong relationship and trust they already have with customers and ease the customer's daily financial journey. 

Insights from other industries – the Travel Industry

Cornel Dinu and Daniel Farmache from Veltravel, an aggregation platform to ease customer's travel-related journey, shared insights on how the travel industry was disrupted over time and drew parallels to today's banking disruption. Veltravel showcased how APIs have helped to aggregate services, build platforms by integrating various offers, open new opportunities for cross-industry collaboration and lower costs to companies as well as clients.

Workshop innovation wsbi esbg disruption.pngOpen banking & new business models

Alexander Keim from Projective discussed platformisation trends and how banks could experiment, pilot and scale in an open environment of co-creation. “Savings banks have a unique position because they often maintain a relationship in an intimate setting rooted in local communities. Customers are more likely to trust them with what is at their heart and not just in their wallet. In order to stay ahead of BAT & GAFA, they need to become self-aware of their role as data fiduciaries", Alexander Keim stated.

“The game is changing", said Oscar Sala, co-chair of the Mobey Forum Open Banking Workgroup, referring to what it means to be a bank today. He showcased differences between UK Open Banking and PSD2, trends of how banks are reacting and various strategic options to connect people, merchants and banks in a new open ecosystem.

In the afternoon, participants were split into discussion groups to tackle on the one side Bank-Bank Collaborations and on the other hand New Value Creation and Data Management.

The Workshop showcased a positive view of Open Banking, namely that of 'Sharing and cross use of bank products, services functions and data with third parties to bring additional value and create new business opportunities'.

Why is the 'digital wave' and Workshops such as the one in February important for savings and retail banks?

Jalal Douame from Erste Group mentioned after the Workshop: “The workshop was a fantastic forum to discuss some key topics for banks today, especially with our industry moving toward open banking and GDPR. Today, banks need to act fast and leverage on opportunities to cement relationship with clients and create competitive advantages. Having such workshop will help us address crucial questions, exchange views and debate approaches. There is no right or wrong in the equation, it is all about maximising opportunities!"

>> More information about the 2018 Innovation Workshop

For questions, email innovation@wsbi-esbg.org ​

Photos, from top to bottom: (1)  Natalie Staniewicz, Manager in Innovation and Business Development at WSBI-ESBG​ (2) Kristian Luoma from OP Financial Group (3) Cornel Dinu and Daniel Farmache from Veltravel (4) Oscar Sala, co-chair of the Mobey Forum Open Banking Workgroup (5) Jalal Douame from Erste Group & Alexander Keim from Projective​