How do you compete in the increasingly competitive, digitally interconnected world of financial services? Payments are going global and this changes the way money moves and transactions are handled.
Digital products and services are becoming increasingly critical to the success of financial institutions, and how they approach this is complex. Is their vision to be a truly digital bank as opposed to providing services digitally? Digitalisation, the use of digital technologies to change business models, drive revenue and value, versus digitisation, the conversion of data to digital formats.
Can banks compete with fintechs if they do not digitalise? Are they adversaries or partners and if the latter how do they develop successful alliances? Can payment system providers compete if they do not transform their technology platform, become more agile, focused on cloud-based services and ‘bank-in-a-box’ - solutions?
How do banks, systems providers and the fintech community co-exist? What is changing and why?
How do they evolve or develop technology platforms to support digitally focused payments ecosystems? Meet the demands of global real-time payment schemes and new networks and payment hubs?
Digitalisation transforms businesses through technology, and digitisation is doing the same things differently. How do you distinguish between them and what are the business implications? What makes a digital bank?