Portfolio Banking Technology 2019
Program
Banks and the MNB have prepared a digitalisation strategy for the sector, which is required for the more efficient and cheaper operation of banks and simpler and faster service for customers. Meanwhile, bigtech and fintech companies are increasingly active in the financial market and foreign digital banks have also appeared in Hungary, increasing competition. How will banks react to this?
PSD2, instant payment, customer identification – three projects with strong IT elements, all timed for 2019. How have the IT departments of banks fared in these an in digitalisation tasks? What challenges do they face? Is it still hard to find suitable IT professionals? What innovative solutions have banks introduced this year, and what projects are IT departments preparing for next year?
Implementing digitalisation in practice is far from being an easy task. What processes should be digitalised first and how can existing digital processes be linked? How to store digital data? Where can fintechs be useful? How will electronic payment enter the day-to-day life of banks and customers?
The payment industry is the olden goose of banks, but an increasing number of disruptors, bigtechs and fintechs are entering the market and taking over various segments from incumbents. How will we pay in the future? How well is the market working at present, and how long will a payment infrastructure based on cards be able to serve customers with ever growing expectations?
Wealth management is also turning digital at an increasing pace, as customers want to see a 360-degree real-time picture of their full finances and all of their positions and want to be able to buy stocks, funds and other investment products immediately. Chatbots, wealth planners, mobile apps and AI solutions can all help them in this regard; the question is, which of these should wealth management providers introduce, and when?
The fintech revolution has shaken Hungary as well, with several Hungarian fintech startups making successfully exits, while others with viable business models have grown in the fertile domestic soil. PDS2, the instant payment system and the digitalisation of banks could now all provide another big boost to fintech enablers and disruptors.
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