10 Influential Leaders Defining the Future of Digital Banking in 2024

VOL 04 I ISSUE 16 I 2024 The Digital Revolu?on Transforming Banking through Technology Breaking Boundaries How Digital Banking is Reshaping the Financial Landscape 10 Inuential Leaders Mario Benedict Dening the Head of EMEA Digital Future of Channels and Connectivity J.P . Morgan Digital Banking in 2024 Shaping the Future of Finance: Mario Benedict Driving Technological Strides

Digital banking is changing banking fundamentally, but only banks that can innovate and adapt will survive.

Leaders Navigating the Digital Banking Revolution s we navigate through the year 2024, the These leaders are championing the cause of financial landscape of digital banking is being inclusion. They are leveraging digital platforms to A reach the unbanked and underbanked populations, shaped by a cadre of visionary leaders. These providing them with access to financial services and individuals are the architects of a future where helping to bridge the financial divide. Security is banking is seamless, secure, and tailored to the unique another key area of focus for these leaders. In a world needs of every customer. where cyber threats are a constant concern, they are investing heavily in cybersecurity measures to ensure These leaders are leveraging cutting-edge that customers can bank with confidence. technologies such as artificial intelligence, blockchain, Through the latest edition of 10 Influential Leaders and big data analytics to redefine the way we bank. Defining the Future of Digital Banking in 2024, their They are not just digitizing traditional banking services relentless pursuit of innovation, customer-centricity, but are creating innovative solutions that are transforming the banking experience. financial inclusion, and security is setting the stage for a future where digital banking is the norm rather than In digital banking, customer-centricity is the mantra. the exception. The leaders of this revolution understand that the future of banking lies in creating personalized experiences that resonate with customers. They are harnessing the power of data to gain insights into customer behavior and preferences and are using these insights to deliver services that are not just convenient but also highly relevant. Prince Bolton Editor's Note

C C O V E R S T O R Y 08 O Shaping the Future of Finance: Mario Benedict N Driving Technological Strides T Dr. Larisa Yarovaya Innova?ng for a Sustainable Digital 16 Banking Ecosystem E Vid Hribar Building Value through Blockchain and Partnerships in the Banking Industry 24 N A R T I C L E S The Digital Revolu?on T Transforming Banking 20 through Technology Breaking Boundaries S How Digital Banking is Reshaping 28 the Financial Landscape

Featured Person Company Name Brief Fiona is an International Treasury Sales professional with a Fiona Deroo proven track record and whose expertise in global working Bank of America Merrill Lynch Global Head of Product capital management, leadership quality and interpersonal skills Launch Commercialization www.bofaml.com and Consumer Payments Sales qualify her for a career in a majority of International fields. George is a technology and business leader embracing every aspect of the customer journey to optimize the customer George Estrada Amazon Web Services (AWS) experience. He accomplishes this by building, managing, and Principal Enterprise aws.amazon.com leading the development and delivery of innovative technology- Strategist - Nonprofits based solutions. Pooja M Bansal Editor-in-Chief Gina is a Chair of the Australian Competition and Consumer ACCC Gina Cass-Gottlieb Commission, promoting competition and fair trading in www.accc.gov.au Chair markets. CONTENT FOLLOW US ON Deputy Editor Anish Miller Larisa Yarovaya www.facebook.com/ciolook Southampton Business School, With a profound expertise in international finance and Fintech, Associate Professor Managing Editor Prince Bolton www.twi?er.com/ciolook Larisa has contributed significantly to the academic landscape, University of Southampton, UK of Finance authoring over 70 papers and co-editing the book www.southampton.ac. and Director of Centre WE ARE ALSO AVAILABLE ON "Cryptocurrency and Blockchain Technology". uk/business-school for Digital Finance DESIGN Visualizer Dave Bates Mario is the Head of EMEA Digital Channels and Connectivity Mario Benedict of J.P.Morgan, a leader in financial services, offering solutions J.P. Morgan Art & Design Director Davis Mar?n Head of EMEA Digital to clients in more than 100 countries with one of the most www.jpmorgan.com Channels and Connectivity CONTACT US ON comprehensive global product platforms available. Associate Designer Jameson Carl Email info@ciolook.com SALES Nick is a Proven Senior Banking Executive with over 5 years at Nick Carter Bendigo and Adelaide Bank For Subscrip?on this level, and 10 year at senior management level across GM Digital | Bendigo Senior Sales Manager Wilson T., Hunter D. www.bendigoadelaide.com.au www.ciolook.com multiple divisions of the Group, in all banking disciplines, & Adelaide Bank Customer Success Manager Taylor A. Copyright © 2024 CIOLOOK, All Rob is Head of Innovation at Citi since 2006, with UK, EMEA, rights reserved. The content and Sales Execu?vesTim, Smith Rob Garlick US and Global management roles. A Qualified Executive images used in this magazine should Citi Head of Innovation, Coach with MSc in Behavioural Change. Mentoring L&D, not be reproduced or transmi?ed in www.citigroup.com Technology & the TECHNICAL Recruitment, Product Management, Sales Capital Raising, any form or by any means, Future of Work electronic, mechanical, Fund Management, Investment Analyst and Charity. Technical Head Peter Hayden photocopying, recording or otherwise, without prior permission Technical Consultant Victor Collins Vid is a passionate generalist who embarked on a journey from Vid Hribar from CIOLOOK. studying law to discovering his true passion in the world of Raiffeisen Bank Blockchain Hub Reprint rights remain solely with banking, fintech, and emerging technologies. As a believer in SME-SMO International AG CIOLOOK. (Strategic Partnerships Web3 and decentralized solutions, he is driven to explore their www.rbinternational.com & Ecosystems) Research Analyst Eric Smith transformative power. SEO Execu?veAlen Spencer Ville Sointu Ville is a Senior specialist in financial technology. Member of Ericsson Head of Solutions & ECB Market Advisory Group for the Digital Euro and Co-host www.ericsson.com of Fintech Daydreaming podcast. Strategy, MFS sales@ciolook.com Wasim partners with global banks to execute large-scale Centre for Finance, April, 2024 transformation, and advise innovative start-ups to launch new Wasim Mushtaq products and services. His career in financial services has Innovation and Technology Interim COO focused on leading operational teams and delivering strategic (CFIT) change across banking sectors.

C O V E R S T O R Y Shaping the Future of Finance: Mario Benedict Driving Technological Strides Mario Benedict Head of EMEA Digital Channels and Connectivity J.P . Morgan We strive to provide progressive experiences for all of our clients, enabling the channel or interfaces of their choice depending on their Payment needs, capabilities and platform architecture.

usinesses need to develop and lead with Channels and Connectivity team, a force driving digital strategies that eventually result in transcending transformation. Tasked with delivering a holistic digital B organizational progress. While navigating the experience, they ensure clients can effortlessly manage complexities within, the leaders who possess a keen their business and working capital in the growing global understanding of both technological innovations and economy. Mario emphasizes their commitment, the intricacies of financial ecosystems stand as reliable affirming, “Our mission is to provide an end-to-end digital personalities. experience.” This team oversees a spectrum of channels and solutions within the Payments realm, from portals Frequently, when a company endeavors to streamline to APIs catering to diverse client needs and its payment processes while ensuring strict regulatory preferences. “We strive to offer progressive experiences,” compliance, it becomes imperative to have a leader Mario notes. capable of effectively balancing these dual priorities. Mario Benedict exemplifies this blend of expertise, Their offerings extend beyond conventional interfaces serving the dual priorities for companies striving to embracing machine-to-machine connectivity and streamline payments while ensuring regulatory embedded solutions seamlessly integrating with client compliance. Being a seasoned professional with a ecosystems. Mario highlights their versatility, stating, wealth of experience in digital channels and “We enable clients to choose the channel or interface that connectivity, he brings a depth of knowledge and suits their payment needs and platform architecture.” strategic insight to every endeavor. In a world shaped by digital dynamics, J.P. Morgan With extensive experience in digital channels and Payments and its Digital Channels and Connectivity connectivity within the financial sector, Mario is adept team remain steadfast in their commitment to at optimizing financial operations, reducing costs and facilitating seamless, secure and progressive payment experiences for all. mitigating risks associated with global transactions. His leadership is marked by a deep commitment to innovation and client-centricity, shaping the digital Investing in the Future transformation strategies of leading financial institutions. A staggering $12 billion annual investment in technology ensures J.P. Morgan stays at the forefront As the Head of EMEA Digital Channels and of practical solutions employing agile methodologies to Connectivity at J.P. Morgan Payments, Mario leads a meet evolving client needs. Mario states, “We prioritize expertise to support clients in scaling and innovating team dedicated to revolutionizing the digital banking meeting clients where they are now and preparing them for strategically. Mario highlights the significance of this experience. Under his guidance, forward-thinking the path ahead.” balance, stating, “Our core global platforms ensure a initiatives empower clients to navigate global payment unified experience with locally relevant solutions.” We actively utilize complexities seamlessly. Mario’s strategic vision and Collaboration with the Digital Experience Design team wealth of knowledge continue to set new benchmarks ensures a user-centric focus in all client interactions. By Navigating cross-border payments and regulatory client feedback to for innovation and client satisfaction in the digital actively incorporating client feedback, they intricacies is simplified through the collaboration of banking landscape. continuously refine and enhance the omnichannel treasury and payments experts worldwide. Mario identify opportunities experience. Mario highlights, “We strive to provide a emphasizes their role, noting, “Clients can more easily Meeting Every Need seamless omnichannel interaction for our clients.” navigate complexities no matter where they’re transacting.” for improvement to Central to fostering collaboration is the clear J.P. Morgan Payments exemplifies reliability and Furthermore, partnerships with FinTechs and Third- articulation and alignment of strategy with provide a seamless innovation in the bustling world of global finance. With Party Providers enrich their offerings with cutting-edge organizational goals. Mario underscores that defining omnichannel a comprehensive suite of services spanning treasury, solutions. Mario stresses the importance of shared and communicating objectives ensures a unified trade, cards, and merchant solutions, they empower expertise, noting, “Collaboration allows us to embed approach. interaction for our clients to transact seamlessly across borders in over innovative solutions into our digital banking offerings.” 120 currencies. Mario encapsulates their ethos, stating, Leadership plays a pivotal role in modeling clients. “We’re dedicated to meeting clients wherever they are on Achieving Unity Through Communication collaborative behavior and incorporating diverse their digital journey.” perspectives into decision-making processes. Mario J.P. Morgan Payments stands as a global leader stresses the importance of this inclusive approach, At the core of J.P. Morgan Payments lies the Digital seamlessly blending worldwide reach with local

opportunities and challenges.” Ÿ Agile Leadership: Implementing agile frameworks fosters collaboration and flexibility enabling J.P. Morgan Payments to thrive amidst regulatory changes. Mario emphasizes the importance of agility, stating, “Agile frameworks are essential for We prioritize risk keeping up with the everchanging dynamics of digital management, banking.” regulatory J.P. Morgan Payments remains at the forefront of digital banking by adhering to these core principles while considerations and delivering innovative solutions and exceptional client experiences. data security while Unlocking Future Cash Flow staying ahead with It comes as no surprise that artificial intelligence and innovative machine learning are playing an increasingly solutions. indispensable role in today’s society. This will inevitably develop into AI-powered cash forecasting tools, which will help treasurers unveil inconspicuous patterns and trends, thereby enabling them to better forecast and manage their future cash flows. Embracing this technological leap, Mario aims to incorporate AI committed to enhancing client experiences and advancements into more products, enhancing client optimizing processes through innovation and service. adaptability. Mario emphasizes their commitment to innovation, Diverse Teams, Innovative Solutions stating, “This is just the tip of the iceberg for us, as we continue to work towards incorporating this exciting At J.P. Morgan, innovation is incorporated into development into more of our products to better service our noting that representatives from different regions are Key principles driving decision-making include: everything they do. Mario emphasizes their clients.” involved in ensuring diverse perspectives. commitment, stating, “Our approach to innovation is Ÿ Client-Centricity: The Digital Channels & central to every solution we build.” A diverse team serves Beyond treasury, automation driven by customer Open communication channels further reinforce Connectivity team serves as the primary interface as the bedrock for fostering an innovative mindset experience and real-time data is on the rise. APIs serve collaboration. Regular group meetings facilitate idea for clients striving to enhance their end-to-end ensuring fresh perspectives and creative solutions. as the catalyst for this transformation pulling vital exchange and serve as a platform to recognize and experience. Mario underscores the importance of Mario highlights, “We take great care in hiring and information and enhancing experiences across various celebrate achievements fostering unity among team incorporating client feedback into decision-making maintaining a diverse team that provides the basis for sectors. Mario underscores the versatility of APIs, members. Mario highlights this, stating, “Regular processes ensuring alignment with evolving digital fostering an innovative mindset.” noting, “They unite customization and transparency with meetings facilitate collaboration and provide a forum to banking needs. security and control.” acknowledge achievements.” Ÿ Talent Development: The team comprises diverse Collaboration with FinTechs and partners keeps J.P. talent from apprentices to seasoned leaders Morgan ahead of the payments curve, enabling them to In parallel, blockchain technology, particularly The Pillars of Success essential for meeting clients’ digital needs. Mario anticipate and adapt to industry shifts. Co-creating programmable payments promise significant highlights the significance of a skilled, diverse and with clients allows for the development of tailored advancements. Mario highlights the benefits of In the Digital Banking landscape, J.P. Morgan Payments adaptable workforce for long-term success. solutions that align with their digital transformation programmable payments, stating, “They enable advanced adheres to core principles that guide decision-making Ÿ Strategic Adaptability: A culture of continuous journey. This agile approach facilitates the delivery of automation of treasury functions and streamline ensuring a seamless experience for clients. As the learning and innovation enables the team to innovative solutions while obtaining immediate workflows.” Leveraging this technology, finance and leaders at J.P. Morgan Payments, Mario emphasizes anticipate and respond effectively to digital feedback for continuous improvement. Mario shares, treasury teams can optimize liquidity and execute their commitment to client-centricity, stating, “We’re banking’s dynamic landscape. Mario stresses the “With this approach, we are able to deliver innovative settlements in real time even across borders. As J.P. dedicated to meeting and exceeding our clients’ importance of making decisions that enhance solutions on an agile methodology and obtain immediate Morgan Payments embraces these technological expectations.” market offerings, stating, “We must adapt to emerging ongoing feedback to iterate and improve.” strides under Mario’s leadership, they remain

J.P. Morgan's AI-powered cash forecasting tools will help treasurers unveil inconspicuous patterns and trends, thereby enabling them to better forecast and manage their future cash flows. Anticipating and Adapting with simple integration endpoints is crucial as transaction volumes rise. In the realm of AI and “At J.P. Morgan, we excel in both anticipating and adapting machine learning, J.P. Morgan leverages proprietary to risk,” says Mario. “We prioritize risk management, platforms to enhance cash flow forecasting. Mario regulatory considerations and data security while staying emphasizes the significance of machine learning in ahead with innovative solutions.” identifying subtle patterns, stating, “Machine learning models will uncover idiosyncratic patterns for our clients.” Leveraging global expertise, they protect clients throughout the payment lifecycle and offer solutions at Blockchain remains a key player in delivering the forefront of emerging technology. Renowned as a transformative opportunities for financial services. trusted innovator, J.P. Morgan ensures clients are Mario accentuates the ongoing potential of blockchain equipped to navigate challenges while seizing technology highlighting its role in shaping the future of opportunities in the ever-evolving financial landscape. finance. As J.P. Morgan continues to innovate, they remain committed to harnessing the power of these The Next Frontier emerging technologies to benefit their clients and stay ahead in the rapidly evolving financial landscape. “As we look forward, APIs will emerge as standalone channels,” explains Mario. He highlights the importance of seamless integrations enabling real-time access to data and insights. Prioritizing scalable and flexible APIs

n 2018, a new chapter unfolded in the Department Protecting Consumers of Banking and Finance at Southampton Business I School when Dr. Larisa Yarovaya stepped into her “As the Director of the Centre for Digital Finance,” says Dr. role at the Department of Banking and Finance. Taking Yarovaya, “my journey into a leadership role in digital Dr. Lar?a Yarovaya Dr. Lar?a Yarovaya Dr. Lar?a Yarovaya charge with vigor, Dr. Yarovaya swiftly delved into banking has been driven by a passion for making scientific curriculum development while taking up the leadership advancements accessible to a broader audience and Innovating for a Sustainable Digital Banking Ecosystem role at the Centre for Digital Finance. Since then, she maximizing the impact of research on society.” In her role, has spearheaded numerous collaborative research she emphasizes bridging the gap between academia, projects within the digital finance domain resulting in industry, policymakers, and global media fostering the publication of over 70 articles in esteemed peer- collaborations to push the frontier of digital banking reviewed journals. research. Dr. Yarovaya's contributions extend beyond academia. Dr. Yarovaya acknowledges that navigating a Dr Larisa Yarovaya Her global recognition is evidenced by her inclusion in traditionally male-dominated field like Fintech, Banking Associate Professor of Stanford's top 2% Global Scientists list and her and Finance has presented challenges. However, she Finance and Director of accumulated over 9,000 citations. Her work has been sees these challenges as opportunities to inspire and Centre for Digital Finance featured in prominent media outlets such as BBC, support female colleagues encouraging them to strive Southampton Business MarketWatch, Financial Times, CBC, Euronews, and for success and fostering a supportive community. School, University of Bloomberg. Moreover, she has shared her expertise on Southampton, UK platforms like CNBC's series on 'Ethereum' and Initially, Dr. Yarovaya viewed the DeFi industry as a 'Stablecoins.’ challenging landscape, akin to the Wild West, with a lack of transparency and integrity among players. Among her proudest achievements is the establishment However, her perspective has evolved over time. She of the inaugural Cryptocurrency Research Conference notes a positive shift within the industry, marked by in 2018, which has evolved into the premier annual increased transparency among leaders. This academic event in this niche. Its success culminated in transformation, she believes, is due in part to the the recent 6th edition hosted at the International efforts of regulators and media outlets prioritizing University of Monaco in 2023 fostering international unbiased opinions from academic scholars grounded in collaboration and innovation in the field. Digital scientific results. banking represents a captivating frontier within decentralized finance and Dr. Yarovaya has been at the This shift towards transparency, not only benefits forefront of this discourse. Her involvement in industry players but also serves to protect consumers. significant events like the FT Global Banking Summit, It enables the identification and support of honest where she facilitated a masterclass on CBDCs, participants contributing to the establishment of a underlines her commitment to fostering invaluable more efficient global regulatory framework. Dr. exchanges with industry leaders and peers. Yarovaya firmly believes this change is crucial for the continued development of the digital banking sector Reflecting on her journey, Dr. Yarovaya is immensely fostering an environment that is accountable, secure grateful for the enriching collaborations and and conducive to sustainable growth. encounters that have shaped her trajectory in this dynamic field. She recognizes the collective efforts of Innovative Insights passionate individuals who continue to drive meaningful progress and eagerly anticipates the future In her current role, Dr. Yarovaya strategically drives advancements that lie ahead. As the Associate innovation and digital transformation in the banking Professor of Finance and Director of the Centre for sector through four key priorities. Firstly, she Digital Finance at Southampton Business School, emphasizes championing Fintech literacy by overseeing University of Southampton, UK, Dr. Yarovaya is a comprehensive rebranding of global Finance stepping up the pace of innovation in Digital Banking educational offerings resulting in the successful launch and Finance. of the BS Finance and Financial Technology program. Secondly, she prioritizes consumer protection through 16 17 www.ciolook.com |April 2024 | www.ciolook.com | April 2024 |

targeted outreach activities, aiming to empower Security, Innovation and Regulation security and transparency offered by blockchain.” Their consumers in the digital financial landscape and foster — goal to drive positive changes in the digital banking trust. Dr. Yarovaya explains, “As a research entity, we are and fintech landscape, emphasizing the synergies privileged to collaborate with the banking sector while between these cutting-edge technologies. “Third,” Dr. Yarovaya states, “I foster collaboration adhering to the regulations and security procedures of between industry, policymakers and academia to push Higher Education Institutions.” Therefore, regulatory Sustaining Excellence regulatory frontiers and create an adaptive regulatory uncertainty in decentralized finance indirectly affects framework.” Lastly, she actively cultivates high-quality us. She adds, “We invest a lot of time and energy in the “We do not face direct exposure to any risks stemming from global partnerships in research and enterprise development of education and research outputs, based on digital banking ourselves,” Dr. Yarovaya clarifies, “rather, positioning the Centre for Digital Finance as a global the assumption that blockchain technology and Fintech we are conducting research in this area to benefit the leader in advancing knowledge and practices in the innovations will continue to thrive in the future.” community and our partners.” digital finance domain. While they cannot predict the regulatory landscape in She acknowledges the distinctive nature of my These efforts collectively form the foundation for the UK and globally, it is crucial to maintain a leadership role, steering a transformative path within digital transformation. Additional initiatives, such as continuous dialogue with all key stakeholders, stay up- academia. To sustain a competitive edge for the developing an MBA module on Blockchain Technology to-date and whenever possible, influence this research Centre, they consistently prioritize innovation and Cryptocurrency Investments highlight her regulatory landscape. This proactive approach ensures infusing a multidisciplinary approach and expertise into commitment to providing executives with insights into that the Centre for Digital Finance remains adaptable its research endeavors. Their strategy, she explains, transformative technologies, further establishing the and responsive to changes in regulations, thus enabling “revolves around placing a strong emphasis on the quality CDF as a global leader in the field. ongoing collaboration and innovation in the field. of our work and nurturing enduring relationships in all partnerships we establish.” To her, “these elements Striving for Change Accessible and Safe constitute the cornerstone of our ongoing success.” With this commitment to excellence and collaboration, the In fostering a culture of continuous learning and For Dr. Yarovaya and her team, a significant motivation Centre for Digital Finance remains poised to continue adaptation in the dynamic landscape of digital banking, making significant contributions to the field of digital driving research outputs is centered around consumer Dr. Yarovaya draws from the rich institutional protection. She emphasizes, “I am dedicated to ensuring banking and finance. experience of the University of Southampton, where that our research results are widely accessible and easily the Centre for Digital Finance (CDF) is based. understood by diverse audiences.” This commitment Leveraging the university's legacy of pushing scientific forms the core of all the projects in which the Centre frontiers and fostering a culture of learning, she for Digital Finance is engaged, emphasizing its continually challenges herself as a leader to expand dedication to assisting companies in making their beyond her academic expertise. products safe and user-friendly for their customers. While there is more work to be done, motivation drives Recently she has taken on the role of Chair of the them to continuously prioritize the enhancement of Athena Swan Self-Assessment team at the customer experience in the digital banking landscape. Southampton Business School, focusing on creating an inclusive culture and empowering female graduates to The Future Is Now excel in fields like finance and fintech. This experience enhances her understanding of cultural nuances and Leveraging emerging technologies, such as AI and inclusion, contributing to her effectiveness as a leader blockchain comes naturally to Dr. Yarovaya as a at the CDF. blockchain expert. However, she acknowledges, “I “As a research entity, we are recognize that the benefits may not always be apparent to privileged to collaborate “Additionally,” she says, “my secondment position as businesses who may be more focused on the potential of AI Advocacy Manager in the university's Communication alone, overlooking the strategic advantages of integrating with the banking sector while Department provides invaluable opportunities to engage these two technologies.” adhering to the regulations and directly with top media outlets and learn how academic security procedures expertise can benefit society.” This role strengthens her “I am confident,” Dr. Yarovaya states, “that this oversight of Higher Education leadership and research skills by equipping her to will be promptly addressed.” At the Centre for Digital navigate the rapid changes in digital banking and Finance (CDF), she explains, “We strive to anticipate Institutions.” decentralized finance while fostering positive cultural future trends and as part of this initiative, we are launching shifts within her team and the industry at large. several projects that combine the capabilities of AI with the 18 19 www.ciolook.com |April 2024 | www.ciolook.com | April 2024 |

The Digital Revolution Transforming Bankingthrough Transforming Bankingthrough Technology Technology n the modern world, few industries have undergone services anytime, anywhere, directly from their mobile as significant a transformation as banking. devices. This shift not only transformed the way I Historically rooted in traditional brick-and-mortar customers interacted with their banks but also paved establishments, banking has swiftly evolved into a the way for a myriad of innovative financial products digital powerhouse, reshaping the way financial and services. services are delivered and experienced. This metamorphosis, driven by technological advancements, The Digital Advantage has revolutionized every aspect of banking, from customer interactions to back-end operations, ushering One of the primary drivers behind the digital in an era of unparalleled convenience, efficiency, and transformation of banking is the relentless pursuit of innovation. enhancing the customer experience. Digital banking channels offer unparalleled convenience and flexibility, From Traditional to Digital empowering customers to manage their finances on their own terms. Whether it's checking account The journey of banking from its traditional roots to its balances, transferring funds, paying bills, or applying for digital iteration is marked by several key milestones. loans, customers can now perform a wide range of Initially, banking services were confined to physical banking activities with just a few taps on their branches, where customers conducted transactions smartphones. face-to-face with tellers and relied heavily on paper- based documentation. While this model served its Moreover, digital banking platforms leverage advanced purpose for decades, it was inherently limited by technologies such as artificial intelligence (AI) and machine learning (ML) to personalize the customer geographical constraints and operating hours, often experience. By analyzing transaction data and user causing inconvenience for customers. behavior, banks can offer targeted product recommendations, personalized financial advice, and The advent of electronic banking in the latter half of the proactive fraud detection, thereby fostering deeper 20th century laid the groundwork for a gradual shift engagement and trust with their customers. towards digitization. Automated teller machines (ATMs) emerged as a pioneering technology, allowing The integration of digital channels with emerging customers to perform basic transactions such as withdrawals and deposits outside of banking hours. technologies like biometrics and facial recognition has Additionally, the introduction of online banking in the revolutionized authentication and security in banking. 1990s provided customers with the convenience of Biometric authentication methods, such as fingerprint managing their accounts and conducting transactions scanning and facial recognition, offer a more secure and remotely through internet-enabled devices. convenient alternative to traditional password-based authentication, mitigating the risk of unauthorized However, it was the widespread adoption of access and identity theft. smartphones and the rise of mobile banking applications in the 21st century that truly catalyzed the Empowering Financial Inclusion digital revolution in banking. With the proliferation of smartphones and the ubiquity of internet connectivity, The digital revolution in banking has also played a customers gained unprecedented access to banking pivotal role in promoting financial inclusion by reaching 20 21 www.ciolook.com |April 2024 | www.ciolook.com | April 2024 |

With digital banking, underserved and unbanked populations. In many parts applications. By migrating to cloud-based platforms, of the world, traditional banking infrastructure is banks can scale their operations more efficiently, the world becomes your bank, scarce or inaccessible, leaving millions of people reduce infrastructure costs, and accelerate the without access to basic financial services. However, the deployment of new digital services. Additionally, cloud- and banking becomes a widespread adoption of mobile technology has bridged based analytics tools enable banks to harness the this gap, enabling financial institutions to extend their power of big data and predictive analytics to gain seamless part of everyday life. services to previously underserved communities. deeper insights into customer behavior and market trends. Mobile banking applications and digital payment platforms have emerged as powerful tools for financial Navigating Regulatory Challenges inclusion, providing individuals with access to essential banking services such as savings accounts, payment While the digital revolution in banking offers immense transfers, and microloans through their mobile devices. opportunities for innovation and growth, it also Additionally, the digitization of government presents a host of regulatory challenges and security disbursements and social welfare programs has concerns. As banks increasingly rely on digital channels facilitated direct cash transfers to beneficiaries, to deliver services and interact with customers, they eliminating intermediaries and reducing leakages in the must navigate a complex landscape of regulatory system. requirements and compliance standards to ensure the security and integrity of their operations. Blockchain technology, with its decentralized and transparent ledger system, holds immense potential for Stringent regulations such as the General Data transforming financial services in developing countries. Protection Regulation (GDPR) and the Payment Card By leveraging blockchain-based solutions, financial Industry Data Security Standard (PCI DSS) impose institutions can offer secure and cost-effective strict requirements on banks to protect customer data alternatives to traditional banking systems, thereby and maintain the privacy of sensitive information. empowering individuals and businesses in underserved Moreover, the emergence of new technologies such as regions to participate in the global economy. cryptocurrencies and decentralized finance (DeFi) poses novel regulatory challenges, requiring banks to Optimizing Operational Efficiency adapt their compliance frameworks to address emerging risks and vulnerabilities. Beyond enhancing the customer experience, the digital revolution in banking has also revolutionized back-end The threat landscape in banking has evolved operations, driving unprecedented levels of efficiency dramatically in the digital age, with cyberattacks and productivity. Automation technologies, such as becoming increasingly sophisticated and widespread. robotic process automation (RPA) and cognitive Banks must invest in robust cybersecurity measures, computing, have enabled banks to streamline routine including encryption, multi-factor authentication, and tasks and processes, reducing operational costs and intrusion detection systems, to safeguard against cyber human errors. threats and protect customer assets. For example, RPA bots can automate repetitive tasks Embracing Innovation and Collaboration such as data entry, account reconciliation, and compliance reporting, freeing up human resources to Ultimately, the digital revolution in banking is not just focus on more strategic initiatives. Similarly, cognitive about embracing new technologies—it's about computing systems can analyze vast amounts of data to reimagining the future of finance and empowering identify patterns, detect anomalies, and generate individuals and businesses to thrive in an increasingly actionable insights, empowering banks to make interconnected and digital world. By harnessing the informed decisions in real time. transformative power of technology, banks can unlock new opportunities for financial inclusion, operational Furthermore, the adoption of cloud computing and efficiency, and customer engagement, ushering in a new software-as-a-service (SaaS) solutions has transformed era of banking that is truly digital, inclusive, and the way banks manage their IT infrastructure and resilient. 22 www.ciolook.com |April 2024 |

Vid Hribar Building Value through Blockchain and Partnerships in the Banking Industry he rise of digital banking isn’t just reshaping Lessons Learned — individual financial interactions it’s also T revolutionizing how businesses collaborate and When Vid joined the Blockchain Hub, the aim was compete. This digital upheaval acts as a powerful — clear to drive change and make a meaningful impact. “I It’s impera?ve for catalyst, propelling strategic partnerships and wanted to introduce various blockchain applications to us to understand ecosystems forward. Amidst this transformative era, transform the bank,” Vid recalls. But the journey wasn’t individuals like Vid Hribar emerge as pioneers, leading without its hurdles, teaching valuable lessons along the these dynamics, the charge with innovative strategies in the digital way. avoiding impulsive banking sphere. adop?on and One such lesson came during the NFT craze. “Many Vid’s journey into the realm of digital banking traces suggested exploring NFTs without a clear idea of what we instead back to his college days, a time when his interest in could do,” Vid explains. Undeterred, they embarked on a determining the banking transcended the confines of his law studies. research project with tech-savvy students. “We right ?ming for Exploring the intersection of law and finance, Vid identified potential areas, but none showed sustainable Vid Hribar delved into the vibrant world of fintech, eager to business potential upon closer examination.” This experimenta?on implementa?on.” “ Blockchain Hub (Strategic uncover the new horizons it offered. His journey took a experience underscored the importance of awell- and Partnerships & Ecosystems) decisive turn during an internship at a regional bank, thought-out approach amidst industry hype. Raiffeisen Bank Interna?onal AG where he embarked on a dynamic rotation through various departments each month for a year. This Another lesson learned was about timing. “Sometimes immersive experience proved invaluable, providing Vid you’re just a bit ahead of the curve,” Vid reflects. with a multifaceted understanding of banking Decentralized Finance (DeFi) holds immense promise, operations and fostering vital connections across but it’s still early days in terms of technology, regulation different domains. and adoption. While DeFi could revolutionize traditional banking, acknowledging that it will take time Such diverse exposure stands as a cornerstone in Vid’s to fully develop is crucial. These lessons have not only approach, recognizing the pressing need for seamless shaped Vid’s approach but also the trajectory of customer experiences in the digital age. With blockchain initiatives at the bank. customers increasingly drawing parallels between banking services and those offered by tech giants like Tech Trend Radar Amazon or Netflix, Vid understands the imperative of delivering an end-to-end journey that exceeds In Vid’s current role, driving innovation and digital expectations. This entails collaborative efforts with transformation in the banking sector is paramount colleagues from diverse areas within the bank, ensuring within the Group Strategy and Innovation department. a cohesive and customer-centric approach to digital “We initiated a Tech Trend Radar a few years ago to identify banking solutions. the most relevant technology trends for our banking group annually,” Vid explains. With a plethora of trends, they Vid, a member of the Blockchain Hub (Strategic prioritize and assess only the top ones. Partnerships & Ecosystems department) at Raiffeisen Bank International AG embodies a commitment to These chosen trends become focal points for seeking innovation and collaboration in the pursuit of elevating experimentation opportunities and establishing the digital banking experience. partnerships with startups. 24 25 www.ciolook.com |April 2024 | www.ciolook.com | April 2024 |

Despite the initial challenges, these requirements are “Our exploration of blockchain started over five years ago, essential for the long term. “We took considerable time to evolving from knowledge-sharing and experimentation to a assemble a team with the right expertise from various more mature phase,” Vid recalls. “Currently, we have a areas,” Vid explains. Initially, there were discussions well-defined blockchain strategy and concrete product explaining and clarifying misconceptions, but over time, ideas showcasing substantial progress in our approach,” Vid the dialogue shifted from ‘there is no way’ to a more adds. collaborative approach like ‘let’s find a way together,’ Vid elaborates. Regarding AI, it has already found its place in many processes within the bank. However, the advent of Ahead of the Curve ChatGPT and generative AI provided a significant boost. Recognizing the heightened interest from “Customer-centricity is a key aspect of our approach to stakeholders, they initiated a strategy analysis which digital banking in my department,” Vid explains. “We deal was well-received. This became the catalyst for various with new technologies by identifying, prioritizing, projects implementing generative AI throughout the evaluating them, and providing recommendations. When bank. we come across interesting use cases, we conduct pilot projects to test our ideas,” Vid adds while elaborating. Vid points out, importantly, it’s crucial to understand — that AI and blockchain are not in competition rather, Despite the focus on different technologies, Vid has they address different challenges and are poised to learned the importance of not taking a technology-first coexist in the future. Blockchain primarily revolves approach, the hard way as he admits. “Initially, we spent around data storage and management, while AI, a lot of time explaining technical aspects like blockchain. particularly generative AI plays a pivotal role in However, we shifted our approach to be more customer- enhancing the overall user experience, exemplifying a centric, addressing customer pain points first and then harmonious integration of diverse technological exploring various technology solutions,” Vid reflects. This solutions in the digital banking landscape. approach has proven more successful for them. Building Ecosystems However, decision-making isn’t black and white. “While Collaboration plays a pivotal role in this process, with To foster continuous learning, it’s also important to customer-centricity guides us, we also consider strategic In Vid’s role, navigating the competitive landscape experiments conducted alongside relevant share this curiosity and innovative mindset. Recently, decisions. For example, if we believe banks should have the involves staying informed about industry developments stakeholders such as business lines, compliance and IT Vid served as a coach in an Innovation School program future-ready infrastructure, we may start building it even if and keeping a close eye on the strategies employed by colleagues. “Our ultimate objective is to empower our for Raiffeisen Bank International’s employees. “During the current customer demand doesn’t justify the initial other banks and competitors. However, the approach is colleagues to experiment in relevant areas,” Vid this experience, I had the opportunity to pass on my insights investment,” Vid explains. Balancing customer needs somewhat distinct when it comes to blockchain. Given emphasizes. As products mature, the aim is to and motivation to my colleagues,” Vid shares proudly. Vid with strategic considerations is crucial for decision- its decentralized nature, the addition of more seamlessly integrate them into business lines ensuring trusts them to further propagate this mindset within making. participants, including other banks, enhances the a smooth transition and implementation of innovative their group contributing to the development of an overall value of the network. “Therefore, we adopt a solutions. This systematic and collaborative approach innovative culture that allows them to stay ahead in the Tomorrow’s Banking Experience unique perspective, focusing on building ecosystems, as aligns with the overarching strategy to remain at the rapidly changing landscape of digital banking. reflected in the name of our department,” Vid concludes, forefront of technological innovation in the banking Utilizing emerging technologies like AI and blockchain highlighting steering through the competition in the sector. Collaborative Innovation to elevate the digital banking experience is a strategic sector and maintaining sustained success. journey that Vid and his team navigate with a The Power of Sharing Vid stresses the early involvement of colleagues in new thoughtful approach. Typically, new technologies begin projects as essential, allowing them to shape the with high expectations, often followed by a reality Vid asserts that cultivating a culture of continuous direction and contribute to successful outcomes. check leading to more practical applications and learning and innovation in the dynamic digital banking Balancing innovation and digitalization with security integration, as illustrated by the Gartner hype cycle. landscape is vital. “Personally, my curiosity and eagerness and regulatory compliance is crucial in banking. “Each “It’s imperative for us to understand these dynamics, to learn more drive this culture,” Vid continues, project undergoes strict checks to ensure both security and avoiding impulsive adoption and instead determining the emphasizing the importance of extending interests compliance,” Vid emphasizes, highlighting the right timing for experimentation and implementation,” Vid beyond the financial industry to recognize the importance of these measures in building and emphasizes. interconnectedness of various domains. maintaining customer trust, a key strength for banks compared to fintech companies. 26 27 www.ciolook.com |April 2024 | www.ciolook.com | April 2024 |

Breaking Boundaries How Digital Banking is Reshapingthe Financial Landscape n recent years, the financial industry has undergone a seismic shift driven by technological innovation. I Traditional banking models, once rooted in physical branches and face-to-face interactions, are rapidly being replaced by digital alternatives that offer unprecedented convenience, accessibility, and efficiency. This digital revolution in banking is not just about leveraging technology to streamline processes—it's about breaking boundaries and redefining the way individuals and businesses interact with financial services. The Rise of Digital Banking Digital banking represents a paradigm shift in the way financial services are delivered and consumed. Unlike traditional banking models that rely on brick-and-mortar branches and paper-based transactions, digital banking leverages technology to provide seamless, 24/7 access to a wide range of financial products and services through online and mobile channels. The proliferation of smartphones, coupled with advancements in internet connectivity and mobile technology, has fueled the rapid adoption of digital banking around the world. Today, consumers expect instant access to their accounts, real-time transactions, and personalized financial insights—all of which are made possible through digital banking platforms. Convenience Redefined One of the most significant benefits of digital banking is the unparalleled convenience it offers to consumers. With digital banking platforms, customers can manage their finances anytime, anywhere, without the need to visit a physical branch. Whether it's checking account balances, transferring funds, paying bills, or applying for loans, all of these tasks can be completed with just a few taps on a smartphone or clicks on a computer. Moreover, digital banking eliminates many of the traditional barriers to accessing financial services, such as geographical 28 29 www.ciolook.com |April 2024 | www.ciolook.com | April 2024 |

distance and operating hours. This level of accessibility consumers and financial institutions. With the rise of is particularly beneficial for individuals living in remote cyber threats and data breaches, ensuring the security areas or those with busy lifestyles who may not have and integrity of digital banking platforms is essential to the time or means to visit a bank branch during regular maintaining customer trust and confidence. business hours. Financial institutions invest heavily in cybersecurity Empowering Financial Wellness measures, such as encryption, multi-factor authentication, and fraud detection systems, to protect Another key aspect of digital banking is its ability to customer data and prevent unauthorized access to personalize the customer experience and provide accounts. Additionally, regulatory bodies impose valuable insights into financial behavior. By leveraging stringent compliance requirements on financial data analytics and artificial intelligence, digital banking institutions to safeguard customer information and platforms can analyze customer transactions and maintain the privacy of sensitive data. behavior to offer personalized product recommendations, financial advice, and budgeting Driving the Future of Banking tools. As the digital banking landscape continues to evolve, For example, digital banking apps can categorize collaboration and innovation will be key drivers of spending habits, identify areas for potential savings, future growth and success. Financial institutions must and provide alerts for upcoming bills or unusual embrace emerging technologies such as artificial account activity. This level of personalized guidance intelligence, blockchain, and digital identity verification empowers consumers to make informed financial to stay ahead of the curve and meet the evolving needs decisions and improve their overall financial wellness. of customers. Fostering Financial Inclusion Moreover, collaboration between banks, fintech startups, and regulatory authorities is essential to Digital banking also has the potential to address the driving innovation and addressing shared challenges in issue of financial exclusion by reaching underserved the digital banking ecosystem. By working together, and unbanked populations. In many parts of the world, stakeholders can leverage their respective strengths traditional banking infrastructure is limited or and resources to develop innovative solutions that inaccessible, leaving millions of people without access benefit consumers and promote financial inclusion. to basic financial services. However, the widespread adoption of mobile technology has bridged this gap, Conclusion enabling financial institutions to extend their services to previously underserved communities. Digital banking is reshaping the financial landscape by breaking boundaries and redefining the way individuals Mobile banking apps and digital payment platforms and businesses access financial services. With its have emerged as powerful tools for financial inclusion, emphasis on convenience, personalization, and providing individuals with access to essential banking inclusivity, digital banking offers unparalleled services such as savings accounts, payment transfers, opportunities for financial empowerment and growth. and microloans through their mobile devices. Additionally, digital remittance services enable As we embrace the digital future of banking, it's migrants and expatriates to send money to their essential to prioritize security, trust, and collaboration families back home quickly and securely, reducing to ensure that digital banking remains a safe, reliable, reliance on costly and inefficient traditional remittance and accessible option for consumers around the world. channels. By harnessing the transformative power of technology and innovation, we can create a more inclusive and Digital banking is not just about providing Mitigating Risks in the Digital Age prosperous financial ecosystem that benefits everyone. convenience for customers; it's about staying Despite the many benefits of digital banking, security, and trust remain paramount concerns for both relevant in an increasingly digital world. 30 www.ciolook.com |April 2024 |

Digital banking is not a trend; it's the future of banking.

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10 Influential Leaders Defining the Future of Digital Banking in 2024

10 Influential Leaders Defining the Future of Digital Banking in 2024

Presentation Transcript

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