Decoding tomorrow: Roberto Ferrari's perspectives on digital banking

Roberto Ferrari, a FinTech and Digital Banking Thought Leader & Advisor, discusses the importance of integrating multiple technologies within an open platform for maximum impact in the transformation of digital banking.

He explains that the evolving customer expectations driven by tech giants such as Google or Apple are forcing banks to offer more personalized, contextual, and accessible banking services. He emphasizes the role of fintech providers in accelerating innovation due to their agility and speed in decision-making.

The impact of digital disruption

Over the past 15 years, banks have faced a significant challenge that encompasses multiple aspects, including the impact of digital disruption. The burden of heavy regulation, changing consumer habits, and the limitations of legacy systems have made it even more difficult for banks to navigate the massive and complex digital and technological landscape. With the emergence of mobile apps, APIs, Cloud, biometrics, AI, and more, banks are grappling with the need to handle and manage this technological storm.

In light of this, Roberto Ferrari delves into the intricate and multifaceted nature of digital banking transformation. He emphasizes the importance of not solely relying on individual technologies like artificial intelligence but rather integrating them within an open platform and data architecture. This integration allows banks to fully exploit the potential of these technologies and effectively navigate the challenges posed by the digital era.

Evolving Customer Expectations

According to Roberto Ferrari, there has been a significant shift in consumer habits, with new competition knocking at the door of banks. This presents a challenge for banks to attract new customers without relying solely on physical branches. Ferrari emphasizes that customer expectations have been largely influenced by the seamless experiences provided by tech giants such as Amazon and Apple.

56% of Banks [say] expanding the functionality of digital apps is on top of the agenda.

- Qorus: The global digital banking radar 2023​​

During the ebankIT summit, Ferrari shed light on a groundbreaking approach to Know Your Customer (KYC) processes. This innovative method not only provides valuable insights into account holders but also places a strong emphasis on valuing user interactions and touchpoints.

By eliminating the constraints of time and space, this approach fosters a sense of empathy and trust between banks and their customers. In addition, the industry has prioritized process automation and cybersecurity technologies, recognizing their importance in ensuring operational efficiency and safeguarding sensitive information.

Rising competition and changing market dynamics:

As traditional financial institutions face mounting competition from neo-banks and tech giants, the financial services sector is bracing for an intense battle. However, Roberto Ferrari believes that traditional banks have an advantage in the form of the existing trust with customers. To remain competitive in the fast-paced and ever-changing market, traditional banks must embrace modernization, improve efficiency, and prioritize mobile relationships. By leveraging these strengths, they can stay ahead of the curve.

Fintech providers such as ebankIT will be crucial in driving innovation, utilizing readily available technologies to maintain agility and competitiveness. It will enable swift decision-making and implementation to enable financial institutions to keep up with the dynamic market and meet customer expectations effectively.