“Planning the Unpredictable: Financial Institutions future-proof strategy”

The webinar took place on September 24^th and featured a debate between four institutions linked to the financial market.

ebankIT and Enterprise Engineering, Inc presented a webinar that showcased the “new normal” after COVID-19’s first hit, the impacts caused on the financial industry and how financial institutions can be prepared for the different scenarios of business evolution that are created given the current situation of uncertainty.

In this context of uncertainty, traditional approaches for Digital Banking, based on operational scale and broad deployment, are fast losing its mojo. Banks need to establish a “foundational” mindset for approaching these new dynamics. Planning for the unpredictable implies that no one plan will be the solution, but rather should be a strategy based on agility and the ability to change quickly.

The Financial Brand defined four key strategies to create a future-proof digital bank:

• Omnichannel Banking: The streamlining and integration of channels to ensure a positive and seamless customer journey across all potential touchpoints.
• Modular Banking: A systems architecture that has interchangeable components that can react to market and institutional changes quickly.
• Open Banking: The ability to use open APIs to connect internal and external capabilities, building experiences that may extend beyond banking services.
• Smart Banking: The use of advanced analytics to leverage data for personalized engagement and experiences.

According to João Lima Pinto, Board Member at ebankIT, “This webinar was an excellent opportunity to debate important questions that have come up during this period related to the financial industry and its future. With the participation of these three major players of the North American market, we have a fantastic way to share different points of view and approach possible solutions to every diverse scenario of the sector’s future.”

Through an interactive model with a roundtable and closing Q&A, the webinar clarified the participants on subjects such as new ways to interact with clients, streamlining and personalizing their offer full digital onboarding and account opening, and how to adapt for new paradigms like open banking.