Keeping pace with cultural shifts and transformations in technology is a key challenge that banks are currently facing, particularly as they attempt to compete in an increasingly digital marketplace.
Banks must ensure that technology does not advance beyond the point of their ability to benefit from its value, and this requires a significant cultural shift in the mindset of employees. As heavily regulated entities tasked primarily with the protection of customer data and finances, there is a naturally, deep-seated caution in certain levels of banks which slows the pace of innovation.
As financial services becomes more competitive and more interconnected, thanks to regulations like open banking, incumbents must capitalise on technology and expertise available in the wider ecosystem, by building new partnerships to deliver innovative products to their customer base.
Sign up to this Finextra webinar, in association with WSO2, to join the panel of industry experts as they discuss the following areas:
- How should banks categorise and define the types of products they wish to enhance/build?
- How should banks go about innovating without compromising security?
- Should banks prioritise building entirely digital ‘visionary’ products, or should they focus on enhancing their existing product offering?
- Why does the cultural mindset within financial institutions have such a strong influence on their approach to building products? How can this be addressed?
- What impact does the cultural mindset toward innovation bear on a bank’s ability to find and retain talent?
- What impact should the new financial services ecosystem bear on banks’ approach to building new products? Does partnership play a significant role in this ecosystem?
- Jane Cooper - Researcher, Finextra [Moderator]
- Seshika Fernando - VP & General Manager of BFSI Practice, WSO2
- Jason Maude - Chief Technology Advocate, Starling Bank