Crowd Valley was invited to be part of the Middle East's largest technology conference, GITEX, in Dubai from 16-20 October 2016. Crowd Valley's CTO Paul Higgins attended alongside executives from Blockchain, PayPal, the US Department of Homeland Security and many other banks and funds looking to bring the latest innovations in fintech, cybersecurity and digital infrastructure to their financial services operations.
Author of "L'era del fintech" ("The Era of Fintech") and General Manager of CheBanca!, Roberto Ferrari, spoke about the changes that fintech innovation has brought to the traditional, branch-based structure of retail banks. In a time when consumers expect to be able to access their accounts, make transfers, apply for loans and manage investment portfolios instantly and online, the role of the employees of physical bank branches has, according to Ferrari, become less of an agent and more of a facilitator and advisor for those more convenient and online services. Therefore, consumers would be shown how to make a transfer or check their investment portfolio themselves using the bank's mobile application, instead of the bank's employee providing that information to them manually.
By this reasoning, the Italian bank has focused on recruiting from the retail sector, which has a stronger culture of training in customer service, than from finance; similarly, the layout and furnishing of its branches are evidently inspired by the Apple Store.
It was suggested that CheBanca's recent acquisition of Barclays Italia's retail activities is perhaps the first example worldwide of a digital bank acquiring a traditional bank's operations.
From India, the AVP of Digital Banking at IndusInd discussed how his firm has become one of the leaders in a new generation of private banks that has focused on technology-driven services. Padmanaban TA described how IndusInd has been able to attract 'unbanked' and 'underbanked' consumers in India by leveraging innovations in online security, identity and digital services. Customers can now use their mobile phones to set up PIN-less access to their banking services, by registering their device alongside a range of biometric data such as fingerprint scans, to interact with the bank in a way that feels most comfortable for them.
Building on a number of initiatives in the country such as the Unified Payment Interface (UPI), which allows money transfer between any two bank accounts in India, and forthcoming government-backed schemes for running AML and KYC checks online, the fintech sector in India is one that we expect to grow significantly over the next few years.
Both of the digital banks mentioned above have seen tremendous growth as a result of using technology to deliver a more personalized, convenient and secure service across their operations from the front-line all the way through to their back offices.
At Crowd Valley we are at the forefront of helping such groups become digital service providers especially in their lending and investment operations. With the recent launch of our Integration Service Kit, banks around the world can now add their own API services to use in their online operations through the Crowd Valley API.
In addition, third-party API services can now also be plugged in as additional services on top of the Crowd Valley infrastructure, so that banks can use new online services in their area to facilitate end-to-end online processes for their end customers.
For more information on how financial services firms have been moving their operations online, see https://www.crowdvalley.com/case-studies.
By this reasoning, the Italian bank has focused on recruiting from the retail sector, which has a stronger culture of training in customer service, than from finance; similarly, the layout and furnishing of its branches are evidently inspired by the Apple Store.
It was suggested that CheBanca's recent acquisition of Barclays Italia's retail activities is perhaps the first example worldwide of a digital bank acquiring a traditional bank's operations.
From India, the AVP of Digital Banking at IndusInd discussed how his firm has become one of the leaders in a new generation of private banks that has focused on technology-driven services. Padmanaban TA described how IndusInd has been able to attract 'unbanked' and 'underbanked' consumers in India by leveraging innovations in online security, identity and digital services. Customers can now use their mobile phones to set up PIN-less access to their banking services, by registering their device alongside a range of biometric data such as fingerprint scans, to interact with the bank in a way that feels most comfortable for them.
Building on a number of initiatives in the country such as the Unified Payment Interface (UPI), which allows money transfer between any two bank accounts in India, and forthcoming government-backed schemes for running AML and KYC checks online, the fintech sector in India is one that we expect to grow significantly over the next few years.
Both of the digital banks mentioned above have seen tremendous growth as a result of using technology to deliver a more personalized, convenient and secure service across their operations from the front-line all the way through to their back offices.
At Crowd Valley we are at the forefront of helping such groups become digital service providers especially in their lending and investment operations. With the recent launch of our Integration Service Kit, banks around the world can now add their own API services to use in their online operations through the Crowd Valley API.
In addition, third-party API services can now also be plugged in as additional services on top of the Crowd Valley infrastructure, so that banks can use new online services in their area to facilitate end-to-end online processes for their end customers.
For more information on how financial services firms have been moving their operations online, see https://www.crowdvalley.com/case-studies.
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