3 EXECUTIVE SUMMARY Digitalization is the ongoing transformation of traditional financial products and services into easy to integrate electronic processes It is a process that promises ever greater efficiency stability and transparency For corporates and their banking partners the adoption of new services and technologies will change the ways in which they interact as well as how they work to overcome the challenges of an ever more globalised marketplace Such opportunities are removing barriers to entry in many markets including in banking services meaning banks risk losing their business to innovative and nimble market entrants with minimal overheads To tackle this challenge banks must concentrate on using digital technology to amplify their key strengths with a focus on client experience Banks can do this by focussing on three key areas convenience trust and expertise In particular they must find ways of leveraging their trust and expertise in ways that are convenient for the client Early example of this kind of initiative include innovative products for digital settlement such as the BPO Big data is another area where banks can capitalise enabling them to streamline their internal operations refine their marketing strategies and ultimately improve their services to clients In particular big data can help banks offer clients advisory services using insights to guide their clients and perhaps even building big data into their existing payments services Advisory services is an area where banks can add value guiding clients through the range of new digital tools and advising on which tools may meet the needs of clients best and how to implement them In order to ensure a rapid and sustainable digitalization of the banking sector banks must work with regulators to establish clear constructive guidelines Time is of the essence Banks face strong competition from all angles from start ups and major players in developed markets as well as innovators in the emerging markets unrestrained by conservatism and legacy infrastructure If they act now on the core principle of following the clients needs banks can avoid disintermediation and lead the way into faster more efficient and more prosperous markets

Vorschau UniCredit Digitalization Seite 3
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