How to set out on your digital transformation journey? Real change must come from deep within the institution, and there are no fewer than five keys to success.
The five key steps to speed up digital transformation
Digital transformation in a financial institution should start with cultural and back-office changes, and then move on to revamping customer experience across all channels, drawing on data and advanced analytics, Jim Marous writes in The Financial Brand. Here’s histo-do list for banks that want to step up their game.
UK publishes Brexit contingency plan for banks
The UK government has unveiled a contingency plan for banking after 29 March 2019 in case there’s no agreement on Brexit, Fintech Futures reports. In a ‘no deal’ scenario, the position of UK banks “would be determined by the relevant member state rules and any applicable EU rules that apply to third countries (countries outside of the EEA) at that time”. But there could be other alternatives. The government, for example, is planning to bring in a temporary permissions regime that will allow EU companies ‘passporting’ into the UK to continue their operations for up to three years after Brexit, until they have their full UK authorisation in the bag.
Fintech CEOs weigh in on open banking prospects
The CEOs of Ping Identity, Plaid, and Tinktold MCKinsey that when it comes to open banking, “facilitation over control and restriction” is needed, even though “regulation can help provide structure to data sharing”. They also agreed that the trend toward data sharing will carry on with or without regulatory mandate, and that there are plenty of opportunities for both incumbent banks as well as non-bank newcomers to thrive in the brave new world of open banking.
BBVA allows clients to aggregate external accounts
BBVA has rolled out new features for its mobile banking app to help customers track their finances, stay on top of their budget and get a full picture of their financial health by adding outside accounts,the bank has announced. Clients can now link various external accounts, including checking, savings and money markets to investments, credit cards, insurance, property and more from virtually any financial institution.