Francisco González weighs in on the challenges of the financial sector to compete with big tech firms in an article published on the ‘Singapore Summit’ website. BBVA Group Executive Chairman participated this weekend in the event - which analyzes Asia’s role as the driver of world growth – and in the annual meeting of the International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS).
What is BBVA’s strategy for transforming the bank into a truly digital company?
BBVA’s digital transformation has always been as much about serving customer needs as it has been about securing the future of the bank. In fact the two are synonymous, by ensuring customers can bank when, where and how they want to - including on the device of their choice - BBVA is building a bank that better serves their needs.
Amid increasing numbers of fintechs joining the financial industry and burgeoning investment in them - Accenture reports $27.4 billion was spent financing fintechs in 2017, an 18 percent increase year-over-year - there has been much hand wringing and discussion about the future of incumbent banks. For BBVA Compass Head of Business Development Pepe Olalla, the future isn’t so murky.
“When people say the next industry to be disrupted will be banking, and that it will suffer what media or the music industries have suffered, I tend to disagree,” he says.
More than six months have passed since the initial deadline for compliance with the EU’s PSD2, designed to increase openness, convenience, and competition in consumer banking. There has been criticism that the foretold open banking revolution has been slow to get off the ground. But is that fair? What has been achieved so far, is open banking on course, and what does the future hold?
Thoughts were shared recently about what potential fintech entrepreneurs should be wary of when first starting out. A particular piece by Forbes outlines key tips from top leaders in the fintech world, including representatives from companies such as Instant Financial, Alpha Vantage and more.