Insights from industry leaders
To keep up with rapidly evolving customer expectations, new digital standards for financial services are increasingly being met by agile fintech companies leveraging technological advances to improve customer experience. Banking as a Service (BaaS) is gaining ground as a familiar model for financial institutions to optimise the financial customer experience.
On the second day of EBAday 2022, a session took place named ‘Meeting the net-zero challenge: how can banks fulfil CSR expectations?’ How should banks manage the complex yet critical shift from a shareholder to stakeholder capitalism model? Failure to both create and protect long-term value for stakeholders will result in, at least, reputational damage and, at worst, a failed net-zero transition in Europe.
CBDCs are digital currencies issued by a central bank, essentially the country’s fiat currency, but in digital form. This type of digital currency, which is on the rise, will be a new form of money that people, and businesses could use to carry out transactions. Currently, 87 countries are actively working on CBDCs.
What elements are missing and what barriers need to be overcome to increase further the number of transactions using instant payments (IP) and Request to Pay (RtP)? On the first day of EBAday 2022, Tanja Konrad, Head of Daily Banking Services at Erste Group, moderated a discussion panel on IP and RtP. An important question soon surfaced: do all payments need to become instant and how do financial institutions need to respond?
One of the EBAday sessions covered the development of Open Banking and introduced a new topic: embedded finance. Embedded finance can be seen as an evolution of how Open Banking is delivered. Where Open Banking forced banks to open Application Programming Interfaces (APIs) to access partner and customer data, embedded finance is there to provide further seamless integration of banking services.
