[Please be aware that event is for members only]
On the 1st of December, the EACB will hold a workshop for Executive Managers, Chief Digital Officers and Heads of Innovation of co-operative banks on the topic of digitalisation. Indeed, the opportunities offered by digital technology, the arrival of companies championing these opportunities (Fintech, platform providers, social media) are challenging the way co-operative banking groups are and have been operating from different perspectives, for example:
• the service offer to their clients: PSD 2 is legalising the possibility for non-banks to access bank customer data and provide payment services on that basis, data mining and advanced programming is offering potential to make better use of customer data (to the extent allowed by law and consented by customers);
• the interaction with co-operative bank clients and members: how to weigh the benefits and cost of branch networks and face-to-face exchanges versus digitally supported/mobile technology based interaction;
• business models: paying with data instead of currency seems perfectly acceptable the case of social media and platforms but less so in the case of banks;
• the way in which IT and Data management in banks are presently organised: cybercrime is becoming increasingly professionally organised and larger in scale, storing of data in the cloud offers opportunities but also has some downsides, distributed ledger technology has the potential to facilitate authorisation and recording processes in multi stakeholder value chains.
The workshop of the 1st December will dive deeper into these challenges, will offer the opportunity to exchange with peers and to listen to the outcome and next steps of Commissioner Oettinger’s initiative on Banking in the Digital Age.